U.S. Initial Jobless Claims Rise Again, Led by California
“Applications for U.S. state unemployment benefits unexpectedly rose for a third straight week, led by another surge in California, and reflecting choppiness in weekly data. Initial unemployment claims in regular state programs rose to 362,000 in the week ended Sept. 25, a seven-week high, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for a decrease to 330,000 new applications.”
U.K. Set to Scrap £80 Billion Lifeline for the Poorest Families
“The U.K. government is ending two of its pandemic-era safety net programs that pumped almost 80 billion pounds ($107 billion) into the economy, a move that campaigners say will leave more working families in poverty and widen the gap between the rich and the poor. Over the next week, furlough support for wages that helped 8.9 million workers at peak and a temporary increase in benefits for about 6 million people both are due to finish. Together, they softened the blow of successive lockdowns and prevented a spike in unemployment.”
China’s Growth Risks Multiply as Manufacturing Activity Shrinks
“Activity in China’s vast factory sector contracted in September for the first time since the pandemic began, the latest sign of deceleration in the world’s second-largest economy. The drop in the official manufacturing purchasing managers’ index below the 50-mark, which signals a decline in output, shows the damage a widespread electricity crunch is having on growth.”
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