Things Are Gonna Get Worst: U.S. Weekly Jobless Claims Remain High As Second Wave Of Layoffs Hits Industries

[francoba + 93]

A second wave of layoffs amid weak demand and fractured supply chains is keeping new U.S. applications for unemployment benefits elevated, supporting views that the economy faces a long and difficult recovery from the COVID-19 recession. Economists polled by Reuters had forecast 1.3 million claims in the latest week.The weekly jobless claims, the most timely data on the economy’s health, remain incredibly high even though employers hired a record 2.5 million workers in May as businesses reopened after shuttering in mid-March to slow the spread of COVID-19. Federal Reserve Chair Jerome Powell told lawmakers this week that “significant uncertainty remains about the timing and strength of the recovery.”

[CarlHainze + 12]

Definitely bad news. Jobless claims fell to 1,508,000 for the Jun 13th week, from 1,566,000 the prior week.

[ThunderBlade + 231]

 

1 minute ago, CarlHainze said:

Definitely bad news. Jobless claims fell to 1,508,000 for the Jun 13th week, from 1,566,000 the prior week.

They are new claims the old ones are still there!

[BALBOA + 37]

So, there is no win-win option. Is it me, or is that a miniscule decline for a reopened economy?

[50 shades of black + 254]

Free fall. What is next: crash of bank's system and remake of 2008?

[Ward Smith + 6,615]

1 hour ago, 50 shades of black said:

Free fall. What is next: crash of bank's system and remake of 2008?

They want more than that. They want it all. 

[Pavel + 384]

Sum-sum that brings to more than 45 million Americans who have lost their jobs and filed for unemployment since the coronavirus pandemic escalated... (Last three months) 

[BradleyPNW + 282]

Donald was busy tweeting so he couldn't be bothered to plan a national pandemic response to preserve public health and the economy. Then, when state governors started cooperating among themselves because the federal government was in la-la land Donald got embarrassed so he started attacking them. 

Today, Donald claimed Americans are wearing masks to "signal disapproval of him." Even though masks reduce disease spread and could be part of a larger plan to help get the economy moving Donald decided to call mask wearing a personal slight against him. Now the MAGA cult will stop wearing masks to signal their loyalty to him. 

https://www.cnbc.com/2020/06/18/trump-says-some-wear-coronavirus-masks-to-signal-disapproval-of-him.html

[ronwagn + 6,290]

Liberals have no concerns about their protesters and rioters using no precautions but love to bash any conservative that chooses not to wear a mask. 

Personally, I think masks and gloves are great and should be encouraged but only mandatory at the desire of business owners and event holders. Of course that would not include speakers and athletes etc. 

[0R0 + 6,251]

14 hours ago, francoba said:

A second wave of layoffs amid weak demand and fractured supply chains is keeping new U.S. applications for unemployment benefits elevated, supporting views that the economy faces a long and difficult recovery from the COVID-19 recession. Economists polled by Reuters had forecast 1.3 million claims in the latest week.The weekly jobless claims, the most timely data on the economy’s health, remain incredibly high even though employers hired a record 2.5 million workers in May as businesses reopened after shuttering in mid-March to slow the spread of COVID-19. Federal Reserve Chair Jerome Powell told lawmakers this week that “significant uncertainty remains about the timing and strength of the recovery.”

Prior report from continuing claims, 4 million were hired. 1.5 million fired.

There are still interruptions in supply chains and demand is not fully back. We will have to see how well things go. In China, the initial surge in demand didn't hold and sales declined in the 2nd month of opening.

Traffic in my area, which is a logistics center, is fairly high (both trucks and cars), about as high as I remember it but for the end of last year. Downtown traffic is not back and is not expected to be because of people still working from home. Shopping remains fierce. Hiring signs still up everywhere. New hires in stores. new faces.

 

[Wombat + 1,028]

On 6/19/2020 at 3:41 AM, Pavel said:

Sum-sum that brings to more than 45 million Americans who have lost their jobs and filed for unemployment since the coronavirus pandemic escalated... (Last three months) 

That means your true unemployment rate is about 40%, and it exactly the same here in Australia. During the Great Depression, it got to 30%.

[Wombat + 1,028]

15 hours ago, ronwagn said:

Liberals have no concerns about their protesters and rioters using no precautions but love to bash any conservative that chooses not to wear a mask. 

Personally, I think masks and gloves are great and should be encouraged but only mandatory at the desire of business owners and event holders. Of course that would not include speakers and athletes etc. 

They say that EVERYTHING gets politicized in America. To be sure, the rest of the world is scratching our collective heads and thinking "only in America" once again

[Hotone + 412]

[SUZNV + 1,197]

I know lots of Vietnamese in US nail industry (90% of people working in that industry are Vietnamese origin) and they don't want to got to work as the unemployment benefits are too good. Normally if you working in nail industry you will works for 7 days, 10 hours each and if you take a day off you have no money. Although the shop owner will get 40% and you got 60%. Their earning maybe less than unemployment benefit while they do not need to work. Nail salon owners are desperate for  their employees to get back, especially where at places where it is hard to find a nail worker. So until July 31st when covid19 unemployment  benefit expired date, we can never know the real unemployment at will or not.

Edited June 21, 2020 by SUZNV