Goldman Sachs: 2.5 million Americans have already filed for unemployment this week

Americans are starting to lose their jobs in response to the coronavirus pandemic, and economists expect it's only going to get worse from here. And quickly, too. Early Thursday, a government report showed 281,000 Americans filed for their first week of unemployment benefits last week. It was a sudden 33% jump over the week before and the biggest percentage increase since 1992. But next week's report is likely to be far worse, according to Goldman Sachs economists. They predict the report will show 2.25 million Americans filed for their first week of unemployment benefits this week — eight times the number of people who filed last week and the highest level on record.

That estimate is based on news reports of an unprecedented surge in layoffs early in the week. Airlines, restaurants, hotels, sports events and retailers are all struggling to cope with a sudden drop in revenue, as people stay home to prevent the spread of the virus. State employment agencies have been grappling with a sudden spike in calls, inquiring about unemployment benefits. Florida's Department of Economic Opportunity received 76,000 calls between just Monday and Wednesday, up from about 28,000 calls for the entire week before. The agency told CNN it plans to hire more than 100 individuals statewide to help answer calls and process unemployment claims.

And on Thursday, New York State's Department of Labor had received 159,000 calls, all before noon. Usually the agency gets about 10,000 calls a day.

Younger Adults Comprise Big Portion of Coronavirus Hospitalizations in U.S.
The New York Times ^ | March 18, 2020 | Pam Belluck
https://www.freerepublic.com/focus/f-news/3825983/posts
"But of the 508 patients known to have been hospitalized, 38 percent were notably younger — between 20 and 54. And nearly half of the 121 patients who were admitted to intensive care units were adults under 65, the C.D.C. reported."

CDC analysis shows coronavirus poses serious risk for younger people
The Hill ^ | 03 18 2020 | Reid Wilson
https://thehill.com/policy/healthcare/488325-cdc-data-show-coronavirus-poses-serious-risk-for-younger-people
"A new CDC analysis of more than 2,400 cases of COVID-19 that have occurred in the United States in the last month shows that between 1 in 7 and 1 in 5 people between the ages of 20 and 44 in the sample of those who are confirmed cases require hospitalization..."

Remarks by President Trump, Vice President Pence, and Members of the Coronavirus Task Force in Press Briefing whitehouse.gov ^ | March 18, 2020 | President Donald J Trump and others https://www.freerepublic.com/focus/f-chat/3825895/posts
https://www.whitehouse.gov/briefings-statements/remarks-president-trump-vice-president-pence-members-coronavirus-task-force-press-briefing-5/

“DR. BIRX: Thank you. Thank you, Mr. President, Mr. Vice President. So, you know, we continue to look at data every single day. There are concerning reports coming out of France and Italy about some young people getting seriously ill, and very seriously ill in the ICUs.

We think part of this may be that people heeded the early data coming out of China and coming out of South Korea that the elderly or those with preexisting medical conditions were at particular risk. It may have been that the millennial generation, our largest generation, our future generation that will carry us through for the next multiple decades, there may be a disproportional number of infections among that group. And so even if it’s a rare occurrence, it may be seen more frequently in that group and be evident now.”

That must make Goldman Sachs feel good, since on the day that the President celebrated having February employment gains of 275,000, Goldman Sachs forecasted a recession.
With all their ties to China, this company knew about the devastating toll the Chinese virus would have on world economies. Why are they not being called before congressional committees to answer what they knew and when did they know it?

“Goldman Sachs CEO David Solomon gets a 20% raise to $27.5 million for his work in 2019”
His pay package includes a $2 million annual salary, $7.65 million in a cash bonus, and $17.85 million in performance-linked stock units, the company disclosed Friday in a filing.
“He led our development of the firm’s three-year business plan and a clear long-term strategy that leverages our foundational advantages, enhances the firm’s long-term mindset and instills a culture of innovation,” the bank said.—CNBC

I’m not worried. People will be back to work before they even GET their first UC deposit. IF they get one!

Rumor has it that in Wisconsin alone, the lines are so tied up to all Unemployment Offices that you’re either on hold for half the day, or you just flat out get disconnected.

Also, their websites have crashed and are unusable.

So, the Enemy Media, as always, just throws numbers against the wall to see what will stick!

If we learn NOTHING from this over-hyped boondoggle, it NEEDS to be more $ in savings for emergencies and more self-sufficiency for all of us.

*Waiving From My Pantry Filled w/ My Own Home Grown Canned Goods*

I just baked a loaf of bread from scratch, too. ;)

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