Posted on 05/28/2020 6:39:20 AM PDT by knighthawk
More than 2.1 million laid-off workers applied for unemployment last week, the Labor Department reported on Thursday, as the coronavirus pandemic, and the ensuing economic lockdown, continued to wreak havoc on the jobs market.
Economists surveyed by Refinitiv had forecast 2.1 million.
The new report, which covers the week ending May 23, pushes the 10-week total of losses since states directed residents to stay at home and forced nonessential businesses to close to 40 million, a rate of unemployment unseen since the Great Depression.
(Excerpt) Read more at foxbusiness.com ...
Wow.
And a lot of them are making more than their salary was due to the 600 bucks fed unemployment
average is 137 percent of old income and 1/5 are making double what they were.
I know there’s health insurance loss and other variables but the 600 a week can’t last past end of july.
that’s still 8 weeks incentive for people not to look
It will be decades before the U.S. fully recovers from this.
And this makes Democrats and the Fake News very, very happy!
the money for unemployment needs to be cut otherwise millions will not go back to work which is what the Democrats want.
Total losses doesn’t mean anything by itself. Of those 40 million, how many have gone back to work?
That oughta be good for another 200 points up on the DOW.
The $600 per week doesn’t even bring me to 40% of my former salary. And I’m blacklisted from ever getting another job in my field due to the mere fact that I’m an American. After July, no job, and no chance at one. DOT said I can’t drive a truck (new USDOT health regulations which started in February, same reason why I can’t do physical labor). I’m already resigned to the fact I will lose my house, car and family in August (can’t afford to buy a ticket going there, and international flights might be banned until January or so.
Why am I in this situation?
https://americanmind.org/essays/dont-bother-learning-to-code/
The “real” number is well over 50,000,000. People have been trying for 6 weeks to get on their state run systems and many still haven’t gotten enrolled.
What this number means is that 2,100,000 actually managed to file for the first time, not that 2,100,000 lost their jobs.
L
In my neck of the woods there are layoffs and furloughs. And the furloughs are wotaking fewer hours and are being paid by either the state and/or Fedzilla.
Do furloughs count in these numbers? How about the newly underemployed?
That 40 mil, as horrific as the number is, may be the least of it.
And financial services stocks are up 10% this week.
Yes...this makes sense.
Layoffs are starting to effect highly paid professionals.
Engineers at IBM are getting notices and they are not being nice about it.
It’s a good thing we all kept paying our school taxes for the “schools(ie business) that wasn’t open and in some states may not be open in the fall.
If your employer calls you back and don’t go, you lose unemployment, so your comment is a non-starter.
However, most job losses (40 to 60% depending on the article source made less than $40,000 a year to begin with.
Most extremely low-paid service staff are dependant on full opening of businesses.
I’m seeing 0 to 25% capacity allowed to open in most states. That means working part-time only with hours slashed and tips slashed. Could your family survive on $145 per week? Assume 20 hours at $7.25. With no jobs mobility to get a second or third job as companies are not hiring now.
IBM, UlTVA, Uber and Boeing.
Getting replaced by H1Bs as stated in articles posted about these job cuts.
Very successful plannedemic by the left.
TVA: Tennessee Valley Authority
Read something today. 12% of all Federal, State and local government IT and Software Engineering employees are H1Bs from India
Corporations are using this plandemic to totally replace all remaining Americans with H1B scabs from India. Fucking pathetic.
I have started reading and will finish it now.
They are right. Tech is like manufacturing was 10 years ago.
getting easy to outsource.
I am very, very sorry about your situation.
I pray you catch a break
Thank your local democrat when you see em....
Remember in November!!!
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