Another 3 Million Americans Filed for Unemployment Last Week (unemployment rate, Congress, legal)

[Scooby Snacks]

And the bad news just keeps coming. I wonder how quickly those numbers will reverse themselves now that the states are reopening.

https://www.cnn.com/2020/05/14/econo...rus/index.html

[moneill]

Originally Posted by Scooby Snacks

And the bad news just keeps coming. I wonder how quickly those numbers will reverse themselves now that the states are reopening.

https://www.cnn.com/2020/05/14/econo...rus/index.html

That will be the interesting part. And will the biggest drop in unemployment rate be in those states that 'opened' sooner.

This will be an interesting trend to watch.

[legalsea]

https://www.foxbusiness.com/economy/...navirus-may-23


Just announced that another 2.1 million Americans filed for unemployment claims last week.



Of course, these numbers (through May 23rd) do not include all of the layoffs announced this week.



Nevertheless, as the states reopen their economies, we may expect better news in the weeks to come.



Or, so it is hoped.

[t206]

Originally Posted by legalsea

https://www.foxbusiness.com/economy/...navirus-may-23


Just announced that another 2.1 million Americans filed for unemployment claims last week.



Of course, these numbers (through May 23rd) do not include all of the layoffs announced this week.



Nevertheless, as the states reopen their economies, we may expect better news in the weeks to come.



Or, so it is hoped.

Better news, or less worse?

I mean people going back to work might help, but we still don't have viable or approved business models for bars, restaurants, offices, movie theaters, sports events, concerts, etc. Those would drive lots of hiring if engaged, but I don't see that happening soon. Earliest I could imagine is sometime before end of Q3.

[Daryl_G]

Who cares, stock market is up.
Signed: GOP 2019

At least that is the answer I was always given when I raised concern for low GDP numbers, near 0 interest rates to banks, and lots of spending to prop the economy.

Perhaps the economy was already on shaky ground even with a low unemployment rate and high stock values.

[legalsea]

Breaking with precedent, the White House will not be releasing its mid-session economic forecast:



https://www.bloomberg.com/news/artic...virus-downturn


I assume because it would be just so awesome!

[tinytrump]

Originally Posted by Scooby Snacks

And the bad news just keeps coming. I wonder how quickly those numbers will reverse themselves now that the states are reopening.

https://www.cnn.com/2020/05/14/econo...rus/index.html

Fl --My g-daughter yet to receive a dime - had to help pay her car payment... and still filing, however, Disney is reopening and maybe her job will do the same at the resorts. If she can get the job still, it will be a very slow start.

[middle-aged mom]

Originally Posted by moneill

That will be the interesting part. And will the biggest drop in unemployment rate be in those states that 'opened' sooner.

This will be an interesting trend to watch.

Thinking it will be a mixed bag dependent on industry and what Congress does next.

Anything related to tourism/ hospitality will continue to struggle. Alaska, Florida and Las Vegas will likely be very challenged

Big trade shows are not likely to make major commitments. Who knows what winter 2021 will bring?

Big national retailers were on thin ice before the Corona and have announced massive closures.

Auto and commercial plane manufacturing are impacted by no/ low demand.

[moneill]

Unemployment continues to grow but the Dow is doing good....all is right in the world ....