1,186,000 unemployment claims were filed in the week ending on August 1, the Labor Department reported on Thursday.
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=1324369
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=1324369
Winning!
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The US is particularly vulnerable to covid damage. It lacks a functioning public health strategy beyond random acquisition of herd immunity and its economy is heavily services based. The Economist suggested in April that the advanced industrial countries were moving to a 90% economy that will have knock-on effects in supplier emerging economies like China by lowering export demand. Sure, many furloughed workers will eventually get back to work, but those in the shadow, or under-the-table, economy and perhaps a third of formal service economy workers won’t. We’ve begun a game of musical chairs with some serious chair removal.
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So things are getting worse slightly more slowly. (New claims get filed even in a healthy economy, but in a healthy economy well under 300K.)
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My granddaddy used to say “things will get bad before they get worse.”
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The difference between last week and this week represents statistical noise. The number fluctuated from 1,434,000 last week to 1,186,000 this week. The tragedy of this situation is expressed in two pictures.
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Continuing claims stand at 32,118,678, an increase of 1,302,816 from the previous week.
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The enhanced unemployment benefit of an additional $600 per week means that tens of millions of people could struggle to meet their basic needs.
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Compounding the effect of COVID and structural changes in the workplace is the fact that job creation needs to expand at approximately 50K jobs per month just to keep pace with population growth. Every month with severe deficits compounds the amount of ground to recover when the crisis subsides.
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Humor to alleviate these dark and distressing times…
AND
Nepotistic Ivanka said to “Find Something New”
And she is doing that…
by finding something new to grift again…
Hawking Goya Beans!
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Sad,lot of folks are beyond desperate.These politicians have no clue what it’s like to look in the refrigerator and its empty and you turn around and look in your child/childrens faces and they are hungry.
Hear your child/children coughing at night and you pray its not serious for you have to go to work and get your paycheck and hope they get a meal at school the next day.
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Wow! The way jobless claims are dropping we should be down to 1M claims a week by the time Dakota Fanning is elected President!
Prosperity is just around the colonoscopy!
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Yes, your data are very important. The headline for this article should have been in terms of “first time claims”. It is infuriating that TPM should make this mistake week after week. The key number is that an astounding 32 million Americans are now getting unemployment insurance benefits. Thirty two million!
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