6.6 million jobless claims.

[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...

[George K]

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.

[89th]

@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?

[Copper]

Stunning

[taiwan_girl]

Not sure if it is legal to quote myself, but I am going to do so. In the forum thread, "The Rebound",

*I think the economy will be better than now. And it will be easy to spread statistics that back that up.

"President Trump has created XXXXXXXX jobs in the last 5 months."
"Quarter to quarter growth in the economy is up XX%, an unprecident gain!!"*

The Democrats will come out with a press release that highlights the unemployment rate is highest in many years.
The Republics will come out with a press release talking about record job growing.

And both will be right!

[Mik]

Which is a marked change from both of them lying through their teeth.

[Jolly]

Just think of all the construction jobs created in the last week!