Layoffs continue to be elevated across the U.S. economy as Covid-19 remains widespread

New applications for unemployment benefits have held persistently at high levels in recent weeks, suggesting layoffs remain elevated as the coronavirus pandemic continues and the labor markets momentum is easing.
Initial claims for jobless benefits have held roughly steady at more than 1.3 million a week since late June, according to the Labor Department. That halted what had been a swift decline from a peak of 6.9 million in late March, when the pandemic and business closures shut down parts of the U.S. economy. The level…