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The New Coffee Room

  1. TNCR
  2. General Discussion
  3. 6.6 million jobless claims.

6.6 million jobless claims.

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  • 8 Offline
    8 Offline
    89th
    wrote on 7 May 2020, 16:50 last edited by
    #38

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

    1 Reply Last reply
    • J Online
      J Online
      jon-nyc
      wrote on 7 May 2020, 16:59 last edited by
      #39

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

      "You never know what worse luck your bad luck has saved you from."
      -Cormac McCarthy

      1 Reply Last reply
      • H Online
        H Online
        Horace
        wrote on 7 May 2020, 17:04 last edited by
        #40

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

        Education is extremely important.

        1 Reply Last reply
        • J Online
          J Online
          jon-nyc
          wrote on 7 May 2020, 17:37 last edited by
          #41

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

          "You never know what worse luck your bad luck has saved you from."
          -Cormac McCarthy

          1 Reply Last reply
          • C Offline
            C Offline
            Copper
            wrote on 10 May 2020, 13:46 last edited by
            #42

            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

            alt text

            1 Reply Last reply
            • M Offline
              M Offline
              mark
              wrote on 10 May 2020, 16:36 last edited by
              #43

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

              1 Reply Last reply
              • M Offline
                M Offline
                MainerMikeBrown
                wrote on 10 May 2020, 18:57 last edited by
                #44

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

                And I hate to read about people losing their livelihood.

                1 Reply Last reply
                • G Offline
                  G Offline
                  George K
                  wrote on 28 May 2020, 13:23 last edited by
                  #45

                  2.1 million this week:

                  And here's an interesting comment:

                  "Now look here, you Baltic gas passer... " - Mik, 6/14/08

                  The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

                  1 Reply Last reply
                  • 8 Offline
                    8 Offline
                    89th
                    wrote on 28 May 2020, 13:26 last edited by
                    #46

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

                    C 1 Reply Last reply 28 May 2020, 14:26
                    • L Offline
                      L Offline
                      Loki
                      wrote on 28 May 2020, 13:28 last edited by
                      #47

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

                      C A 2 Replies Last reply 28 May 2020, 14:28
                      • G Offline
                        G Offline
                        George K
                        wrote on 28 May 2020, 14:15 last edited by
                        #48

                        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).

                        Screen Shot 2020-05-28 at 9.13.56 AM.png

                        "Now look here, you Baltic gas passer... " - Mik, 6/14/08

                        The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

                        L 1 Reply Last reply 28 May 2020, 22:03
                        • 8 89th
                          28 May 2020, 13:26

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

                          C Offline
                          C Offline
                          Copper
                          wrote on 28 May 2020, 14:26 last edited by
                          #49

                          @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.

                          1 Reply Last reply
                          • L Loki
                            28 May 2020, 13:28

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

                            C Offline
                            C Offline
                            Copper
                            wrote on 28 May 2020, 14:28 last edited by
                            #50

                            @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.

                            1 Reply Last reply
                            • G George K
                              28 May 2020, 14:15

                              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).

                              Screen Shot 2020-05-28 at 9.13.56 AM.png

                              L Offline
                              L Offline
                              Loki
                              wrote on 28 May 2020, 22:03 last edited by
                              #51

                              @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).

                              Screen Shot 2020-05-28 at 9.13.56 AM.png

                              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

                              1 Reply Last reply
                              • L Loki
                                28 May 2020, 13:28

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

                                A Offline
                                A Offline
                                Axtremus
                                wrote on 28 May 2020, 22:07 last edited by
                                #52

                                @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. 😞

                                L 1 Reply Last reply 28 May 2020, 23:12
                                • H Online
                                  H Online
                                  Horace
                                  wrote on 28 May 2020, 22:52 last edited by
                                  #53

                                  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.

                                  Education is extremely important.

                                  C 1 Reply Last reply 28 May 2020, 23:04
                                  • H Horace
                                    28 May 2020, 22:52

                                    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.

                                    C Offline
                                    C Offline
                                    Copper
                                    wrote on 28 May 2020, 23:04 last edited by
                                    #54

                                    @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.

                                    1 Reply Last reply
                                    • A Axtremus
                                      28 May 2020, 22:07

                                      @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. 😞

                                      L Offline
                                      L Offline
                                      Loki
                                      wrote on 28 May 2020, 23:12 last edited by
                                      #55

                                      @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...

                                      1 Reply Last reply
                                      • G Offline
                                        G Offline
                                        George K
                                        wrote on 5 Jun 2020, 13:26 last edited by
                                        #56

                                        https://www.foxbusiness.com/economy/may-2020-jobs-report

                                        The U.S. unemployment rate unexpectedly dropped to 13.3 percent in May, down from a record high in April, indicating the nation's economy is recovering faster than expected from the coronavirus lockdown.

                                        The Labor Department said in its Friday report that employers added a stunning 2.5 million jobs in May -- the biggest increase on record. The economy shed a combined 22.1 million jobs in April and March.

                                        Economists surveyed by Refinitiv expected the report to show that unemployment rose to 19.8 percent in May and that employers shed 8 million jobs. If the expectation had been accurate, it would have been the worst figure since the Great Depression.

                                        “Barring a second surge of Covid-19, the overall U.S. economy may have turned a corner, as evidenced by the surprise job gains today, even though it still remains to be seen exactly what the new normal will look like," said Tony Bedikian, head of global markets at Citizens Bank.

                                        "Now look here, you Baltic gas passer... " - Mik, 6/14/08

                                        The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

                                        8 1 Reply Last reply 5 Jun 2020, 13:30
                                        • G George K
                                          5 Jun 2020, 13:26

                                          https://www.foxbusiness.com/economy/may-2020-jobs-report

                                          The U.S. unemployment rate unexpectedly dropped to 13.3 percent in May, down from a record high in April, indicating the nation's economy is recovering faster than expected from the coronavirus lockdown.

                                          The Labor Department said in its Friday report that employers added a stunning 2.5 million jobs in May -- the biggest increase on record. The economy shed a combined 22.1 million jobs in April and March.

                                          Economists surveyed by Refinitiv expected the report to show that unemployment rose to 19.8 percent in May and that employers shed 8 million jobs. If the expectation had been accurate, it would have been the worst figure since the Great Depression.

                                          “Barring a second surge of Covid-19, the overall U.S. economy may have turned a corner, as evidenced by the surprise job gains today, even though it still remains to be seen exactly what the new normal will look like," said Tony Bedikian, head of global markets at Citizens Bank.

                                          8 Offline
                                          8 Offline
                                          89th
                                          wrote on 5 Jun 2020, 13:30 last edited by
                                          #57

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

                                          employers added a stunning 2.5 million jobs in May -- the biggest increase on record.

                                          Anyone else tired of winning?

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