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(CNBC)   Weekly jobless claims come in 860k vs 875k expected. Continuing claims come in at 29.8m, vs 1.5m for the same week last year   (cnbc.com) divider line
    More: News, Million, Unemployment, Mohamed El-Erian, labor market, chief economic advisor, Economics, total receiving benefits, Labor Department  
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407 clicks; posted to Politics » on 17 Sep 2020 at 10:00 AM (9 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2020-09-17 8:45:35 AM  
29.8m is not coming down. Over the last few weeks there has been a steady increase again into continuing claims. These are people unemployed, or underemployed. Out of an estimated workforce of 160m, we are still sitting at about 18% unemployed/underemployed. 100k increase over last week and ~20x the number for the same week last year.

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media.giphy.comView Full Size
 
2020-09-17 8:50:45 AM  
media.tenor.comView Full Size


//used mockingly
 
2020-09-17 9:03:58 AM  
To see the official report click here:

State by state is interesting. States with increases in UI are......

Arizona, Connecticut, Indiana, Nevada, Kansas and Virginia appear to be having the largest increases from prior weekly data.
 
2020-09-17 9:07:35 AM  
So much winning.  I am tired of the winning.  The best winning.  Believe me.
 
2020-09-17 10:02:55 AM  
And Congress bickers about whether the poors deserve ANY amount of help, while the robber barons get richer and buy up the homes newly left behind by the foreclosed.

F*ck this country.
 
2020-09-17 10:02:59 AM  
Someone tell Trump it's the highest in history, I guarantee he'll brag about it.
 
2020-09-17 10:03:01 AM  

AsparagusFTW: 29.8m is not coming down. Over the last few weeks there has been a steady increase again into continuing claims. These are people unemployed, or underemployed. Out of an estimated workforce of 160m, we are still sitting at about 18% unemployed/underemployed. 100k increase over last week and ~20x the number for the same week last year.

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How are the stonks, though?
 
2020-09-17 10:03:42 AM  
And the market actually went down because of this news? Well, that doesn't seem normal considering how much the stock market has gone up regardless of how bad things get.

/almost wrote "market went down on this news"
//that's what she said
 
2020-09-17 10:04:05 AM  

AsparagusFTW: 29.8m is not coming down. Over the last few weeks there has been a steady increase again into continuing claims. These are people unemployed, or underemployed. Out of an estimated workforce of 160m, we are still sitting at about 18% unemployed/underemployed. 100k increase over last week and ~20x the number for the same week last year.

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[media.giphy.com image 498x199] [View Full Size image _x_]


But Trump has been telling us we're under 10% and it's going down bigly!  Are you telling me he's lying!?
 
2020-09-17 10:05:51 AM  
Month 2 of no assistance for majority of Americans and unemployed and probably month 6 for many as they were never able to get the original aid money.  The number of people who can't afford food or housing will continue to rise as Trump's regime games the numbers.  Things are going to be very ugly when winter rolls in if we can even make it through hurricane season without being hit by another major hurricane.
 
2020-09-17 10:08:10 AM  
It's almost as if the government shut down businesses. Thanks government!

I think it's time we got a woman in the white house. Vote Jo or don't bother
 
2020-09-17 10:09:12 AM  

emersonbiggins: AsparagusFTW: 29.8m is not coming down. Over the last few weeks there has been a steady increase again into continuing claims. These are people unemployed, or underemployed. Out of an estimated workforce of 160m, we are still sitting at about 18% unemployed/underemployed. 100k increase over last week and ~20x the number for the same week last year.

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[media.giphy.com image 498x199] [View Full Size image _x_]

How are the stonks, though?


Booming. The Federal Reserve out front should have told you.
 
2020-09-17 10:10:56 AM  
Victory lap press conference incoming!
 
2020-09-17 10:13:39 AM  
I haven't been paid unemployment since March because my company marked me down as quitting instead of let go due to Covid. Im under appeal right now.
 
2020-09-17 10:14:27 AM  

OldJames: It's almost as if the government shut down businesses. Thanks government!

I think it's time we got a woman in the white house. Vote Jo or don't bother


///Not sure if serious.jpg

But yeah, it's only going to keep getting worse- Here in Orlando in the swing state of Florida we just had another 1900 layoffs and further hour reductions at the theme parks.
 
2020-09-17 10:19:25 AM  

AsparagusFTW: emersonbiggins: AsparagusFTW: 29.8m is not coming down. Over the last few weeks there has been a steady increase again into continuing claims. These are people unemployed, or underemployed. Out of an estimated workforce of 160m, we are still sitting at about 18% unemployed/underemployed. 100k increase over last week and ~20x the number for the same week last year.

[Fark user image 850x255]

[media.giphy.com image 498x199] [View Full Size image _x_]

How are the stonks, though?

Booming. The Federal Reserve out front should have told you.


I thought the government was not supposed to pick winners and losers.
 
2020-09-17 10:19:37 AM  

AsparagusFTW: 29.8m is not coming down. Over the last few weeks there has been a steady increase again into continuing claims. These are people unemployed, or underemployed. Out of an estimated workforce of 160m, we are still sitting at about 18% unemployed/underemployed. 100k increase over last week and ~20x the number for the same week last year.

[Fark user image 850x255]

[media.giphy.com image 498x199] [View Full Size image _x_]


And again, the PPP money is running out by next month, so that will increase unemployment drastically.

Of course, no one in the media has been bothering to point that out.
 
2020-09-17 10:23:36 AM  

Jiggatron69: Month 2 of no assistance for majority of Americans and unemployed and probably month 6 for many as they were never able to get the original aid money.  The number of people who can't afford food or housing will continue to rise as Trump's regime games the numbers.  Things are going to be very ugly when winter rolls in if we can even make it through hurricane season without being hit by another major hurricane.


I lived in FL when I got COVID termed -- their farked up system kept my claim in processing for two months before I found a contract gig and moved out of state -- never saw a dime and likely never got counted among their unemployed during that time frame.

So yeah -- there is ZERO chance those numbers across the board aren't wonky as hell.

Jesus I am glad I am out of that farking state.
 
2020-09-17 10:25:35 AM  

NoahFenze: I haven't been paid unemployment since March because my company marked me down as quitting instead of let go due to Covid. Im under appeal right now.


Similar situation, but Unemployment said they couldn't reach my (shut down) employer. Even though I gave my supervisors personal phone number.

But I have work, luckily.
 
2020-09-17 10:25:58 AM  

40 degree day: AsparagusFTW: emersonbiggins: AsparagusFTW: 29.8m is not coming down. Over the last few weeks there has been a steady increase again into continuing claims. These are people unemployed, or underemployed. Out of an estimated workforce of 160m, we are still sitting at about 18% unemployed/underemployed. 100k increase over last week and ~20x the number for the same week last year.

[Fark user image 850x255]

[media.giphy.com image 498x199] [View Full Size image _x_]

How are the stonks, though?

Booming. The Federal Reserve out front should have told you.

I thought the government was not supposed to pick winners and losers.


That biatching by the rethuglicans was just they didn't like the fact that they weren't picking the winners and losers.
 
2020-09-17 10:36:51 AM  
Recovery!

*said like the guy in that "Acting!" skit*
 
2020-09-17 10:36:51 AM  

DoctorFarkGood: OldJames: It's almost as if the government shut down businesses. Thanks government!

I think it's time we got a woman in the white house. Vote Jo or don't bother

///Not sure if serious.jpg

But yeah, it's only going to keep getting worse- Here in Orlando in the swing state of Florida we just had another 1900 layoffs and further hour reductions at the theme parks.


Yes, but when will Ron DeSantis get his apology from the media? On the verge of 13,000 deaths... and that's with their crooked counting. A complete 2-3 week shutdown and complete enforcement and this could have been much different.

Hell, Gillum on bath salts would have managed this better than DeSantis. Good jerb Repub voters, picked another winner.
 
2020-09-17 10:49:36 AM  

40 degree day: AsparagusFTW: emersonbiggins: AsparagusFTW: 29.8m is not coming down. Over the last few weeks there has been a steady increase again into continuing claims. These are people unemployed, or underemployed. Out of an estimated workforce of 160m, we are still sitting at about 18% unemployed/underemployed. 100k increase over last week and ~20x the number for the same week last year.

[Fark user image 850x255]

[media.giphy.com image 498x199] [View Full Size image _x_]

How are the stonks, though?

Booming. The Federal Reserve out front should have told you.

I thought the government was not supposed to pick winners and losers.


Anyway, they aren't "booming" for 2020 - they are barely treading water.
 
2020-09-17 10:53:31 AM  
...BUT MUH STONKS!
 
2020-09-17 10:58:36 AM  
jso2897:

Anyway, they aren't "booming" for 2020 - they are barely treading water.

I am going to counter this. I do agree that nominally, yes they are about equal.

About the same pre-covid now. That was after they printed 3trillion, just to get back to pre-covid levels. And as earnings tank, with the nominal value of the stock roughly the same, that makes the PE wayyy more expensive and in booming/bubble land.
 
2020-09-17 11:04:03 AM  
In all seriousness.

What the absolute fark is going on with the stock market? I have no idea why its able to thrive. What is the treasury doing to keep this sinking ship floating?
 
2020-09-17 11:08:32 AM  

numbers17: In all seriousness.

What the absolute fark is going on with the stock market? I have no idea why its able to thrive. What is the treasury doing to keep this sinking ship floating?


Because the stock market is basically divorced from the actual economy at this point. It's all algorithms and poorly-defined 'value' and rich people giving money to each other.
 
2020-09-17 11:12:58 AM  

40 degree day: AsparagusFTW: emersonbiggins: AsparagusFTW: 29.8m is not coming down. Over the last few weeks there has been a steady increase again into continuing claims. These are people unemployed, or underemployed. Out of an estimated workforce of 160m, we are still sitting at about 18% unemployed/underemployed. 100k increase over last week and ~20x the number for the same week last year.

[Fark user image 850x255]

[media.giphy.com image 498x199] [View Full Size image _x_]

How are the stonks, though?

Booming. The Federal Reserve out front should have told you.

I thought the government was not supposed to pick winners and losers.


It's making everyone in the investment class winners, not picking anyone in particular. See, capitalism does work!
 
2020-09-17 11:17:04 AM  

numbers17: In all seriousness.

What the absolute fark is going on with the stock market? I have no idea why its able to thrive. What is the treasury doing to keep this sinking ship floating?


The Federal Reserve essentially printed a bunch of dollars into existence and bought bonds from bondholders to inject cash/liquidity in the system. Bonds are at such horrible yield now, no one wants them. The only real asset class that can have some sort of yield, are stocks. So the bondholders take their freshly printed cash, and buy stocks, which bid up the price. That is where we are.

You are seeing it in every asset class. From collectibles to houses to metals. This has been going on strong since 2008 when QE was introduced. It is why rents are obscene since rents are generally priced based on asset/home values and given stagnant wages....

That is why the wealth inequality has gone bananas. All goosed by the Fed. They print, assets get bid, everyone else pays the price. There is extreme asset inflation going on because of this. When the markets tank again, JPow has stated in no such terms that they will backstop the market. You will see Bezos add another 100bill to his net worth in a month.

All of it because of what our monetary policy has caused.
 
2020-09-17 11:17:58 AM  

numbers17: In all seriousness.

What the absolute fark is going on with the stock market? I have no idea why its able to thrive. What is the treasury doing to keep this sinking ship floating?


Because it is about future expectations rather than where our economy is currently.
 
2020-09-17 11:18:04 AM  
Mail Order American Husband:
It's making everyone in the investment class winners, not picking anyone in particular. See, capitalism does work!

Capitalism often gets the blame. but this is not capitalism. This is cronyism.
 
2020-09-17 11:21:21 AM  

AsparagusFTW: Mail Order American Husband:
It's making everyone in the investment class winners, not picking anyone in particular. See, capitalism does work!

Capitalism often gets the blame. but this is not capitalism. This is cronyism.


Cronyism is an inevitable stop along the path capitalism takes as it marches towards fascism.

This is indeed capitalism. And it is indeed to blame.
 
2020-09-17 11:41:00 AM  

PlaidJaguar: AsparagusFTW: Mail Order American Husband:
It's making everyone in the investment class winners, not picking anyone in particular. See, capitalism does work!

Capitalism often gets the blame. but this is not capitalism. This is cronyism.

Cronyism is an inevitable stop along the path capitalism takes as it marches towards fascism.

This is indeed capitalism. And it is indeed to blame.


I differ here.

I see it as a more of an interventionism issue. The Gov is meddling way too far in business. They should not be backstopping companies. They should fail. Politicians should not accept donation money from interests as that causes the need for the interventionism. Over time more and more  is needed to keep these markets from drowning which leads to adverse consequences. They should fail. Their assets should be sold and be used by other market participants in more productive manners. If business actually had to face the consequences of their poor decisions, markets could thrive, as the assets would have to be used in the most productive manner. We don't have that, and have not had that in ages. One of the biggest ideas of capitalism is failure as it tells producers to stop doing what they are doing and to use those resources elsewhere. Without that key/founding mechanism, it is not capitalism, it becomes some sort of psudo socialist/cronyist behemoth where losses are pushed on society and the gains to a select few.
 
2020-09-17 11:41:46 AM  

AsparagusFTW: 29.8m is not coming down. Over the last few weeks there has been a steady increase again into continuing claims. These are people unemployed, or underemployed. Out of an estimated workforce of 160m, we are still sitting at about 18% unemployed/underemployed. 100k increase over last week and ~20x the number for the same week last year.

[Fark user image image 850x255]

[media.giphy.com image 498x199]


I am sure Hannity will be buy to add this context to the numbers. You know like all the qualifiers he added to Obama.
 
2020-09-17 11:46:51 AM  

OldJames: It's almost as if the government shut down businesses. Thanks government!

I think it's time we got a woman in the white house. Vote Jo or don't bother


Trump thanks you for your support.
 
2020-09-17 11:49:49 AM  

AsparagusFTW: PlaidJaguar: AsparagusFTW: Mail Order American Husband:
It's making everyone in the investment class winners, not picking anyone in particular. See, capitalism does work!

Capitalism often gets the blame. but this is not capitalism. This is cronyism.

Cronyism is an inevitable stop along the path capitalism takes as it marches towards fascism.

This is indeed capitalism. And it is indeed to blame.

I differ here.

I see it as a more of an interventionism issue. The Gov is meddling way too far in business. They should not be backstopping companies. They should fail. Politicians should not accept donation money from interests as that causes the need for the interventionism. Over time more and more  is needed to keep these markets from drowning which leads to adverse consequences. They should fail. Their assets should be sold and be used by other market participants in more productive manners. If business actually had to face the consequences of their poor decisions, markets could thrive, as the assets would have to be used in the most productive manner. We don't have that, and have not had that in ages. One of the biggest ideas of capitalism is failure as it tells producers to stop doing what they are doing and to use those resources elsewhere. Without that key/founding mechanism, it is not capitalism, it becomes some sort of psudo socialist/cronyist behemoth where losses are pushed on society and the gains to a select few.


Yes, Capitalism does indeed lead to monopolies. That's what is happening. One of the byproducts of these monopolies is their ability to seize the Government and make it work for them, not labor, not us.

This is Capitalism. It has captured the state. You know where that is headed. And for all the complaining about how it should change, please note that nothing changed after 2008. The system is incapable of reform.
 
2020-09-17 12:11:24 PM  
Nadie_AZ:
Yes, Capitalism does indeed lead to monopolies. That's what is happening. One of the byproducts of these monopolies is their ability to seize the Government and make it work for them, not labor, not us.

This is Capitalism. It has captured the state. You know where that is headed. And for all the complaining about how it should change, please note that nothing changed after 2008. The system is incapable of reform.


I think we agree on most of the root causes here, but our naming of the issues are what differs. You call it capitalism, I call it cronyism. Companies should not be able to buy politicians, and Governments should not be allowed to backstop markets/companies. When that happens, the key component of capitalism, failure, is not allowed to occur which means that it is no longer capitalism, but something else. The Gov needs to tell these companies and markets to get farked and business should have 0 political influence.

What the Fed is currently doing is creating a very wide wealth gap that will cause much more civil unrest in the coming years, which will lead to heavily centrally planned Gov. That is where this is all leading. I agree it is not going to change, the rot, money. and backscratching runs too deep.

So I think we are on the same page, but differences in definitions.
 
2020-09-17 12:20:34 PM  

AsparagusFTW: PlaidJaguar: AsparagusFTW: Mail Order American Husband:
It's making everyone in the investment class winners, not picking anyone in particular. See, capitalism does work!

Capitalism often gets the blame. but this is not capitalism. This is cronyism.

Cronyism is an inevitable stop along the path capitalism takes as it marches towards fascism.

This is indeed capitalism. And it is indeed to blame.

I differ here.

I see it as a more of an interventionism issue. The Gov is meddling way too far in business. They should not be backstopping companies. They should fail. Politicians should not accept donation money from interests as that causes the need for the interventionism. Over time more and more  is needed to keep these markets from drowning which leads to adverse consequences. They should fail. Their assets should be sold and be used by other market participants in more productive manners. If business actually had to face the consequences of their poor decisions, markets could thrive, as the assets would have to be used in the most productive manner. We don't have that, and have not had that in ages. One of the biggest ideas of capitalism is failure as it tells producers to stop doing what they are doing and to use those resources elsewhere. Without that key/founding mechanism, it is not capitalism, it becomes some sort of psudo socialist/cronyist behemoth where losses are pushed on society and the gains to a select few.


You just described capitalism in action, functioning as intended.

Capitalists like to pretend these things are aberrations because otherwise more people would catch on to the fact that capitalism is inherently harmful.
 
2020-09-17 12:40:33 PM  
FTA: Claims had remained above 1 million a week through late August. Earlier in September, the Labor Department changed the way it adjusted for seasonal factors to account better for the influence the virus measures have had on the economy.

They're cooking the numbers.
 
2020-09-17 12:52:45 PM  

AsparagusFTW: I see it as a more of an interventionism issue. The Gov is meddling way too far in business. They should not be backstopping companies. They should fail. Politicians should not accept donation money from interests as that causes the need for the interventionism. Over time more and more is needed to keep these markets from drowning which leads to adverse consequences. They should fail. Their assets should be sold and be used by other market participants in more productive manners. If business actually had to face the consequences of their poor decisions, markets could thrive, as the assets would have to be used in the most productive manner. We don't have that, and have not had that in ages. One of the biggest ideas of capitalism is failure as it tells producers to stop doing what they are doing and to use those resources elsewhere. Without that key/founding mechanism, it is not capitalism, it becomes some sort of psudo socialist/cronyist behemoth where losses are pushed on society and the gains to a select few.


I see why you say that, but the result is just as bad.  When corporations exist solely as profit-seeking ventures, you end up with bad results regardless of whether you intervene to save them or not.  What you call "productive" is really just exploitive.  It's ruthless efficiency for money regardless of damage, suffering, or other material result.

This does not work in the public's interest.  Capitalism is a means to a end, not the end in itself.  Capitalism is not the greatest good, it's a method that helps to create good.  It's flawed thinking to consider capitalism to be some sort of pure virtue that you need to clear of all obstructions so it can run unimpeded.  When in reality it's a terrible system by itself.  It makes a decent first-order basis for economics, sure.  But without constant intervention, it's a runaway bomb instead of an engine.
 
2020-09-17 1:00:45 PM  

AsparagusFTW: numbers17: In all seriousness.

What the absolute fark is going on with the stock market? I have no idea why its able to thrive. What is the treasury doing to keep this sinking ship floating?

The Federal Reserve essentially printed a bunch of dollars into existence and bought bonds from bondholders to inject cash/liquidity in the system. Bonds are at such horrible yield now, no one wants them. The only real asset class that can have some sort of yield, are stocks. So the bondholders take their freshly printed cash, and buy stocks, which bid up the price. That is where we are.

You are seeing it in every asset class. From collectibles to houses to metals. This has been going on strong since 2008 when QE was introduced. It is why rents are obscene since rents are generally priced based on asset/home values and given stagnant wages....

That is why the wealth inequality has gone bananas. All goosed by the Fed. They print, assets get bid, everyone else pays the price. There is extreme asset inflation going on because of this. When the markets tank again, JPow has stated in no such terms that they will backstop the market. You will see Bezos add another 100bill to his net worth in a month.

All of it because of what our monetary policy has caused.


That was surprisingly informative. Thank you.
 
2020-09-17 1:05:50 PM  
You'd have to be a halfwit to compare anything this year to last year.
 
2020-09-17 5:41:44 PM  
Anyone else noticed that in the gig economy those hiring the giggers stopped paying a couple of months ago?

Don't know how big a class the gigger class is.

But I suspect if you're working without getting paid (stale invoices and such), you're not counted as being unemployed.
 
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