Posted on 03/19/2020 10:05:35 AM PDT by C19fan
Next Thursday’s look at weekly new jobless claims may show a tenfold spike to 2 million as the full force of the coronavirus halt in the U.S. economy slams the labor market, economist Ian Shepherdson told CNBC. Shepherdson’s comments came ahead of this Thursday’s release of the Labor Department’s weekly report on jobless claims. The report showed claims rose to 281,000 last week, a significant rise from last week’s 211,000.
(Excerpt) Read more at cnbc.com ...
Right now everything needs to be kept in perspective
We are not at war this is not World War II we have just not had a nuclear exchange OK
Everybody just calm down for a couple weeks and does the social distancing thing will keep this thing to a minimum
I don’t know why everybody wants to freak out when everything shuts down for a couple weeks just pretend like it’s Christmas
State unemployment offices aren’t staffed to handle such numbers. California is moving their unemployment staffing to work three shifts. Problem is - new staff have to be hired and then trained.
We’re watching a government created depression. By June, there will be riots in the streets.
One year ago there were 1,300 filings for unemployment in Minnesota during this week.
This week....50,000 so far.
Democrats wet dream. They will gladly burn the world down to take out orange man
CNBC can hardly contain their excitement. Each passing day is Christmas. Every day they get to chamber and fire another bullet at the economy. They are going to make damn sure the economy never gets off its knees.
This is bad.
But we are starting from an existing rate of about 3%, so that’s something.
And it’s not like major industries are disappearing — like when textiles and shoe manufacturing went overseas, or heavy industry mostly dried up. Most of these jobs seem likely to come back in a few months, in my opinion.
Meanwhile, it looks like the government is taking extraordinary steps to make sure people stay afloat which this crisis works itself out.
I think we’ve been through worse.
Take a xanax :)
Rioting in the streets is really reaching.
If the virus continues to spread, it will hit the newly unemployed, who are now without health insurance.
Of course it’s going to go up.
The good thing is even DEMOCRATS are talking about incentives for companies to move production back to the US from China.
Long term - this could be great for the economy.
Thanks for your rational response.
.
I still can’t believe we are shutting down the world over a strain of the FLU that has a much lower mortality rate than the Standard, everyday FLU??
Somebody Please SLAP some sense into the person next to you.
Welcome to the new age of Social Media. Everyone has a voice now which is as loud as every other voice. This is the definition of Democracy, all you need is more than half of people to scream louder than less than half of the other people. The guy up above says IF the virus hits the newly unemployed, they don't have medical insurance. More stuff to worry about. If you look for dark clouds you will always find them. But now, all it takes is more than half of people to be trolls and/or trolled and we can get rid of the President because he didn't nationalize all the means of production.
I’d estimate there are at least 5 million currently off work due to the virus in Canada. The US number has to be 10 times that. Not sure what your UI rules are, but many of the people currently off work can’t file until their income stops. People who are taking sick leave, vacation, or simply being paid to stay home, would not file a claim. Those employers who have generously continued to pay employees can only do so for a short period of time before it becomes financially impossible. Until this week it was really just the sit down restaurants and bars that were suffering. Now it’s everything: construction sites, all retail except grocery, pharmaceutical and fast food, most private sector office workers. And now it’s hitting factories. By next week only power plants and oil refineries will be operational in the industrial sector Even with public sector workers (many of whom are already home with full pay), fast food, grocery, gas stations, truck drivers, 80% of the workforce could be sitting home without a regular paycheque.
The Canadian government’s announcement of an $82 Billion relief package doesn’t include people who are already eligible for unemployment insurance (the cost will be many more $billions) , or the almost certain massive drop in government tax revenue. As for the US, a $2 Trillion dollar deficit is not out of the question for the 2020 fiscal year.
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