6.6 million jobless claims.

[George K]

3.2 million more

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.

The latest jobless claims numbers come a day before the Labor Department releases its nonfarm payrolls report for April. Economists surveyed by Dow Jones expect a plunge of 21.5 million, easily the worst month in U.S. history, with the unemployment rate surging to 16%.

[Copper]

It's the economy

[89th]

I wonder if we'll hit 50 million on unemployment.

[jon-nyc]

The effective reproductive rate of unemployment claims is less than one.

[Horace]

It's herd immunity. Once you've lost your job you can't lose it again.

[jon-nyc]

That has yet to be proven, I read somewhere that some employees in South Korea got furloughed twice.

[Copper]

This is making the rounds on pilot sites

I wonder if it is real, maybe it is

https://ukaviation.news/qatar-airways-you-are-no-longer-required-heres-a-130000-bill/

@ukaviation said: >

Qatar Airways: You are no longer required, here’s a £130,000 bill

[mark]

That cannot be real. If it is, then, fuck them!

[MainerMikeBrown]

Reading about current jobless claims makes me think about the bad economy overall.

And I hate to read about people losing their livelihood.

[George K]

2.1 million this week:

And here's an interesting comment:

[89th]

And in Q3 when tens of millions of people are "hired", Trump will claim it as the best economy EVAH

[Loki]

The white collar job layoffs are coming and furloughs are turning into layoffs.

[George K]

https://www.bea.gov/sites/default/files/2020-05/gdp1q20_2nd.pdf

Real gross domestic product (GDP) decreased at an annual rate of 5.0 percent in the first quarter of 2020 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.1 percent.

The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the decrease in real GDP was 4.8 percent. With the second estimate, a downward revision to private inventory investment was partly offset by upward revisions to personal consumption expenditures (PCE) and nonresidential fixed investment (see "Updates to GDP" on page 2).

[Copper]

@89th said in 6.6 million jobless claims.:

And in Q3 when tens of millions of people are "hired", Trump will claim it as the best economy EVAH

If it recovers from this hit, it will be the best ever.

And another win.

[Copper]

@Loki said in 6.6 million jobless claims.:

The white collar job layoffs are coming and furloughs are turning into layoffs.

Turning into slave-wage factory jobs taken away from China and Contact Tracer jobs.

[Loki]

@George-K said in 6.6 million jobless claims.:

https://www.bea.gov/sites/default/files/2020-05/gdp1q20_2nd.pdf

Real gross domestic product (GDP) decreased at an annual rate of 5.0 percent in the first quarter of 2020 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.1 percent.

The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the decrease in real GDP was 4.8 percent. With the second estimate, a downward revision to private inventory investment was partly offset by upward revisions to personal consumption expenditures (PCE) and nonresidential fixed investment (see "Updates to GDP" on page 2).

If you think Q1 was bad with 5% decline how does 40% decline projected for Q2 sound?

https://www.cnbc.com/2020/05/15/gdp-could-decline-by-42percent-in-the-second-quarter-according-to-the-atlanta-fed.html

[Axtremus]

@Loki said in 6.6 million jobless claims.:

The white collar job layoffs are coming and furloughs are turning into layoffs.

Can workers who are "furloughed" apply for unemployment benefits?
If they can, then the transition from "furloughed" into "laid off" is merely a nominal change that will not affect the employment statistics.

Still bad for the furloughed/laid off people though.

[Horace]

yes, furloughed can apply for unemployment, at least in CA.

As you can imagine, CA is all over this, making it as easy as possible for people to get their money.

[Copper]

@Horace said in 6.6 million jobless claims.:

yes, furloughed can apply for unemployment, at least in CA.

As you can imagine, CA is all over this, making it as easy as possible for people to get their Horace's money.

[Loki]

@Axtremus said in 6.6 million jobless claims.:

@Loki said in 6.6 million jobless claims.:

The white collar job layoffs are coming and furloughs are turning into layoffs.

Can workers who are "furloughed" apply for unemployment benefits?
If they can, then the transition from "furloughed" into "laid off" is merely a nominal change that will not affect the employment statistics.

Still bad for the furloughed/laid off people though.

All this hand out money will last as long as the Fed can buy corporate debt and do the ETF thing and stock market valuations stay high. But think about Boeing, Hertz, Carnival, restaurant chains, are they viable if people can’t/won’t get out?
Make no mistake American corporations and Wall Street is in on this.

At least after 9/11 people were out and about in a reasonable period, however...