Auto Finance News

No products in the cart.

Subscribe
  • Home
  • News
    • All News
    • Capital & Funding
    • Compliance & Regs
    • Technology
    • Risk Management
    • Sales & Marketing
  • Data
  • EXCELLENCE
  • Magazine
  • Events
    • Auto Finance Summit 2023
    • Powersports Finance Summit 2023
    • Using Pricing Analytics to Increase Loan Profitability and Mitigate Portfolio Risk
  • Podcast
  • Powersports
BIG Wheels
Log In
No Result
View All Result
Auto Finance News
  • Home
  • News
    • All News
    • Capital & Funding
    • Compliance & Regs
    • Technology
    • Risk Management
    • Sales & Marketing
  • Data
  • EXCELLENCE
  • Magazine
  • Events
    • Auto Finance Summit 2023
    • Powersports Finance Summit 2023
    • Using Pricing Analytics to Increase Loan Profitability and Mitigate Portfolio Risk
  • Podcast
  • Powersports
BIG Wheels
Log In
No Result
View All Result
Auto Finance News
No Result
View All Result

Americans on jobless benefits post first drop of pandemic

Bloomberg NewsbyBloomberg News
May 28, 2020
in Risk Management
Reading Time: 3 mins read
0

U.S. states’ jobless rolls shrank for the first time during the coronavirus pandemic in a sign people are starting to return to work, even as millions more Americans filed for unemployment benefits.

Continuing claims, which tally Americans’ ongoing benefit claims in state programs, fell to 21.1 million for the week ended May 16, Labor Department figures showed Thursday. Those data are reported with a one-week lag. That suggests the job market is starting to rebound as businesses reopen. Analysts had expected an increase in continuing claims.

But the economic damage from the pandemic is still hitting hard throughout the country. Initial jobless claims for regular state programs totaled 2.12 million in the week ended May 23, to bring the 2 1/2-month total above 40 million. The median estimate in a Bloomberg survey of economists called for 2.1 million claims.

U.S. equities were higher Thursday, while 10-year Treasury yields were little changed.

Despite optimism in financial markets, economists expect the recovery from the pandemic to take years, and with no vaccine or significant treatment yet available, a return to normal activity is unlikely. The U.S. reached a grim milestone of 100,000 deaths from the virus on Wednesday, the highest official toll in the world.

Next week’s May jobs report is forecast to show an unemployment rate of around 20%, the highest since the Great Depression, when it peaked at an estimated 25.6%.

“The data still point to a pretty significant loss of jobs but at least the numbers are moving in the right direction,” said Aneta Markowska, chief financial economist at Jefferies Group. “Even though initial claims are still very elevated, the fact that continuing claims are declining means businesses are actually bringing a lot of workers back in and that is more than offsetting the new filings.”

While the latest initial-claims tally was down from the prior week’s 2.45 million and marked the eighth straight weekly decline, it’s still far above the 212,000 average of initial claims in the first two months of 2020 and the pre-pandemic record of 695,000. California, New York, Florida and Georgia had the highest initial claims last week.

Pantheon Macroeconomics chief economist Ian Shepherdson flagged one caveat with the continuing claims numbers: While “gross hiring is beginning to rebound,” the figure “overstates the true extent of the hiring,” given that California — where residents file every other week — posted a 1.4 million unadjusted decline, Shepherdson said in note. Florida also showed a drop of 1.6 million.

Thursday’s report also showed that filings under the separate, federal Pandemic Unemployment Assistance program — which expands unemployment benefits to those not traditionally eligible, such the self-employed and gig workers — fell to 1.19 million from 1.25 million on an unadjusted basis, covering 32 states. The prior week’s figure was revised lower by about 1 million due to an error by Massachusetts.

The latest week’s figure for the federal pandemic claims brought the total number under federal and state programs to 3.11 million last week, down from 3.43 million the prior week. Many states are still reporting zero claims under the federal program.

Total continuing claims under all state and federal programs — which provides the broadest look at the number of Americans claiming unemployment benefits — rose to 31 million in the week ended May 9 from 27.3 million. That number isn’t adjusted for seasonality and other factors.

A separate report Thursday showed U.S. orders for durable goods sank sharply for a second month in April as the pandemic wrecked havoc on the manufacturing industry.

State unemployment offices have struggled to keep up with record demand for benefits amid the economy’s sudden stop and wave of layoffs since mid-March. Many applicants have waited on edge for the payments without receiving them.

California, the most populous state, said Wednesday it’s seeking 1,800 additional staff to help process claims, joining about 3,000 current and temporary employees working on the issue. The state said 700 employees worked over the Memorial Day weekend, particularly to process claims that arrived via paper.

The weekly federal report has been marred by data errors and quirks recently, with mistakes from Connecticut and Massachusetts swinging the national figures and California distorting the continuing claims because of the biweekly schedule for residents to file.

(Updates with economist’s comment in seventh paragraph.)

–With assistance from Kristy Scheuble, Sophie Caronello, Edith Moy and Samuel Dodge.

–By Katia Dmitrieva (Bloomberg)

Tags: bloomberg newsCoronavirusjobless claimsLabor departmentunemployment
Previous Post

Ally’s Doug Timmerman joins AFS speaker faculty for a fireside chat

Next Post

Fintech partnership promotes digital vehicle financing

Related Posts

The Marriner S. Eccles Federal Reserve building in Washington, DC.
Risk Management

Lenders face longer period of restriction amid Fed rate pause

September 22, 2023
UAW members and supporters on a picket line outside the Ford plant in Wayne, Michigan, on Sept. 20.
Risk Management

UAW to expand strike against GM and Stellantis while sparing Ford

September 22, 2023
A Carvana vending machine in Daly City, California
Risk Management

Carvana shifts to neutral to maintain unit economics

September 21, 2023
Next Post
© Can Stock Photo / leungchopan

Fintech partnership promotes digital vehicle financing

STAY INFORMED WITH OUR NEWS ALERTS

COLUMNS

Closeup of car head lamp

Under the Hood: Opposing forces tug at industry’s future

September 15, 2023
Green plant growing from the coins

Under the Hood: Lenders spice up funding routines

August 28, 2023

Innovation & Technology

Cars

Westlake portfolio grows following product launches

September 19, 2023
Close up of a charger plugged into an electric vehicle

Bank of America sees EV penetration at 21% by 2025

September 15, 2023

RISK MANAGEMENT

The Marriner S. Eccles Federal Reserve building in Washington, DC.

Lenders face longer period of restriction amid Fed rate pause

September 22, 2023
UAW members and supporters on a picket line outside the Ford plant in Wayne, Michigan, on Sept. 20.

UAW to expand strike against GM and Stellantis while sparing Ford

September 22, 2023

SPONSORED

A new era in auto finance collections with Voicebots

August 15, 2023

Finding the Perfect Sweet Spot For Your Auto Loan Pricing

June 13, 2023
© Can Stock Photo / kran77

When rates take a hike, do auto lenders change strategies?

April 28, 2023

Resources

ABOUT US

HELP CENTER

MARKETING SOLUTIONS

PRIVACY TERMS

ADA COMPLIANCE

CODE OF JOURNALISM ETHICS

Manage Cookie Consent

Special Content

EXECUTIVES OF THE YEAR

AUTO FINANCE EXCELLENCE AWARDS

MAGAZINE ARCHIVE

INDUSTRY GLOSSARY

Follow Us

twitter linkedin twitter podcast podcast
© 2023 Royal Media
No Result
View All Result
  • Home
  • News
    • All News
    • Capital & Funding
    • Compliance & Regs
    • EVs
    • Exec of the Year
    • Innovation & Technology
    • Management
    • Powersports Finance News
    • Risk Management
    • Sales & Marketing
  • Events
    • Auto Finance Summit East
    • Auto Finance Summit
    • Powersports Finance Summit
    • Equipment Finance Connect
  • Excellence
    • Best Practices
    • Topics
      • Compliance
      • Customer Experience
      • Technology
    • White Papers
    • Glossary
  • Magazine
    • Latest Issue
    • Features
    • New Tracks
    • Car Culture
    • Staffing Shuffles
    • Under The Hood
    • Spotlight
    • Issue Archive
  • Podcast
  • Data
  • +PLUS
  • SUBSCRIBE
  • Log In / Account

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
THIS WEBSITE USES COOKIES

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “I CONSENT”, you consent to the use of ALL the cookies.

Cookie settingsI CONSENT

Review our Cookie Policies
.
Manage Cookie Consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
34f6831605sessionGeneral purpose platform session cookie, used by sites written in JSP. Usually used to maintain an anonymous user session by the server.
a64cedc0bfsessionGeneral purpose platform session cookie, used by sites written in JSP. Usually used to maintain an anonymous user session by the server.
CookieConsentPolicy1 yearUsed to apply end-user cookie consent preferences set by our client-side utility.
cookielawinfo-checkbox-advertisement1 yearSet by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category .
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
crmcsrsessionGeneral purpose platform session cookie, used by sites written in JSP. Usually used to maintain an anonymous user session by the server.
JSESSIONIDsessionThe JSESSIONID cookie is used by New Relic to store a session identifier so that New Relic can monitor session counts for an application.
LS_CSRF_TOKENsessionCloudflare sets this cookie to track users’ activities across multiple websites. It expires once the browser is closed.
LSKey-c$CookieConsentPolicy1 yearUsed to apply end-user cookie consent preferences set by our client-side utility.
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
CookieDurationDescription
__cf_bm30 minutesThis cookie, set by Cloudflare, is used to support Cloudflare Bot Management.
_zcsr_tmpsessionZoho sets this cookie for the login function on the website.
663a60c55dsessionThis cookie is related to Zoho (Customer Service) Chatbox
e188bc05fesessionThis cookie is set in relation to Zoho Campaigns
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
CookieDurationDescription
_ga2 yearsThe _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors.
_gid1 dayInstalled by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously.
CONSENT2 yearsYouTube sets this cookie via embedded youtube-videos and registers anonymous statistical data.
vuid2 yearsVimeo installs this cookie to collect tracking information by setting a unique ID to embed videos to the website.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
CookieDurationDescription
__Host-GAPS2 yearsThis cookie allows the website to identify a user and provide enhanced functionality and personalisation.
_dc_gtm_UA-1038974-31 minuteUsed to help identify the visitors by either age, gender, or interests by DoubleClick - Google Tag Manager.
_fbp3 monthsThis cookie is set by Facebook to display advertisements when either on Facebook or on a digital platform powered by Facebook advertising, after visiting the website.
fr3 monthsFacebook sets this cookie to show relevant advertisements to users by tracking user behaviour across the web, on sites that have Facebook pixel or Facebook social plugin.
test_cookie15 minutesThe test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies.
VISITOR_INFO1_LIVE5 months 27 daysA cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface.
YSCsessionYSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages.
yt-remote-connected-devicesneverYouTube sets this cookie to store the video preferences of the user using embedded YouTube video.
yt-remote-device-idneverYouTube sets this cookie to store the video preferences of the user using embedded YouTube video.
yt.innertube::nextIdneverThis cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen.
yt.innertube::requestsneverThis cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
CookieDurationDescription
caf_ipaddrsessionNo description available.
citysessionNo description available.
countrysessionNo description available.
gnt_eidsessionNo description available.
gnt_eu6 hoursNo description
iamcsrsessionZoho (Customer Support) sets this cookie and is used for tracking visitors (for performance purposes)
systemsessionNo description available.
traffic_targetsessionNo description available.
Save & Accept
Powered by CookieYes Logo