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(USA Today)   USA Today tries to come up with five reasons not to worry about everyone losing their jobs and record unemployment. Basically, thoughts and prayers in article form   (usatoday.com) divider line
    More: Unlikely, Economics, Economy, Unemployment, Bank of America, Macroeconomics, United States, second-largest bank, consumer spending  
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396 clicks; posted to Business » and Politics » on 08 May 2020 at 6:05 PM (3 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



13 Comments     (+0 »)
 
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2020-05-08 6:11:37 PM  
1. "This week's figure was much, much worse than any week in history before March 2020, but it wasn't as bad as the last two weeks."

2. "Many of the people who were suddenly laid off say they are still hopeful they'll get hired back on 'once this whole thing blows over'. And hope has gotta count for something, right?"

3. "The stonks are doing great, because the government is printing money by the trillions and dumping it into the markets to keep the wealthy from having to watch the numbers get smaller. No, of course you can't have any, that would be socialism. No, of course they won't give you any, don't be stupid. Why not just get a job or -- oh right."

4. "Yes, demand cratered catastrophically when the lockdown started, but now one bank is seeing preliminary signs that some consumers are considering spending somewhat more than the zero dollars they had been spending."

5. "Asian countries that did a good job suppressing the spread of the virus are continuing to do a good job by doing all of the things that America cannot do because it is too America."

Yeah cool I feel way better now.
 
2020-05-08 7:44:27 PM  
We're lowering the population by about 3000 people per day. That should help.

If they're unemployed, that's a few less to be counted, and if they are employed then that's a job opening.

/feeling a bit grim today
 
2020-05-08 7:46:30 PM  
If it ain't freezing all debt, and a ubi... then America doesnt give a shiat about anyone but the rich.

And we all know how its gonna shake out.
 
2020-05-08 8:03:29 PM  
Where's the handy graph?  What I know about USA Today is there is usually a graph of some type to splain things to me.
 
2020-05-08 8:26:58 PM  
I really have to take a dive into the articles from around the Dot Com and GFC crashes, y'know, the stuff after the first "oh shiat" moment. We didn't have an apocalypse during either of those events, but I'd imagine there was a similar amount of articles and editorials focused on keeping rich people calm and gaslighting the retail side of the market into believing markets are efficient and economic collapse is priced in, in case someone needs to hold bags if the charts get sad again.
 
2020-05-08 9:20:22 PM  
I love that the reasons not to to worry are only for rich people who haven't lost their jobs and own lots of stock.
 
2020-05-08 9:54:14 PM  

imaconnect4guy: I love that the reasons not to to worry are only for rich people who haven't lost their jobs and own lots of stock.


Basically.
 
2020-05-09 12:11:59 AM  
I had rainbows and puppies, but on the other hand, its springtime in Montana and that will do.

But I got a job today, so I feel pretty lucky.  I think its going to be slim pickings this summer for McJobs.
 
2020-05-09 1:13:24 AM  
Fark user imageView Full Size
 
2020-05-09 3:38:51 AM  
Yeah, I got laid off this week. But my 85 year old grandma survived covid-19 so it's all balancing out.
 
2020-05-09 4:30:39 PM  
I got COVID-termed 3 weeks ago.

Mine was a senior level BA position....the irony of which I was in the meetings prior where we were losing cash like crazy and our new sales were in the toilet to the tune of returns being 100K and new sales 100...that kinda loss ratio is a harbinger of doom for a week, let alone for the month prior to the term packages. (that was the weekly average.).  Plus, my three main projects got shelved because they were non-payroll expenses and...well...when you are ordered that 10% of your staff needs to get the boot, the Business Analyst with no Business to analyze is prime target.

But job hunting in this market sucks about 100 times worse than you have heard.  I'm even slightly missing the flood of overseas 'recruiters' that normally bug me when my job profiles go live.  In three weeks, I've spoken to 3 legit recruiters, and each job has far more applicants than a normal posting.  So USA TODAY can go fark right off with their 'it's not that bad' shiat.

I probably have better prospects than, say, a small restaurant worker or something..but dear GOD I wouldn't wish job hunting on my worst enemy in this timeline.
 
2020-05-09 5:41:02 PM  

BeatrixK: I got COVID-termed 3 weeks ago.

Mine was a senior level BA position....the irony of which I was in the meetings prior where we were losing cash like crazy and our new sales were in the toilet to the tune of returns being 100K and new sales 100...that kinda loss ratio is a harbinger of doom for a week, let alone for the month prior to the term packages. (that was the weekly average.).  Plus, my three main projects got shelved because they were non-payroll expenses and...well...when you are ordered that 10% of your staff needs to get the boot, the Business Analyst with no Business to analyze is prime target.

But job hunting in this market sucks about 100 times worse than you have heard.  I'm even slightly missing the flood of overseas 'recruiters' that normally bug me when my job profiles go live.  In three weeks, I've spoken to 3 legit recruiters, and each job has far more applicants than a normal posting.  So USA TODAY can go fark right off with their 'it's not that bad' shiat.

I probably have better prospects than, say, a small restaurant worker or something..but dear GOD I wouldn't wish job hunting on my worst enemy in this timeline.


Best of luck.  Really.
 
2020-05-09 6:59:10 PM  
correct  me if I'm wrong, but weren't unemployment estimates from 90 years ago based on the adult male population only, compared to all adults today?   that would mean that the figure would be about twice as high back then by today's standards.
 
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