Jim Cramer: We Need Targeted Stimulus for Restaurants and Hospitality
Jobless claims held below 1 million for a second straight week as the U.S. labor market decimated from the coronavirus pandemic continues to show tentative signs of stabilization.
The Labor Department reported Thursday that 884,000 Americans filed for first-time jobless benefits for the week ended Sept. 5, which is unchanged from the previous week but below economists' forecasts of 835,000.
Continuing claims--the number of people not just filing but staying on unemployment benefits--came in at 13.38 million for the week ended Aug. 29, revised upward from 13.292 million the previous week, the Labor Department said.
The number of Americans filing specifically for Pandemic Unemployment Assistance benefits came in at 14.591 million, while the number claiming Pandemic Emergency Unemployment Compensation benefits was 1.422 million.
U.S. companies did add to their ranks in August, pushing the unemployment rate below 10% for the first time since the pandemic began, though the economy is still out some 11.4 million jobs since March. The unemployment rate fell to 8.4% last month.
But this, according to Jim Cramer, just shows how important a stimulus package is--especially if it's targeted.
Watch the video above for more.