Another 4.4 Million Americans Filed Unemployment Claims Last Week
Over 26 million have filed claims in the last five weeks.
The Labor Department revealed another 4.4 million Americans filed unemployment claims last week in the midst of the Wuhan coronavirus outbreak.
Americans receiving unemployment benefits hit 16 million. The previous record was 12 million in 2010.
That brings to total to more than 26 million Americans filing the claims since the economy shutdown last month.
Economists believe the unemployment rate for April could hit 20% if all those who filed are considered unemployed.
The numbers might decrease in the next few weeks as states reopen for business. States have already seen unemployment claims go down.
Georgia will allow gyms, hair salons, and bowling alleys to open on Friday. Oklahoma will allow hair salons to open on Friday depending on a city’s lockdown date.
Restaurants have lost the most jobs at 4 million since February. Construction jobs went down 9% along with the retail, shipping, and utility sector.
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Bernie’s Marxist utopia is upon us.
I passed my barber shop the other day, it was closed down, boarded up, all the barber gear inside removed. Yet-another business that won’t be opening back up. This is unspeakably sad, 26 million unemployed.
Hey don’t worry the Fed is running the printing press 24/7 to bail out the hedge fund and private equity industries so everything will be cool in the Hamptons this Summer.
Also, make sure to thank JP Morgan and BoA each of which prioritized their publicly traded banking customers when seeking SBA PPP loans, even though most of them were ineligible, while leaving 10s of thousands of small businesses in the lurch. Again, no worries, all those hip Shake Shacks will be just fine.
So many lives ruined, people losing their homes, their cars. Taking years to get back out of the hole. Makes me angry. As my old Italian grandfather used to say “Damn the Bolsheviki”
So it’s official – we’re going to be blowing past 20% unemployment by the end of April. Just for comparison, the highest yearly unemployment rate ever recorded in this country was 24.9%, in 1933. In 1929, the unemployment rate had been 3.2%, and the country had still been enjoying the great economic boom of the 20’s.
AINOs celebrate. That’s “Americans In Name Only”.
Smoothing functions can work with a limited scope and well-defined goals. However, in the worst case, progressive smoothing functions engender corruption, dysfunction, lethargy, and misalignments.