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Unemployment claims tick higher

New applications for unemployment bumped higher last week, after jobless claims filings steadily dropped in recent weeks, the Labor Department said on Thursday.

Why it matters: Economists are hesitant to draw too many conclusions about the broader economy from this week's higher filings alone, but they're watching for worsening effects on the labor market as Congress' stimulus negotiations stall.


  • Unemployment applications still remain higher than any point in U.S. history before the pandemic.

By the numbers: Regular state unemployment applications totaled 891,510, roughly 53,000 more filings than the prior week.

  • Add in the 542,000 additional applications for Pandemic Unemployment Assistance, which offers benefits to gig workers and the self-employed, and the number of total new applications rises to 1.4 million.
  • Worth noting: Accounting for seasonal factors — which can distort the data during an unprecedented period of unemployment filings — regular state unemployment applications totaled 1.1 million.

What to watch: Over 28 million people were collecting some form of unemployment as of August 1, when the $600-a-week enhanced unemployment benefit expired.

  • Congress hasn't made progress on legislation that would provide an additional financial cushion for those relying on unemployment benefits.
  • President Trump signed an executive memo allowing states to tap disaster relief funds to provide an extra $300 in unemployment benefits, but so far only a few states signaled they will move forward to distribute those payments. Even then, it could take several weeks for their residents to receive the extra funds.

Trump: Ruth Bader Ginsburg "led an amazing life"

President Trump said Supreme Court Justice Ruth Bader Ginsburg "led an amazing life," after he finished a campaign rally in Bemidji, Minnesota, and learned of her death.

What he's saying: "I’m sad to hear,” Trump told the press pool before boarding Air Force One. "She was an amazing woman, whether you agree or not, she was an amazing woman who led an amazing life."

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Trump to move fast to replace Supreme Court Justice Ruth Bader Ginsburg

President Trump will move within days to nominate his third Supreme Court justice in just three-plus short years — and shape the court for literally decades to come, top Republican sources tell Axios.

Driving the news: Senate Majority Leader Mitch McConnell and Senate Republicans are ready to move to confirm Trump's nominee before Election Day, just 46 days away, setting up one of the most consequential periods of our lifetimes, the sources say.

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What they're saying: Ruth Bader Ginsburg was a "tireless and resolute champion of justice"

Democratic and Republican lawmakers along with other leading figures paid tribute to Supreme Court Justice Ruth Bader Ginsburg, who died on Friday night at age 87.

What they're saying: “Our Nation has lost a jurist of historic stature," Chief Justice John Roberts said. "We at the Supreme Court have lost a cherished colleague. Today we mourn, but with confidence that future generations will remember Ruth Bader Ginsburg as we knew her — a tireless and resolute champion of justice.”

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Supreme Court Justice Ruth Bader Ginsburg dies at 87

Supreme Court Justice Ruth Bader Ginsburg has died at 87.

Why it matters: Ginsburg had suffered from serious health issues over the past few years, including cancer. Her death sets up a fight over filling a Supreme Court seat with less than 50 days until the election.

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NYT: White House drug price negotiations between broke down over $100 "Trump Cards"

Negotiations on a deal between the White House and pharmaceutical industry to lower drug prices broke down last month after Mark Meadows, the president's chief of staff, insisted that drugmakers pay for $100 cash cards to be mailed to seniors before the election, according to the New York Times.

Why it matters: Some of the drug companies feared that in agreeing to the prescription cards — reportedly dubbed "Trump Cards" by some in the pharmaceutical industry — they would boost Trump's political standing weeks ahead of Election Day with voters over 65, a group that is crucial to the president's reelection bid, per the Times.

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In photos: Virginians line up for hours on first day of early voting

In some parts of Virginia, people waited in line up to four hours to cast their ballots on the first day of early voting, according to the Washington Post.

The big picture: The COVID-19 pandemic seems to already have an impact on how people cast their votes this election season. As many as 80 million Americans are expected to vote early, by mail or in person, Tom Bonier, CEO of TargetSmart, a Democratic political data firm, told Axios in August.

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Court battles shift mail-in voting deadlines in battleground states Michigan and Pennsylvania

Michigan joins Pennsylvania in extending mail-in ballot deadlines by several days after the election, due to the coronavirus pandemic and expected delays in U.S. Postal Service.

The latest: Michigan Court of Claims Judge Cynthia Stephens ruled that all ballots postmarked before Nov. 2 must be counted, so long as they arrive in the mail before election results are certified. Michigan will certify its general election results on Nov. 23.

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Interview: Unity CEO explains his company's unusual IPO

Unity Technologies was just one of many companies with blockbuster IPOs this week, but it took a decidedly different approach, using data rather than handshakes to decide who got to invest and at what price. CEO John Riccitiello explained why in an interview with Axios.

Why it matters: Traditionally, bankers and companies set IPO prices based on conversations and expectations, a process that has been criticized as basically leaving money on the table.

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