29.2 million people still claim unemployment insurance, gig workers 1/3 of total. Some states still not processing claims under federal programs. My “Reasonable Approximation” for the Unemployment Rate.
By Wolf Richter for WOLF STREET.
The unemployment crisis – by far the worst since this type of data has been tracked – stopped getting worse in May and has lessened for the third week in a row, but lessened at snail’s pace, and it’s still so enormous that the improvements are relatively tiny.
Under all state and federal unemployment insurance programs combined, including the federal Pandemic Unemployment Assistance (PUA) for gig workers, a total of 29.2 million people (not seasonally adjusted) are still claiming unemployment insurance, the Department of Labor reported this morning. This is down from 29.5 million last week, and from 30.2 million the week before. The chart below shows in blue the number of people receiving unemployment benefits under state programs, and in red the number of people receiving federal benefits, mostly gig workers:
A few weeks ago, I switched to reporting only not-seasonally adjusted data for unemployment claims because the seasonal adjustments were not designed for a crisis of this magnitude, and the results went haywire.
In addition, the Labor Department revises seasonally adjusted data, often heavily, the following week, and dealing with them is like trying to nail Jell-O to the wall. Not seasonally adjusted data are not revised and present a more accurate picture.
Still a flood of initial state unemployment claims.
The flood of initial unemployment claims under state programs continues: 1.43 million initial claims (not seasonally adjusted) were processed in the week ended June 13, down from 1.54 million a week ago. While down a whole bunch from this tsunami in late March, this is still more than double the records of the prior unemployment crises in 1982 and 2009.
In other words, people who qualify for state unemployment benefits – regular employees as opposed to gig workers – are still getting laid off in very large numbers. There are bits and pieces of evidence emerging that a larger portion of those layoffs are now from companies that were not part of the initial shutdowns of restaurants, bars, retailers, hotels, and other businesses, but from higher-paying jobs across industries.
The number of people who continue to claim unemployment benefits a week or more after their initial claim under state programs become part of the “insured unemployed.” This number of people with “continued claims” under state programs declined to 18.65 million in the current week, from 18.92 million in the prior week (the blue segments of the columns in the first chart above).
In other words, more people got hired back or found another job – including at retailers, restaurants, dental practices, etc., that have reopened – than were added to the state unemployment rolls.
Federal programs: gig workers are 1/3 of insured unemployed.
Pandemic Unemployment Assistance: Gig workers are now covered under the federal PUA program, which is administered by state unemployment offices. In total, 760,526 initial PUA claims were processed in the week ending June 13.
And 9.28 million gig workers receive PUA benefits, down from 9.73 million in the prior week. In other words, here too, more gig workers started working again, and their number was larger than the number of gig workers who lost their work and filed unemployment claims.
These out-of-work gig workers account for about one-third of all insured unemployed. The PUA claims system now demonstrates for the first time just how exposed gig workers are, and how many of them lose their work in a crisis.
Pandemic Emergency Unemployment Compensation. Continued claims under the federal PEUC program more than doubled during the week to 1.08 million.
Other federal programs include those that cover laid-off federal employees (15,514 continued claims) and Newly Discharged Veterans (11,901 continued claims).
Some states still behind in processing claims
The PUA program for gig workers was difficult to implement for states. Some scrambled to get it done, others still haven’t gotten it done. But every week, more states start processing these claims. As of today’s report, six states still have not processed any claims by gig workers under the PUA program, including the biggie, Florida:
- Arkansas
- Florida
- Georgia
- New Hampshire
- Oregon
- West Virginia
And 16 states have not yet processed any claims under the federal PEUC program, including the biggie, Florida. As these states eventually figure out how to do it and catch up, they will trigger additional claims under the PUA and PEUC programs.
There continue to be reports that some states are still having trouble catching up with the tsunami of state unemployment claims, and that many laid-off workers were still not able to file their UI claim.
What does all this mean?
I’m now fairly sure that the unemployment crisis bottomed out in May. A large number of people are still losing their jobs, and now an increasing number of those lost jobs are higher-paying jobs. But other people are finding new jobs or are being called back. And the people who start working again in a particular week now outnumber the people who lost their jobs in that week.
Beyond the official Data Chaos: “over 30 million people” lost their jobs and remain unemployed. The two US agencies that are reporting unemployment data – every Thursday, the Department of Labor with its claims for unemployment insurance; and at the beginning of every month, the Bureau of Labor Statistics with its survey-based jobs report – disagree widely on the unemployment numbers: a difference between these two agencies of about 9 million unemployed, as I pointed out last week. The BLS has gone off the deep end for systematic reasons and officially admits to at least part of its errors.
So our most accurate stab at the unemployment situation in the US is the Labor Department’s unemployment insurance data – the 29.2 million people still claiming unemployment insurance under all programs. But states are still behind processing claims, and some people who lost their work don’t qualify for any benefits. So, all added up, it’s still reasonable to say that “over 30 million people” lost their jobs and are still unemployed and want to work.
My “Reasonable Approximation” for the unemployment rate: 20%+. The unemployment rate is in the eye of the beholder. Both agencies report various unemployment rates, and they’re all over the place. In early June, the BLS reported that the unemployment rate dropped to 13.3%.
But there is a way to approximate it: 29.2 million people claim unemployment insurance, in a labor force of 158.3 million, for a rate of 18.4%. Add the people who lost their jobs but don’t qualify for unemployment insurance, and add the people who never worked, or who haven’t worked recently, but want to work and cannot find a job, such as recent graduates, and suddenly the unemployment rate is well above 20%. And the term, an unemployment rate of “above 20%” seems like a reasonable approximation of the current conditions of the labor market.
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The Covid graphs are less helpful.
What Covid graphs? What are you referring to?
Will their be more layoffs of government workers as they have been mostly spared?
The tax base is being crushed and few actual government layoffs due to being deemed necessary.
Joe,
In March, April, and May combined, governments at all levels shed 1.6 million jobs
https://wolfstreet.com/2020/06/05/powered-by-restaurants-bars-retailers-us-labor-market-bounces-off-bottom-other-industries-governments-continue-to-shed-jobs/
Wolf,
It might be interesting to see employment level changes broken down by industry sector (the G’s gamesmanship has permanently soured me on percentage rates usage.).
So long as C19 remains a significant threat, there are millions formerly in the service sector (restaurant workers in particular) that in all probability could benefit themselves and the economy by at least temporarily shifting to residential construction (which, given the rapidly inflating rents, is producing inadequate supply).
(I know res con has temporarily collapsed…but it is much less C19 vulnerable for most phases and panicked non-lending banks can be routed around by a zillion alternate lenders today)
But the macro advantages of a restaurant-to-RE shift have to be illustrated.
My guess is that res con has taken nowhere near the hit that restaurants have…what does the BLS say?
Reschooling a barrista to build a foundation for a house, is not done in a few days. It takes time and money. Who is willing to pay time and $$$ for this investment? Or do you think it’s allright if the barrista just has a go at it?
While it is clear enough that the food service biz has some work in it, manual labor to be sure, it is nothing like framing houses open to the sky when the temperature in the shade is in the teens: either teens we humans can stand.
Not knocking restaurant workers, several friends have been in it for decades, but, in general, construction is hard work in at least the foundation to frame to fenestration phases.
But what you imply, back to manual labor, will come around again, as it did after WW2, and I suspect many folks will find construction very appealing.
Re: Retraining rqd
Some perhaps, but there are many lift-and-carry type jobs in an apt complex project and many more semi-skilled positions that can be incrementally taught over a fairly short period of time – foundation work (key because it is, well, the foundation…) is less amenable to newbies, but there are many less structurally central jobs.
The larger point is about finding ways to make the American labor mkt grow (something that doomed Fed manipulations have failed to do for twenty years, while creating huge latent and active instability) by finding ways to make the American labor force more flexible and able to adapt to shifts in demand and supply.
Correct Cas,
As a 17 yo kid, I just tried to keep up with the 75 yo laborer who was trying to teach me to use a shovel efficiently as we dug by hand, (pick and shovel in oyster shell fill,) the footings, AKA ‘footers’ for a house 100×40 with two 40×20 wings in the summer in southern FL.
While I worked as hard as I could, he hardly seemed to move and did at least twice as much per day, which was very easy to see in that situation; I learned very important lessons regarding effective knowledge that week.
The carpenter crew leader had ”laid out” the house, set batter boards and strings to tell us where and how deep to dig, then came back with the rest of the skilled help to form and pour after we had finished digging.
Services are struggling to come back, which make up 50% ex retail and goods of gdp. Explains the disconnection. CARES didn’t help when it pumped demand forward increasing the disconnection.
I can see how the corporate.debt bubble blowing up was going to effect this important component of gdp. Really a educational moment for me, I will take retail less seriously in the future. It starts with services.
Thanks for the “real” approximation of the number of jobless people. The Bureau of Lies and Stuff (I was going to use another word but I know people are modest here) is a total farce and I came to that realization many years ago with the fake unemployment numbers which really accelerated under Obama. Yet, the FED props up the rich and we fight over the scraps.
The BLS will find different and more creative ways to gnaw on their numbers. Your 20+ can’t get an argument from me .
Quite possible. Maybe even 2.9% unemployment just before November. Because greatest nation on Earth. Make it so, helmsman. I mean BLS.
Covid is on the rise and the worst is yet to come IMO.
A month ago, it wouldn’t have seemed that way, but that was before all of these protests that is going on coupled with all of the re-openings, and people not taking simple precautions in crowded places. Yet oddly, while certain CA counties has banned private gathering of 20+ people, you could have up to a 100 people for protesting purposes.
Odd how that stuff works.
But now we’ll see if all of that preparation through the lock down has helped anything.
Disagree on COVID-19 getting worse. Agree on economy and stock market getting worse.
You say “six states still have not processed any claims by gig workers under the PUA program” and “16 states have not yet processed any claims under the federal PEUC program”.
Could this mean that the number of people becoming unemployed in each week might not actually be going down?
It could in theory, but those unprocessed claims from those states would have to be very large to accomplish that. And I doubt that they’re that large.
Don’t think May will be the bottom. Tech is definitely still hiring. A friend who got laid off a month back just obtained an offer with HIGHER salary, plus signing bonus and RSUs to boot. He’s a pretty “senior” guy i.e. 45 plus years old. If he can still get a job in tech paying a total of 400K a year, most people in tech probably have nothing to worry about.
Where does he work? I want that job. Unless it’s Facebook.
It’s not Facebook. In fact it’s not one of the FAANGS + Microsoft, etc. He is very pleasantly surprised. His job search was going just ok, until he got a call from this company. Within 3 days he got an offer. It’s insane. I am going to ask him to recommend me for sure.
Public company. And my friend is an American, not H1B.
If he is in executive or has some incredibly difficult and rare skill I may believe it.
What does this 400K tech job entail?
Is his office on an island and does he have to walk on water to get to work? There’s always a spot for exceptional people.
They are still hiring???? Where??? That isn’t what the data says. Nor my own personal experiences.
* This hiring means nothing. All these personal anecdotes are the exception Not the rule. For every guy that gets a offer like this, how many won’t even get a job? how many will get a job over 100K?
One data point is definitely not everything, but for a company to pay a lot of money to someone around 45 years old when they can hire 2 younger people at the same price says a lot IMHO. And no, my friend does not have any special tech skills that makes him a once in a generation talent or something. He is a VERY good engineer/architect, but there’s plenty of that in the United States. We are also not talking about Big Data or Artificial Intelligence jobs.
Anecdote number two:
My son was also hired a few weeks ago….. in IT…. system engineer. Low 6 figures with benefits. Making more money than he was when he received his COVID-19 go away letter.
Small company, not interested in “organic growth” and “to the moon” stock valuations. Provide a platform that is in even more demand as a result of the current virus conditions. The company has been around for over 15 years.
He applied for multiple jobs… received offers that were rescinded due to economic conditions. Was hoping to avoid Google (which he went through several interviews and then they had a hiring freeze) and Amazon (ditto). He’s very happy with where he landed.
Also not H1B. Also not a “kid”.
Sorry, there is no way your friend makes 400K even as a superstar general senior software engineer/architect in the heart of silicon valley.
@VA – the system works more smoothly if you are a niece/nephew or in-law. Just sayin’.
VeryAmused, what are you talking about? Google Senior Level Engineers make 500K a year. That’s also standard salary for FAAG senior level people. The data is out there.
Netflix pays 700K in cash (they don’t use stock options) for Senior level engineers.
Distinguished Engineers make 1 million a year easy. Man, it’s sad to see the jealousy and ignorance here.
I meant stock for Netflix, not options. They don’t even give out RSUs for engineers. Cash only.
I can confirm the figures MonkeyBusiness is talking about. Yes, “Principal” engineer total packages at most decent SV companies are easily 400k+. ‘Distinguished’ is much higher. When the average pay for entry level software engineers at these places is 150k, how is that hard to believe? If you think you’re being undercut, go test the waters.
Your friend’s story says everything that’s wrong with America and the economy. Why should one person who yourself says isn’t very exceptional in any way except that he’s “very” good at a job that probably 100’s or 1000’s are good at. That salary could support 4 x $100K jobs. Ridiculous if you ask me. And we will all reap what we sow eventually in this country when those 3 people who could be making $100K will be relying on your friend making $400K to pay their welfare/subsistence/unemployment. It’s stupid plain and simple.
Nah Nick, you appear to be stuck in a world where $400k is a lot of money.
Last time I worked in the SF area, $150K was minimum wage, might even have to share a studio, etc., not to mention buy food at a market…
So the money mentioned definitely in the mix for the smart folks who know how to get things done.
Retired now, but those last few years of the last decade,,, WOW! Can we say, ”skilled based meritocracy?”
Yet market continue to shrug this off with just a slight dip right now, surprise it is not up like every other Thursday for the last 2 months.
The high paying layoff is going to hurt a lot if this trend pickups..sadly though the hedge fund managers are completely insulated from the high paying layoff trend. But the loss of high paying job purchasing power will likely show in the data over the next couple of months.
Wolf wrote:
> Six states still have not processed any
> claims by gig workers under the PUA program
I personally know five people who are
not getting their benefits, myself included.
> many laid-off workers were still
> not able to file their UI claim.
A green card holder I know can’t get through
on the phone and he has Zero technical skills,
nada.
He doesn’t care, really,
because he’s an immigrant and
he doesn’t want a hand out.
I told him:
> It’s your money, you should go for it.
But he can’t.
Also, the state of Washington
is tied up by massive fraud;
it handed out 650 million $
( quickly exchanged for bitcoin and such )
to West Africans ( Nigerians )
engaged in identity fraud.
Victims can’t apply for unemployment
benefits until their fraud claims clear.
People who were receiving regular benefits before
the fraud occurred now go months without payments.
323 thousand are still awaiting payment, here;
44 thousand people are in adjudication,
myself included.
Worse, there’s a long-term, secular decline
in the labor force participation rate;
mainly kids who didn’t
” get in the on the ground floor ”
of government-run Ponzi schemes.
It is also clear that not only is FL NOT processing (and blaming it on IT for now,) anywhere near the number of applications, but many in that state are saying they are being DELIBERATELY denied even when fully qualified.
And, as mentioned in article, FL has not even started on the Fed programs processing, leaving IMO approx one third of qualified folks completely out of this metric for now.
I called my fed rep’s office, the very polite guy said I had to do it through the state, so, figuring why bother, I have not.
Dems saying it is all intentional, to make folks go back to work or leave the state, and that may be true in a state with ”net” in migration of approx 500 people per day, but does not excuse it in these circumstances.
During the GFC Florida extended the unemployment benefits for about 2 years in total, but getting qualified was a whole different thing. You needed 20 months of continuous employment and almost nobody qualified because everybody was an independent contractor, mostly in the building trades and hospitality.
Somebody I know told me back in March the state wasn’t paying any new claims because they had no money. I think that’s true there and in other places too. But the rich keep getting all the help they need.
But what’s the meaning? How many more are dependent upon the incomes of these people? Does their consumption have a multiplier which could regress and put more people out of work? Are we looking at a future with 1/3 of the whole population going under? What if the ones with dogs decide they can no longer afford to keep them and just set them free into the streets…yiiikes! Or do we wake up one day and find the markets have just magically fixed it all again as per SOP’s.
Of course there’s a multiplier, but there’s a million factors that dictate the bottom. Companies hire workers in response to worker necessity to meet demand for goods and services. There are two kinds of demand though in concept, the psychological unlimited demand for goods and services (most people always want more), and then tangible demand with regards to budget constraints. Productivity is the limit to psychological demand, wages (the cost of production) are the limit to budget constraints. Economists have long recognized that the system could theoretically exist within a new balance without taking a hit, if wages and prices could instantaneously adjust to a new equilibrium. Everything could theoretically be just as productive as before, but debt implosion and rapidly shifting asset values during an economic crisis create price and money supply distortions. Prices and wages do not change quickly and then you end up with a big supply and demand problem due to the mismatch. We’ll see the same thing here again without stimulus (inflation is the most politically acceptable means of finding equilibrium).
in an apparent effort to bolster the sagging unemployment numbers, the show biz kids (ty dan) fired up the people printer today, from the room at the top of the stairs.
Thumbs up for the Steely Dan nod.
Just an anecdote I have mentioned before- a lot of people were in jobs where, week to week, their employers didn’t know whether or not they were needed the next week. Those workers, if they weren’t needed the following week, had to refile a new claim, not continue an old claim. This may explain why the drop in new claims has reached a lower plateau that is still really high- the employers in a lot of states are still waiting to see if they get to recall these people as their states reopen, or need to finally lay them off for good.
PPP says high with that as well.
Oregon began processing PUA almost a couple months ago but is way behind. April 28 if I recall correctly.
I’m in the electric utility sector and flat to negative demand growth is cancer to a utility as you have the same fixed costs over a smaller load base. That’s what we are now experiencing with the pandemic. The word coming down from the top is to slash budgets to flat or less for next year.
Why not use eminent domain and convert the utility to public ownership ? Privately owned utilities are antithetical to the well being of society. Just look at PG&E.
Your estimate excludes informal work / unreported work. Many people may have continued their work as normal. Under the cover of overload inspections will not capture more than a fraction of this. The individual subsidies are in turn a cover for the much larger money grab by government affiliates. For example, all the agencies that distribute the money take a 10% cut. Administration sponsors empty out the state coffers before the socialists take over in November. It’s also a good way for corporations to shed workers: they will gladly take the generous benefits in the short term only to find pay cuts and even worse jobs when the economy ‘reopens’.
Socialists ? If you consider the Democrats Socialists you have no idea what the word means.
You focus on one word, but lose the overall meaning of the reply:
– people taking benefits without officially qualifying for them
– corporations shedding workers cheaply, the state pays, and eliminating the positions in exchange for worse positions
– handouts to administration sponsors & voters
Looks more like old fashioned corruption: here take this meager government “aid” peon or go starve in a few months, while those in management or with connections get the fat bonuses due to the corporations’ campaign “donations.”
Here it comes..$1.5 Thousand Billions to support the same crappy infrastructure that has gotten us into this mess. Yeah, more fixed roads to park cars, trucks, ships, busses, trains, airplanes, golf carts and lawnmowers on and an internet that can tell us how bad the numbers are, where to park, and the rental fee re-calculated every nano-second. Good job leaders!
Play ball and pass the peanuts.
Not happening.
Is it better to pay them to build infrastructure, or stay home and watch TV or computer media?
The Federal govt. built the Tennessee Valley Authority dams for flood control and rural electrification during the 1930’s. The Hoover Dam was built between 1931 and 1935 during the Great Depression. It was the largest dam in the world in 1935.
In the 1850’s, the federal government began to think beyond fixing post roads and canals, resulting in the railroad surveys that created the transcontinental system which transformed the nation. Thinking outside the dome on big capital projects does pay, but shoveling money into leaky systems and decaying trails ain’t the way to go. And it cannot work unless we balance public and private interests in these endeavours, even if it means losing old vested interests in favor of new ones with better ideas and a go get it attitude…find his brand of whiskey and give it to all my generals.
You’re right of course, but given budgetary constraints on all sides, I believe they will turn to increased automation to cover the difference between expenses and profits. I don’t know what you call it in America, but here in Oz, we call it being thrown on the scrap heap. The people that is, not the machines.
Federal jobs:
Thee are enormous numbers of areas in the US of left behind industrial destruction to cities and towns that need to be cleaned up…..Many of those area if not too contaminated might be returned to rural, local truck farms…….Does anyone think the “private” sector is going to clean up its own messes……and the MIC???????
There is enormous opportunity to do good with gov. jobs….Too many Americans have been mind blown about “waste” when it comes to those opportunities.
If people are out working on infrastructure they can’t be home watching advertising – a major component of our new GDP.
My college room mate is a faculty member at Boston University and also has a consulting business doing training etc at multiple major corporations. He is the typical high end Boston knowledge worker that is cited when projecting endless RE demand in Boston. His 6 figure order book in his consulting practice dropped to zero after the Virus hit and salary reductions are coming at the U. He has been in Boston for 30 years and is well plugged in to the academic and consulting world there. He says his story is common across both industries and is predicting quite the economic armageddon to sweep through Boston by fall. So sell your house while you can, because Boston RE will be taken to the wood shed.
Awww poor baby! I don’t feel one bit sorry for your roommate or his ilk. These people who make their living due to the fed racket of asset inflation like RE deserve everything coming their way. Those of us who actually work to produce a tangible product (steel industry in my case) are the backbone of the middle class. We are closing a mill here in the upper midwest after 50 years. 250+ good paying benefitted jobs going up in smoke! POOF! Never ever to return again. The biggest factor? The most expensive energy costs in the country short of CA. My company tried tirelessly to negotiate cheaper rates with Xcel and nothing. Yet we are the 2nd biggest energy consumer in the state. If that does’t tell you how f’kd up business is in America nothing does. Instead of coming up with a plan that works for everyone we shut down a much needed industry, destroy jobs, and create massive revenue loss for the community/state budgets. It’s insanity.
So, is everyone still worried about robots taking jobs in a country where manufacturing is less than 10% of the workforce? It might help bring people back to work if we were actually producing something over here. It could help if consumers got a choice on the retail shelves once in a while to choose between Chinese and Made in USA. I would pay a little more given the choice. If robotics is the future, why not here? The technology is here, cheap fuel is here.
Sadly, if one can work from home, they can just as easily work from India, The Philippines, or where ever in many cases. Tech jobs will be growing? I doubt it.
Our tax and trade policy provides generous incentives for offshroing. Its just business. Granted the business lobbied for these policy but that’s just the invisible hand doing work.
Brant Lee choice between made in China and Made In USA? Sadly both foods are likely to be poison. And in a larger sense all other countries might have to make that choice, and sadly again it is toxic either way.
We should stop taxing wages and instead tax pollution, petroleum, plastics, pesticides, and poison. Or to be snarky, tax those machines!
What you say is correct. However, the main component is US, the consumer. We need to demand made in usa, stop always thinking like a bargain basement shopper. We are , need, to support each other. And to Seneca friend, about time! I’ve been in Boston 40years, own my own business, and it is time to get ones head out of the university and into the streets. You’re part of the disconnect.
Do gig workers pay unemployment insurance? If not, why can they collect?
I pay a lot into it but cannot collect as I am the shop owner. The last time anyone got unemployment was a guy that admitted to stealing a very large amount of aluminum plate. I fired him and pressed charges, but no prosecution. He also was able to collect unemployment.
Washington state has lost over $100 million in unemployment payments to Nigerian fraudsters. The governor had appointed a DNC and Obama presidential campaign fundraiser to run the unemployment security department, in spite of having zero experience doing such. And now – Pffft….The Money is Gone.
Out of office 3 years and it’s still the fault of the previous administration.
‘I take no responsibility’
We Nigerians have taken their jobs and stolen their DC money!
Clearly you didn’t read the comment, which implies Washington governor IS responsible. Appointee was from fundraising squad, no security background.
Nothing whatsoever to do with Trump or Obama other than describing whose funds were raised in the nonfeasants’ prior gig.
Time for more stimulus money for Main Street. Throwing billions at Wall Street gooses the stock market but does little to stimulate demand. I can safely say that my wife and I will not be traveling, going out to dinner, attending concerts or sporting events anytime in the near future. I fear we are in this for the long haul. I hope the Fed does not run out of bullets anytime soon or the rich might actually start to experience some pain.
I understand that nearly half of all the workforce is receiving some from of emergency benefit in the US
Wage subsidies, mortgage holidays, student loan holidays, etc etc etc….
Throw in those low low low interest rates…. then mix in a booming stock market to help those pension funds out…
And you’ve got a perpetual stimulus/prosperity machine!
What I am wondering is why we spent all those years studying… working hard… saving … why couldn’t we have just had MMT?
Why does this generation get to enjoy the easy life? This is NOT FAIR!
So if robots are taking our jobs they are going to have to
pay for the jobs they are taking.This would be for
social security .income tax. and a basic income for
the rest of us.
I have a lot of friends who are on unemployment right now. They tell me, “I’m making more staying at home than when I was working. What’s the point of going back to work?!”
Clearly things are not bad enough or the stock markets would be going up more.
The Fed is sitting on it’s hands.
Time to bake some banana bread!
My dreams are V-shaped these days. Do I need to go to a doctor?
suggest you figure out for fun exactly where the points of that V reside or focus dih;;;
that should determine what meds or letters you need to reshape it to the correct letter(s)
And remember, even though logic says the pirates of the wall and other streets fave letter should be RRRRRRR, it is actually the CCCCCCCs
(as in ”recession” or crash, eh)
Thousands of job will never exist, they’re gone for good…..Know people who sent resumes, made phones, email and spoke to Corporations, everyday and Never had one phone call. They been doing everything possible since March 27, 2020
Can anyone tell me if the official unemployment rate is likely to go up come July’s employment numbers?
If more businesses are going into bankruptcy every day, which means new claimsn, and the immediate worse unemployment has passed, but millions of older claims have yet to to be processed just where does the descent plateau?