Unemployment - 5.25M more this week

[JeffKeryk]

The numbers... 5.25M additional unemployment claims this week; 22M in the past 3 weeks.
If you figure 170M employed at the peak (maybe a little high?), what's that? 1 in 8 workers?
Of course it is worse because many work under the table as home care givers, nannys, etc.

Let's get this thing right and help each other where we can.
It will be interesting to see how the market responds.

 

[Snagglefoot]

The futures look like it will start up with a small gain.

 

[Jimzz]

Not only that but even some that are still employed have had their hours cut. My wife is being told she and her co-workers HAVE to take at least 2 weeks of annual leave in the 2-3 months.

I agree things are not as clear an many think.

 

[Mr Nice]

More like 27M with so many people not able to file online cause many state unemployment websites crashing.

10,000 at a food bank in San Antonio, TX last week.
Next week 20,000 might be at the same food bank ?

Markets will be up because the number was 'better' than what was estimated.

Expect a tweet very soon to change the subject / UE headline.....

 

[nickaluch]

Stock market down yesterday because expected bad job number today. Sooner or later the government is not going to be able to bail everyone out then it's going to get really ugly. This is only the tip of the iceberg.

 

[LoneRanger]

End the shut down of the economy. Problem solved.

 

[nickaluch]

Originally Posted by LoneRanger
End the shut down of the economy. Problem solved.

Easier said than done. Certain areas yes some areas no.

 

[JustN89]

The market is overvalued. Something similar happened in 2007.

In February 2007, bankruptcies began among subprime mortgage lenders. By August, the government started cutting rates and injecting liquidity into the banks money supply. The next month, Alan Greenspan had publicly said that we had a bubble in housing and the talking heads in the media were advising against buying homes due to the risk of your new home's value dropping. However, in October, the Dow had surpassed 14,000 and hitting new all-time highs. We all know what happened after that, but it took over a year for the market to bottom out in March of '09 (dropped by over 50%).

We won't see an impact from this new number today. In fact, as Snagglefoot pointed out, the S&P 500 futures are up today. However, the market is overvalued and I don't think we know exactly how extensive the impact will be once the impact of 22 million unemployed is realized. This is blowing 2008 out of the water, and not in a good way. Here's an unemployment chart that is now outdated (it's a few weeks old so the graph has only gone up since then) showing just how extreme this situation is.

The good news is that this recovery should give people time to recover what was lost initially and plan ahead. Hopefully I'm wrong and you all can call me Chicken Little, but I don't see how this is done by any stretch of the imagination.

 

[ARCOgraphite]

Wife is in biotech just outside of Boston - for over 40 years.

She has been working though the stay-at home, but her managers now say the GLOBAL shutdown is hurting their revenue and
They will be having to lay off a percentage of workers and they have stopped making 401K employer match. starting in April.

She is a "supervisor" so she usually isn't impacted. I think she wants to be layed off - I think she wants a 3 wk vacation.

 

[aquariuscsm]

Originally Posted by LoneRanger
End the shut down of the economy. Problem solved.


^^This!!

 

[krismoriah72]

Dont forget Cali is going to fund undocumented workers $125M

 

[nickaluch]

The government is pumping trillions of dollars into the market buying everything that's not nailed down. We are a consumer spending economy it's going to get ugly.

 

[ARCOgraphite]

Originally Posted by nickaluch
Originally Posted by LoneRanger
End the shut down of the economy. Problem solved.

Easier said than done. Certain areas yes some areas no.


Other than a Barbershop and being INSIDE a restaurant, not much is shut down around here.

Lowe's is open, Car dealers are open, Gas stations and quick marts are open.

The manufacturer I retired from last year has been open all along, deemed " critical".
Texting my old co-workers there has been no SARS-CoV-2 casualties yet

Local restaurant are doing big takeout business. I know in that business, it's hard to be in the black
without Beer and Liquor sales

Maybe a yarn store and an antiques store are closed in town. Maybe also the dentist.

I can see the small business impact.

I do need a hair cut - maybe all of them. Haven't had one since beginning of November last year!

Id get out the Pet clippers and have at it. but its still too cold up here for a buzz.

Anybody have a Flo-Bee?

 

[LoneRanger]

Never thought I'd be glad for my chrome dome head, or as a friend used to rib me (who has hair) my U-shaped hair pattern same as a public toilet seat. About 10 minutes in the bathroom mirror with my trusty Wahl electric barber's trimmer and I'm good to go.

 

[JeffKeryk]

Originally Posted by LoneRanger
End the shut down of the economy. Problem solved.

No. Unless policies and procedures are in place (testing) we will pay a horrible price.
Yesterday there were more than 2,500 deaths in US; worst day yet.
Listen to the science.

US has 4% of the world's population and 30% of the infections.

 

[Aredeeem]

I've never been more ashamed of my over 55 community. The big topic here is a push to heat our very large outdoor swimming pool. Estimates to install the system 64k. Estimates to run and maintain it per year 22k. All this in the middle of all this misery. Just so some of these retired walruses can roll themselves into a heated pool a few weeks early before the water heats up naturally. Make a donation to a food bank or some other charitable endeavor? Not a chance.

 

[MoneyJohn]

At this rate of unemployment, stay-at-home order will have to be relieved by sectors. And this thing is not going to settle down soon so the authorities will have to strike a balance of controlled exposure and economy improvement. While we do not want a single soul to pass away, we can not save everyone. So how the implementation is going to work, I have no idea and scared tbh (I fall under very high risk due to autoimmune conditions) but thats the only way forward.

 

[sst9303]

Originally Posted by JeffKeryk
Originally Posted by LoneRanger
End the shut down of the economy. Problem solved.

No. Unless policies and procedures are in place (testing) we will pay a horrible price.
Yesterday there were more than 2,500 deaths in US; worst day yet.
Listen to the science.

US has 4% of the world's population and 30% of the infections.



^^^^^^^^^ THIS!!

 

[UncleDave]

Originally Posted by JeffKeryk
Originally Posted by LoneRanger
End the shut down of the economy. Problem solved.

No. Unless policies and procedures are in place (testing) we will pay a horrible price.
Yesterday there were more than 2,500 deaths in US; worst day yet.
Listen to the science.
US has 4% of the world's population and 30% of the infections.


Agree this has to be done carefully,

Do you believe China is being honest about its infection rate, and that places like India have even tested a large % ?

UD

 

[CT8]

Who woulda thunk it, with all the bad stuff top to bottom happening.