US jobless claims back over 1m, as recovery doubts hit markets – business live

Rolling coverage of the latest economic and financial news, as Federal Reserve voices doubt about the recovery and initial jobless claims riseLatest: US jobless claims rise over 1mLunchtime summary: Not a great day in the marketsSouth Korea’s market slumped nearly 4%US Federal Reserve: economic outlook very uncertainStocks fall across Asia, as cases rise in South KoreaCoronavirus – latest updates 2.38pm BST After hitting record highs this week, the US stock market has opened in the red.The Federal Reserve’s anxiety over the strength of the recovery, and the jump in jobless claims, are both weighing on the markets. Related: US unemployment claims climbed back up over one million last week 2.28pm BST In another blow to the US jobs market, American Airlines has announced it is cutting its service to 15 small U.S. cities with low demand.The reductions begin in October, once American won’t need to keep running the flights to comply with federal aid received at the height of the pandemic, according to CNBC.Here are the cities American Airlines is cutting starting Oct. 7 after federal aid requiring minimum service runs out. $AAL https://t.co/SNsFf81OB4With initial weekly jobless claims still higher than any week during the Great Recession, reminder that airlines are planning to cut service & ton of jobs in October. https://t.co/ESCRwDTUax Continue reading…
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