Posted on 05/07/2020 5:49:39 AM PDT by John W
Unemployment rolls continued to swell in the U.S. last week, though jobless claims hit their lowest level since the economy went into lockdown made to battle the coronavirus pandemic.
First-time filings for unemployment insurance hit 3.17 million last week, bringing the total to 33.5 million over the past seven weeks, the Labor Department reported Thursday. The total was slightly higher than the 3.05 million expected by economists surveyed by Dow Jones and below the previous week’s 3.846 million, which was revised up by 7,000.
Though the numbers remain stark, that was the lowest total since the week ended March 14, shortly after the World Health Organization declared the coronavirus strain a pandemic.
(Excerpt) Read more at cnbc.com ...
And the media cheers.
Time to pull the band aid. Open up the states, except NYC. Let Cuomo and DeBlasio deal with their own self inflicted mess.
Did they ever do anything about the Subway yet?
Last week’s 3 million unemployment insurance claims is the capacity of the unemployment system to take in new claims. Initially, it was about 6 million per week in March, but the system is now busy servicing the initial 30 million claims filed through April and is now struggling to take in 3 million a week. People who were laid off weeks ago still have been unable to get their claims accepted.
The layoffs will continue at a 3 million per week steady state for another 10 weeks as businesses continue to shut down. Initially, we saw lower level jobs like restaurants close. We have seen over the past few weeks the supply system shutting down. Now we will see sourcing shut down. After that, bigger business layoffs are coming as things like airlines have shutdown because there is little business being transacted.
Over 30 million people are unemployed, and that number will easily reach 60 million within 60 days from now. That’s about 40% employment as there were about 155 million employed when this started.
They cleaned it yesterday. For the first time since the great depression. I guess they clean every century whether it needs it or not.
If anyone thinks that this was not a planned attack on the U.S. then you’ve been smokin crack.
If that is true, then there must be a lot of people in our government and the CDC and NIAID who are in on it. Our own “leadership” has done this to us.
Absolute drivel.
You apparently have a dislike and distaste for educated people attempting to mitigate a real threat to America. Your post is a travesty
So here’s the deal.....
32mil unemployment claims.
Throw in a spouse and a kid. ....
Now you’re talking 100mil people.
One third of the population of America.
Their lives are, have, been destroyed.
Destroyed!
The government did this to its own people.
One third of the country destroyed.
So......the government didn’t order the people to quit working?
Is that what you are selling today?
If the shoe fits, wear it
That’s right. Already 1/3 already severely impacted.
When the $1,200 tax refund is spent this month and the $2,400 per month unemployment runs out in mid August, all bets are off. The feds will probably fund another round of some sort, but that is nothing but massive inflation for next year.
All those bored people thinking this virus is exciting and good drama to keep them entertained will find out next year they are broke. The vast majority of pension funds, including State retiree pensions, are funded through commercial real estate to a large percentage. That market is now going unpaid as businesses are closed. Inflation will also outpace any increases they may see, if any.
The feds just poured $5 trillion into the national debt and will need at least another $4 trillion to get to January. There will be no V-shaped recovery because there will be limited recovery as States continue to place undue burdens on commerce.
So it wasn’t our own politicians that shut us down for this hyped up, barely virulent pathogen? I could have sworn that Trump declared a national emergency, implemented a virtual 15 day shutdown that caused all the downstream politicians to shut everything down, leading us into a full on economic depression and crushing debt burden.
Funny, I guess I imagined all that. Glad to know it is “absolute drivel” Whew! I was worried. Thanks for clearing that up.
WHY DOES THE USA NEED TO IMPORT ONE MORE FOREIGN NATIONAL FOR ANY REASON?
This is why the news media and leftist activists in governments created this corona virus hoax . It was to destroy the economy and throw everyone out of work.
The death tolls and everything about this corona cold is fake as this video shows :
https://www.youtube.com/watch?v=YfG9nmAnQp4
Subway probably would have been fine too with enough HCQ prophylaxis.
Instead of going in that direction, of course, Cuomo made it hard to get it to even those already in the early stages of Covid.
Amen Brother.
I remember my Grandfather telling of the Great Depression.
I truly never thought in a short 6 weeks this could happen. ..
You know, once the governments start letting go of their “workers” all hell will break loose.
It’s just beginning.
Yep....
Trump followed the advice of the Dr. Fauci.
So......o learned one. ...
Just what the hell, second back quarterback, ....
I’m giving you the finger right now. ... Shove it. Shove it
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