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ffr

(22,644 posts)
Tue Mar 31, 2020, 12:17 AM Mar 2020

Millions More Jobless Claims to Show Reeling U.S. Economy

Source: Bloomberg

The number of Americans filing for unemployment benefits is forecast to set a record for the second straight week following 3.28 million in last week’s data, with the darkest prediction expecting the figure to almost double.

The release, due Thursday for the week ended March 28, is now being looked to as a more timely barometer than the payrolls report because it shows how the coronavirus and the sudden economic stop implemented to contain it are reshaping the labor market. The median projection from economists surveyed by Bloomberg puts the figure at 3.5 million, slightly above the prior reading, which was already more than quadruple the previous record.
<snip>

The most dire prediction puts the figure at 6.5 million -- the forecast of Thomas Costerg at Pictet Wealth Management -- while Goldman Sachs Group Inc. estimates 5.25 million and Citigroup is at 4 million.

Read more: https://www.bloomberg.com/news/articles/2020-03-30/u-s-set-to-report-millions-more-unemployment-claims-this-week



Welcome to the world we endured during the last incompetent conservative administration, only worse.

Republican incompetence seems to be the catalyst for these violent economic crashes.
9 replies = new reply since forum marked as read
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cstanleytech

(26,080 posts)
1. I dont think its incompetence. After all if it was then they would not keep repeating the same
Tue Mar 31, 2020, 12:32 AM
Mar 2020

mistakes again and again.
No, at this point I think they are doing it on purpose because every time there is a major economic collapse people lose things like homes and other valuable assets and if its timed just right people in the know and with the money (many of whom are Republican) can buy up those assets for pennies on the dollar.

customerserviceguy

(25,183 posts)
2. I would imagine
Tue Mar 31, 2020, 12:41 AM
Mar 2020

that there were a lot of folks who could not file last week who have been able to this week. I'm glad that the last stimulus bill gave them more weeks and a $600 bonus on top of what their states would have paid out.

BigmanPigman

(51,430 posts)
4. People need bills waved by
Tue Mar 31, 2020, 05:40 AM
Mar 2020

the utilities, rent/mortgage, health insur. and cash for groceries, etc. NOW! Also, a guarentee that employees would be returning to the same job and pay. I think Europe is doing something like this. If we did something similar it would cost $13 trillion. Sounds good to me, much more realistic and timely.

Canoe52

(2,944 posts)
8. Makes the cost of Universal Health Care almost trivial by comparison.
Tue Mar 31, 2020, 10:55 AM
Mar 2020

Time for the billionaires to start coughing up all that money we put into their bank accounts.

BigmanPigman

(51,430 posts)
9. That is what the next POTUS should do
Tue Mar 31, 2020, 04:54 PM
Mar 2020

the first month in office. Tax the 1% like they used to be taxed 50+ years ago.

Sunlei

(22,651 posts)
7. "most dire prediction puts the figure at 6.5 million" I think that's a very, very low number.
Tue Mar 31, 2020, 09:34 AM
Mar 2020

One thing I think should be changed immediately are the hours 'essential businesses', like grocery stores, delivery services et all are open.

They should be open 24 hours a day. All the limited hours currently do is build a line of people waiting to get inside.

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