Posted on 04/30/2020 6:37:14 AM PDT by John W
More than 3.8 million people filed for unemployment benefits last week, according to the Labor Department, as the coronavirus pandemic’s economic toll burrowed deeper into the American workforce.
The outbreak and subsequent recession have wiped away all jobs created since the 2008 financial crisis. Economists estimate the national unemployment rate sits between 15 and 20 percent, compared to about 25 percent at the peak of the Great Depression.
For comparison, 4.4 million people applied for benefits for the week ending April 18., and 30.3 million have sought benefits in the past six weeks alone. That figure represents roughly 1 in 5 American workers.
(Excerpt) Read more at apple.news ...
The phrase “economic pandemic” was heard on Fox News. Amen!
It doesn’t matter. The stock market is up quite a bit from it’s initial low in this whole matter. At least, that’s what some say. </sarc>
Next year when theres a flu that hits mainly middle America will New York City shut down?
I know, stop laughing, they’re too important to shut down for doings in fly over country....
When the “cure” exceeds the pain of the pandemic, will it be time to open everything?
Just my opinion, but I think a substantial percentage of people are only partially unemployed or temporarily unemployed. When the economy opens a lot of people will be getting their jobs back or quickly return to full employment.
Everyone, except those associated with the service industry, sports and recreation.
Independent restaurants, bars, retail, hotels already operating on extremely thin margins aren’t coming back. Basically small business. The gig economy was destroyed.
California allowed business owners to file for UI on 4/28. I filed. My small biz has been shut down since March 13 due to venues that we rely on being cancelled/closed. Our campaigns run 45-60 days so even once everything reopens it will be a good while til we start receiving any money. We’re luckier than most that we have other income and can ride this out.
That was already the case before the emergency was declared, companies were resorting to hiring more and more temporary or part-time employees to dodge healthcare costs associated with full-time and permanent employees.
The second quarter GDP is forecast to be from -20% to -40% - jaw dropping. The worst quarter during the depression was -12.4%. It appears unemployment will inch towards 25%, which was the average during the Great Depression.
As each day goes by, there are more companies shutting for good. Some states are talking about late summer opening??? That won't work too well.
I live in probably one of the most economically insulated areas in the country - DC Metro in Northern Virginia. A local economist referring to only Northern Virginia, estimates 30% of all small businesses not reopening and about 50% of all restaurants not reopening. If true, that is a catastrophe.
Most people on this site couldn't care less claiming those that have to shut down is due to their bad planning and good riddance. The ignorance is astonishing.
Keep an eye on Georgia to see how their reopening is going and so far very slowly. Hardly anyone is actually sitting down in a restaurant - that is those that did open. Even Waffle House has opened only a handful of their restaurants. So it appears that it will be a very slow opening as people get used to it.
With the consumer making up 65% of the economy, will they be ready to spend if there is little confidence in the economy? We'll find out.
“Everyone, except those associated with the service industry, sports and recreation.
Independent restaurants, bars, retail, hotels already operating on extremely thin margins aren’t coming back. Basically small business. The gig economy was destroyed.”
This lockdown is essentially a war on the middle class and the working poor.
Macy's has already said they are not going to reopen right away. They don't want to spend alot of money opening the doors and no one shows up, so they will wait until they are certain there is a demand out there.
In addition, there is some indication the food supply chain is in trouble. With about 50% of food eaten away from home on a normal day, the way food gets to restaurants and to grocers differ. Now with over 90% of food eaten at home and purchased at grocery stores, but only half the food can get to grocery stores at some point, food will run out.
I'm sure you have heard that dairy farmers are dumping milk, eggs are being destroyed, chickens are being killed, crops are being plowed under because the restaurant market has disappeared and the farmers can't get these products to the grocers. The farmers are hurting and alot of food is being destroyed. If we don't open this country very soon, we will run out of food. It is that simple.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.