US weekly jobless claims jump by 6.6M

#1

Post by itronitron » Thu, Apr 09, 2020, 1:04 PM UTC

US weekly jobless claims jump by 6.6M
cnbc.com

Re: US weekly jobless claims jump by 6.6M

#2

Post by bearjaws » Thu, Apr 09, 2020, 1:20 PM UTC

Is the number expected to be this high? I thought one of the core ideas of the stimulus was to prevent firing by giving small businesses a "free" loan if they retained their employees?

I've been trying to find a good authority on the economics of this stimulus but it seems I am always stuck finding the same "rehashed" news articles.

Re: US weekly jobless claims jump by 6.6M

#3

Post by lonelappde » Thu, Apr 09, 2020, 1:23 PM UTC

bearjaws wrote: post #2

Is the number expected to be this high? I thought one of the core ideas of the stimulus was to prevent firing by giving small businesses a "free" loan if they retained their employees? I've been trying to find a good authority on the economics of this stimulus but it seems I am always stuck finding the same "rehashed" news articles.

Stimulus takes a long time to "trickle down"

Re: US weekly jobless claims jump by 6.6M

#4

Post by geerlingguy » Thu, Apr 09, 2020, 1:26 PM UTC

And yet, stocks continue their quick rebound.

Re: US weekly jobless claims jump by 6.6M

#5

Post by rrtthu » Thu, Apr 09, 2020, 1:26 PM UTC

bearjaws wrote: post #2

Is the number expected to be this high? I thought one of the core ideas of the stimulus was to prevent firing by giving small businesses a "free" loan if they retained their employees? I've been trying to find a good authority on the economics of this stimulus but it seems I am always stuck finding the same "rehashed" news articles.

Part of the stimulus is ensuring that unemployed people will get enough cash to live by. They increased the allowance by 600USD per week.

Re: US weekly jobless claims jump by 6.6M

#6

Post by jmclnx » Thu, Apr 09, 2020, 1:27 PM UTC

bearjaws wrote: post #2

Is the number expected to be this high? I thought one of the core ideas of the stimulus was to prevent firing by giving small businesses a "free" loan if they retained their employees? I've been trying to find a good authority on the economics of this stimulus but it seems I am always stuck finding the same "rehashed" news articles.

The core ideas were reported upon, the real purpose is to bail out the banks (once again) and the fortune 500 companies. Very little is going to the people hardest hit.

Re: US weekly jobless claims jump by 6.6M

#7

Post by brink » Thu, Apr 09, 2020, 1:29 PM UTC

geerlingguy wrote: post #4

And yet, stocks continue their quick rebound.

The virus will peak soon, quarantine will start easing, and the economy will start to resume.

Re: US weekly jobless claims jump by 6.6M

#8

Post by imglorp » Thu, Apr 09, 2020, 1:29 PM UTC

geerlingguy wrote: post #4

And yet, stocks continue their quick rebound.

False bottom?

Re: US weekly jobless claims jump by 6.6M

#9

Post by brenden2 » Thu, Apr 09, 2020, 1:30 PM UTC

The Fed conveniently released an announcement about a new $2.3t free money program at the same time. The Fed's actions only serve to confirm what I think a lot of people already know: things are going to get really bad.

It's a bit strange watching the stock market continue to pump knowing many of these companies have had their revenues drop by as much as 100%.

Re: US weekly jobless claims jump by 6.6M

#10

Post by shartshooter » Thu, Apr 09, 2020, 1:30 PM UTC

we’ve now lost 10% of workforce in three weeks

I’m a little surprised it’s not higher.

I assumed with bars, gyms, retail, house cleaners (and not to mention wait staff at restaurants) all out of a job indefinitely that those folks made up >10% of the workforce.