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Another 840,000 Americans filed for unemployment benefits last week as layoffs remain elevated

October 8, 2020

Yardeni Research President Edward Yardeni and Cornerstone Macro Co-Founder Nancy Lazar discuss the September jobs report.

The number of Americans applying for state unemployment benefits remained historically high last week, indicating the pace of layoffs is still elevated even as the economy slowly recovers from the coronavirus pandemic.

The latest jobless claims figures from the Labor Department, which cover the week ending Oct. 2, show that 840,000 workers sought aid last week, about four-times the pre-crisis level. More than 63 million Americans have sought jobless aid since the coronavirus lockdowns began in mid-March.

Economists surveyed by Refinitiv expected 820,000 new claims. Last week’s figure was revised upward by 12,000 to 849,000.

The number of people who are continuing to receive unemployment benefits fell to 10.97 million, a decline of more than 1 million from the previous week.

NEARLY HALF OF AMERICANS WHO LOST JOB TO PANDEMIC CAN’T LAST A MONTH

Root Insurance, a US-based insurtech, has filed for an IPO

October 8, 2020

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Root Insurance is targeting a $6 billion valuation in an upcoming IPO.
It’ll likely succeed thanks to its improving loss ratio and the increasing demand for usage-based auto insurance.
Insider Intelligence publishes hundreds of insights, charts, and forecasts on the Fintech industry with the Fintech Briefing. You can learn more about subscribing here.

The US-based insurtech has filed for an IPO, per TechCrunch. Root has raised a total of $523 million in funding to date and is valued at $3.7 billion, though it’s targeting a $6 billion IPO valuation. The full-stack insurtech sells auto, renters, and homeowners insurance, and is currently available in 29 states.

the global usage based insurance market

Root Insurance is targeting a $6 billion valuation in an upcoming IPO.

Business Insider Intelligence

Root is disrupting the $266 billion auto insurance industry through its use of IoT and AI, and has expanded its coverage to break into other markets. The insurtech collects users’

Some 837,000 Americans filed jobless claims last week as pandemic layoffs continue

October 2, 2020

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This marks the 28th straight week of jobless claims.

October 1, 2020, 1:14 PM

4 min read

Hundreds of thousands of Americans — 837,000 to be exact — filed for unemployment insurance last week, the Department of Labor said Thursday.

This marks the 28th straight week that initial unemployment claims have reached unprecedented new highs. Since mid-March, the weekly figure has remained above the pre-pandemic record set nearly 40 years ago in 1982.

This week’s figure is slightly less than last week’s (a decrease of 36,000), but remains highly elevated by historical comparisons. Economists have also expressed worry that the weekly initial economic data has stagnated in the past month as a pandemic recession sets in.

ROSEN, A TOP RANKED LAW FIRM, Reminds Wrap Technologies, Inc. Investors of Important Deadline in Securities Class Action First Filed by the Firm

September 29, 2020

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NEW YORK, Sept. 28, 2020 /PRNewswire/ — Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Wrap Technologies, Inc. between July 31, 2020 and September 23, 2020, inclusive (the “Class Period”) of the important November 23, 2020 lead plaintiff deadline in the case commenced by the firm. The lawsuit seeks to recover damages for Wrap investors under the federal securities laws.

Rosen Law Firm, P.A. Logo

To join the Wrap class action, go to http://www.rosenlegal.com/cases-register-1953.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the Company had concealed the results of the LAPD BolaWrap pilot program, which demonstrated that the BolaWrap was ineffective, expensive, and sparingly used in the field; and (2)

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