US weekly jobless claims soar

F

floridafan

Verified User
Americans displaced by the coronavirus crisis filed unemployment claims in record numbers, with the Labor Department reporting Friday a surge to 3.28 million.

The number shatters the Great Recession peak of 665,000 in March 2009 and the all-time mark of 695,000 in October 1982.

Consensus estimates from economists surveyed by Dow Jones showed an expectation for 1.5 million new claims, though individual forecasts on Wall Street had been anticipating a much higher number. The surge comes amid a crippling slowdown brought on by the coronavirus crisis.

Businesses across the country have shut down amid a policy of social distancing aimed at keeping the virus’s growth in check. Individual states have reported websites crashing amid a rush to file.

Jobless claims are considered the quickest window into current economic conditions. Most data reports in recent weeks reflect periods before the worst of the coronavirus hit and have been showing the U.S. in relatively good shape heading into the crisis.
 
Unemployment is also directly died with morbidity, I.E. a 1% will equal approximately 40,000 dead.
 
Hello floridafan,

floridafan said:
Americans displaced by the coronavirus crisis filed unemployment claims in record numbers, with the Labor Department reporting Friday a surge to 3.28 million.

The number shatters the Great Recession peak of 665,000 in March 2009 and the all-time mark of 695,000 in October 1982.

Consensus estimates from economists surveyed by Dow Jones showed an expectation for 1.5 million new claims, though individual forecasts on Wall Street had been anticipating a much higher number. The surge comes amid a crippling slowdown brought on by the coronavirus crisis.

Businesses across the country have shut down amid a policy of social distancing aimed at keeping the virus’s growth in check. Individual states have reported websites crashing amid a rush to file.

Jobless claims are considered the quickest window into current economic conditions. Most data reports in recent weeks reflect periods before the worst of the coronavirus hit and have been showing the U.S. in relatively good shape heading into the crisis.
Click to expand...

There's no getting around this. We had to shut down a large part of the economy to avoid more deaths.

And people should brace themselves for more bad news.

It is going to get worse before it gets better.
 
PoliTalker said:
Hello floridafan,



There's no getting around this. We had to shut down a large part of the economy to avoid more deaths.

And people should brace themselves for more bad news.

It is going to get worse before it gets better.
Click to expand...

What are you going to say when more are dead because of poverty? "Oh well, that's how it goes I guess"?
 
PoliTalker said:
Hello floridafan,



There's no getting around this. We had to shut down a large part of the economy to avoid more deaths.

And people should brace themselves for more bad news.

It is going to get worse before it gets better.
Click to expand...
Do you think stocks will go down again or have we bottomed out in your opinion?
 
Hello anonymoose,

anonymoose said:
Do you think stocks will go down again or have we bottomed out in your opinion?
Click to expand...

I don't think we've seen the bottom. But of course, I am no stock expert, just a citizen who tries to stay informed.

Here's my guess, my laymen's analysis:

The market took the big nosedive on and around the time DT finally had to drop the denials and make the emergency declaration. That was no big surprise. The market has been highly volatile ever since DT was elected. It has been a cautious build up ever since, with occasional scares and panic sell-offs. That matches DT's unpredictability. He has married himself to the market, and he is pretty erratic and unpredictable.

So the national admission that it's an emergency caused a predictable panic sell off. It wasn't like any of the commodities sold that day were in any trouble on that day. The sell-off was all based on speculation that they would be losing value going forward. But nothing really changed for them on that day as far as profit/loss statements. That will change over time.

When the actual impacts of the emergency measures begin to directly affect the profit/loss of individual stocks, the market will respond. That's why there's more blood ahead than behind us. If we see a day where many businesses post losses (and those days will surely come,) there will be more self-perpetuating panic sell-offs.

I would not expect the bottom to come until the P/L statements and economic indicators come in, following the peak of the virus curve. Perhaps a quarter behind the virus peak.

Buckle up. We are in for a long volatile and bumpy ride.
 
floridafan said:
Americans displaced by the coronavirus crisis filed unemployment claims in record numbers, with the Labor Department reporting Friday a surge to 3.28 million.

The number shatters the Great Recession peak of 665,000 in March 2009 and the all-time mark of 695,000 in October 1982.

Consensus estimates from economists surveyed by Dow Jones showed an expectation for 1.5 million new claims, though individual forecasts on Wall Street had been anticipating a much higher number. The surge comes amid a crippling slowdown brought on by the coronavirus crisis.

Businesses across the country have shut down amid a policy of social distancing aimed at keeping the virus’s growth in check. Individual states have reported websites crashing amid a rush to file.

Jobless claims are considered the quickest window into current economic conditions. Most data reports in recent weeks reflect periods before the worst of the coronavirus hit and have been showing the U.S. in relatively good shape heading into the crisis.
Click to expand...

The Obama Economy looks like the Golden Age of the 21st century
 
tRump inhereted a booming economy that was on autopilot. Trumpanzees want you to believe that tRump inhereted a recession.
 
floridafan said:
Americans displaced by the coronavirus crisis filed unemployment claims in record numbers, with the Labor Department reporting Friday a surge to 3.28 million.

The number shatters the Great Recession peak of 665,000 in March 2009 and the all-time mark of 695,000 in October 1982.

Consensus estimates from economists surveyed by Dow Jones showed an expectation for 1.5 million new claims, though individual forecasts on Wall Street had been anticipating a much higher number. The surge comes amid a crippling slowdown brought on by the coronavirus crisis.

Businesses across the country have shut down amid a policy of social distancing aimed at keeping the virus’s growth in check. Individual states have reported websites crashing amid a rush to file.

Jobless claims are considered the quickest window into current economic conditions. Most data reports in recent weeks reflect periods before the worst of the coronavirus hit and have been showing the U.S. in relatively good shape heading into the crisis.
Click to expand...

Go Gators!
 
Hello Tacomaman,

Tacomaman said:
tRump inhereted a booming economy that was on autopilot. Trumpanzees want you to believe that tRump inhereted a recession.
Click to expand...

So true! Heck, THEY believe it.

This is great:

""Socialism" is when the fire department shows up at your burning home.
"Capitalism" is when the insurance company refuses to pay the claim."
 
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