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COVID-19 Impact: “It’s the economy, stupid!”

Posted by te2ataria on May 8, 2020

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US jobless claims: Coronavirus has put 33.5 million out of work

At least 50% of the entire workforce has been adversely affected: Independent experts

“Nearly 3.2 million laid-off workers applied for unemployment benefits last week as the business shutdowns caused by the viral outbreak deepened the worst U.S. economic catastrophe in decades.

“Roughly 33.5 million people have now filed for jobless aid in the seven weeks since the coronavirus began forcing millions of companies to close their doors and slash their workforces. That is the equivalent of 1 in 5 Americans who had been employed back in February, when the unemployment rate had reached a 50-year low of just 3.5%.”

April jobs report is expected “to be the worst since modern record-keeping began after World War II. The unemployment rate is forecast to reach [between 16% and 25%,] the highest rate since the Great Depression, and economists estimate that 21 million jobs were lost last month. If so, it would mean that nearly all the job growth in the 11 years since the Great Recession ended has vanished in a single month.”


Bank of England warns UK faces historic recession

UK unemployment to double and economy to shrink by 14% –Bank of England

Britain is facing its worst recession in 300 years, according to the latest scenario from the Bank of England. The BoE estimates that GDP will plunge by 25% this quarter, with unemployment hitting 9%, due to the abrupt halt to activity under the Covid-19 lockdowns.

COVID-19 : A Pause Before the Storm

Nature’s Defenses Designed the “Perfect Virus to Allow a Pause for Refection… a Pause Before the Storm!

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7 Responses to “COVID-19 Impact: “It’s the economy, stupid!””

  1. Heel Spurs on the Soul said

    “I always wanted to be an astronaut, but failed due to a medical condition caused by bone spurs on both heels of my feet. [Heel spurs are bone protrusions caused by calcium buildup.] I was granted five draft deferments during the Vietnam War, despite feeling a little bit guilty!”
    “Then, miraculously, one April morning, the spurs had gone away. [They moved onto my soul!]”

    Trump was advised twice in January to press China to be more transparent about the outbreak in Wuhan. But Trump ignored the advice:

    Early this year, several of Mr. Trump’s political advisers inside and outside the campaign urged him to take on China more directly, which they argued would have bipartisan appeal. One idea they suggested was a special commission to investigate the origins of the virus and whether Beijing responded sufficiently to control the outbreak.
    Mr. Trump twice declined suggestions from his team in January to press [Chinese President] Xi [Jinping] for more transparency about the virus’s causes and symptoms, in one case saying that the criticism could cause Beijing to be less helpful, said White House officials.


    In fact, Trump didn’t just decline the suggestions; he actually went in the opposite direction. Trump repeatedly praised China’s coronavirus response through late February. And on two different occasions, he actually vouched for China’s transparency, despite the advice.

  2. Alan said

    Initial jobless claims in state programs totaled 2.981 million in the week ended May 9, Labor Department figures showed Thursday. Economists had projected 2.5 million, based on the median estimate.

    While filings have eased for a sixth straight week, a total of 36.5 million applications for unemployment insurance have been filed since the virus began shutting down businesses in mid-March. That’s nearing the level of all claims filed during the last recession, which ran for 18 months.

  3. Jules said

    UK COVID-Economy Headlines
    Furloughed and Frustrated, Workers Are Struggling Across the U.K.
    Benefit claims made by unemployed and underemployed people in the U.K. rose more last month than at any time on record, with the pain spread throughout the country.

    U.K. Minister Blames ‘Wrong’ Scientific Advice For Coronavirus Plan
    Boris Johnson’s government became embroiled in an ugly row over the U.K.’s coronavirus response, after a minister suggested mistakes were down to the “wrong” advice from scientific advisers.

    Sunak Sees U.K. Recession on Scale ‘We Have Not Seen’
    The U.K. is headed into a recession unprecedented in scale, Chancellor of the Exchequer Rishi [“Dirty Joke”] Sunak warned Tuesday as he laid bare the extent of the economic cost of the coronavirus.

    Brexit Talks Sour With U.K. Slamming EU’s ‘Unworthy’ Offer
    Boris Johnson’s chief Brexit negotiator accused the European Union of offering the U.K. only a “low-quality” trade deal as talks between the two sides descended into acrimony.
    In a dramatic intervention in the increasingly fractious negotiations over the future U.K.-EU relationship, David Frost complained the bloc is treating Britain as “unworthy” of a fair deal. He told his EU counterpart Michel Barnier to “think again [!!!]”

    • Name withheld said

      A number of friends tried pointlessly to educate, persuade and ultimately warn several key members of the corrupt establishment in the UK against then unforeseen consequences of BREXIT.
      [Removed by moderator.]

  4. Alan said

    US weekly jobless claims hit 2.4 million, for the week ending May 16, bringing the 9-week total to almost 39 million. That’s more than the about 37 million people that filed unemployment insurance claims during the entire Great Recession, which lasted for about 18 months.

    The US economy lost a record 20.5 million jobs in April and saw the unemployment rate triple to 14.7% as business was halted and consumers were told to shelter in place to contain Covid-19 epidemic.

    The worst weekly jobloss record during the great recession was about 665,000 people filing for unemployment insurance.

    The Federal Reserve Bank of St. Louis has projected that job losses would reach 47 million in the second quarter and lead to an unemployment rate of 32%.

  5. Jules said

    US weekly jobless claims hit 2.1 million, bringing the 10-week total to more than 40 million

    More than 2.1 million Americans filed for unemployment benefits for the first time last week (week ending on May 23), the 10th consecutive week. The total number of people who have sought unemployment assistance now stands at 40.7 million since the pandemic began in mid-March, said the Labor Department Thursday.

    Continuing claims were 21 million for the week ending May 16, down from the previous report’s record of more than 25 million.

  6. Alan said

    About 1.542 million Americans filed jobless claims for the week ended June 6, the Labor Department said.
    A total of more than 47 million applications for unemployment benefits have been submitted since the COVID-19 pandemic began in March, government records show, a number that dwarfs even unemployment figures in the Great Depression.

    More than 50% of American families have been financially affected, experts say.

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