3.3 million Americans filed for unemployment in the week March 23 – March 29. Another 6.9 million (updated number) in the week March 30 – April 5. Another 6.6 million in the week April 6 – April 11 for a total of nearly 17 million in just three weeks. (And that’s just those who got through.)
It’s far from over, there is more to come:
Further sharp spikes in US unemployment claims are expected in the weeks ahead. Unemployment offices have been unable to cope with the huge volumes of claims made in recent weeks, with widespread reports of websites crashing and phone lines collapsing under the weight of calls. Those delays will filter through to the figures in the coming weeks.
Florida and Texas, which account for 15% of the nation’s payrolls, only moved to close non-essential businesses in the middle of last week, so the surge in claims in those states is likely to show up in the next report.
It’s not limited to service industries either:
In the previous two weeks the shutdowns cost close to 10 million people their jobs. Layoffs that started in the restaurant and leisure industries have now spread to include manufacturing, construction and even healthcare.
Yeah, who would have thought that division of labor is inter-connected and that every part supports all the others. There Is No Such Thing as “Non-Essential Business” as Our Commie Governments Will Soon Find Out (As Will We)
As it continues to strangle the economy and livelihoods the government of course postures as the savior — by running the printing presses which cost it nothing but will make things worse in the long run:
A sharp bounceback is possible, but will depend on government action and a coherent plan to safely reopen the economy. In its latest attempt to support the economy, the Federal Reserve announced Thursday it was making a further $2.3tn in loans available for small and mid-size businesses and US cities and states.
The latest intervention cheered global investors, boosting markets on both sides of the Atlantic. The FTSE 100 closed up 2.9% on Thursday at 5,843, sealing a weekly gain of 7.8% – its biggest since January 2009 in the depths of the financial crisis.
Not that there is any admission of responsibility:
“These figures don’t reflect a lack of demand,” said Dean Baker, a senior economist at the Center for Economic and Policy research and visiting professor at the University of Utah. During the recession in 2008, unemployment reached close to 10%.
“That wasn’t in our control. This is literally in our control,” said Baker. “We are deliberately shutting down the economy.”
But there should be. A virus didn’t cause this. There was another way. Sweden, Belarus, Japan, Taiwan and others did not opt to commit economic seppuku over what Belarus’ Lukashenko brilliantly deemed an “info-demic”. People did this, not viral RNA. We shouldn’t let them off the hook:
No. We cannot stand for this slippage in language. This is a myth that needs debunking. It isn’t the pandemic that is causing the looming economic disaster – it is how our societies chose to respond to the pandemic. It is the media-demanded, politician-delivered economic shutdown and freeze on social life that will cause economic crisis. It was the utter demonisation of alternative proposals for dealing with Covid – such as through a more surgical strike on the disease that might have isolated the elderly and vulnerable while allowing the healthy to carry on working – that led to this lockdown that will end livelihoods, cause poverty, and harm health.
This is why the current media lectures about the consequences of the lockdown grate so much: this is their lockdown. It isn’t an accident, it isn’t a natural phenomenon, it was not inevitable. Men and women enforced this lockdown. Will it harm human health more than the virus itself? That remains to be seen. But one thing is for sure: we won’t forget who called for it and who censured criticism of it. Worthy words from the likes of Ms Maitlis won’t be enough to distract us from this most crucial issue in the coming months and years.
NOTHING ABOUT “OPEN FOR BUSINESS” NOISE MATTERS
Until there is Department of Health led widespread case tracking & policies put in place.
THIS IS NOT A SNOW DAY.
This is a pandemic & it’s not over.
— Stephanie Ruhle (@SRuhle) April 9, 2020
New data from several states indicates a decline in the overall deaths we predict for the US. It’s important to note that our forecasts range from 126,703 to 31,221 deaths. As data comes in, our estimates will change, much like weather forecasts adjust. https://t.co/wk0u3TugF6 pic.twitter.com/9yw5uXIRoI
— IHME_UW (@IHME_UW) April 9, 2020
I also have a graph for you. You play a huge part in this… pic.twitter.com/RTpSLkGc66
— White Stanley Hudson (@planetary_ruler) April 9, 2020
Read on source website...