Millions More Jobless Claims to Show Reeling U.S. Economy
Source: Bloomberg
The number of Americans filing for unemployment benefits is forecast to set a record for the second straight week following 3.28 million in last weeks data, with the darkest prediction expecting the figure to almost double.
The release, due Thursday for the week ended March 28, is now being looked to as a more timely barometer than the payrolls report because it shows how the coronavirus and the sudden economic stop implemented to contain it are reshaping the labor market. The median projection from economists surveyed by Bloomberg puts the figure at 3.5 million, slightly above the prior reading, which was already more than quadruple the previous record.
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The most dire prediction puts the figure at 6.5 million -- the forecast of Thomas Costerg at Pictet Wealth Management -- while Goldman Sachs Group Inc. estimates 5.25 million and Citigroup is at 4 million.
Read more: https://www.bloomberg.com/news/articles/2020-03-30/u-s-set-to-report-millions-more-unemployment-claims-this-week
Welcome to the world we endured during the last incompetent conservative administration, only worse.
Republican incompetence seems to be the catalyst for these violent economic crashes.
cstanleytech
(26,248 posts)mistakes again and again.
No, at this point I think they are doing it on purpose because every time there is a major economic collapse people lose things like homes and other valuable assets and if its timed just right people in the know and with the money (many of whom are Republican) can buy up those assets for pennies on the dollar.
customerserviceguy
(25,183 posts)that there were a lot of folks who could not file last week who have been able to this week. I'm glad that the last stimulus bill gave them more weeks and a $600 bonus on top of what their states would have paid out.
progree
(10,894 posts)beachbumbob
(9,263 posts)BigmanPigman
(51,569 posts)the utilities, rent/mortgage, health insur. and cash for groceries, etc. NOW! Also, a guarentee that employees would be returning to the same job and pay. I think Europe is doing something like this. If we did something similar it would cost $13 trillion. Sounds good to me, much more realistic and timely.
Canoe52
(2,948 posts)Time for the billionaires to start coughing up all that money we put into their bank accounts.
BigmanPigman
(51,569 posts)the first month in office. Tax the 1% like they used to be taxed 50+ years ago.
Steelrolled
(2,022 posts)in that it is not economic in nature.
Sunlei
(22,651 posts)One thing I think should be changed immediately are the hours 'essential businesses', like grocery stores, delivery services et all are open.
They should be open 24 hours a day. All the limited hours currently do is build a line of people waiting to get inside.