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(CNBC)   Weekly jobless claims rise unexpectedly, total 870,000. Except, you know, for all the businesses that announced they were laying everyone off after the stimulus restrictions lifted   (cnbc.com) divider line
    More: Obvious  
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255 clicks; posted to Business » on 24 Sep 2020 at 12:10 PM (4 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2020-09-24 11:37:29 AM  
Thursday's data comes as U.S. lawmakers struggle to move forward with a new fiscal stimulus package, something economists and the Federal Reserve argue is needed for the economic recovery to continue.

This was written with a straight face.
 
2020-09-24 12:13:26 PM  
Massive layoffs won't commence until next Thursday.
 
2020-09-24 12:20:29 PM  
Yeah but like...stonks continue to go up.
 
2020-09-24 12:30:26 PM  
Unexpectedly? Really? I don't know why in the fark anybody is surprised by any terrible shiat happening now. If they reported Mothra or Godzilla off one of our coasts, I'd be all like, "OK. That makes sense."

The economy is still in the crapper, despite the financial reports trying to shine up the big, wet shiat our incompetent president and his useless co-conspirators took all over the country.
 
2020-09-24 12:45:04 PM  
I remember when we were all thinking that third quarter gdp report that comes in at the end of October would be the gangbusters report of the century.
 
2020-09-24 2:49:18 PM  
Up by 2%?!  The horror!!!
 
2020-09-24 3:34:55 PM  

Smelly Pirate Hooker: The economy is still in the crapper, despite the financial reports trying to shine up


We had our quarterly meeting.  They keep saying they're beating the adjusted estimates which were probably lowballed.  Even the good news isn't that great.

lincoln65: I remember when we were all thinking that third quarter gdp report that comes in at the end of October would be the gangbusters report of the century.


It will probably be up considerably from 2Q.  It would not surprise me it it is the largest quarter over quarter growth rate in history.  It will need to be compared to last year's 3Q GDP to get a real picture.
 
2020-09-24 4:33:01 PM  

Muta: Smelly Pirate Hooker: The economy is still in the crapper, despite the financial reports trying to shine up

We had our quarterly meeting.  They keep saying they're beating the adjusted estimates which were probably lowballed.  Even the good news isn't that great.

lincoln65: I remember when we were all thinking that third quarter gdp report that comes in at the end of October would be the gangbusters report of the century.

It will probably be up considerably from 2Q.  It would not surprise me it it is the largest quarter over quarter growth rate in history. It will need to be compared to last year's 3Q GDP to get a real picture.


The biggest quarterly growth rate I see in the Fed's statistics (which go back to roughly the end of WWII) was 16.4% in Q2 1978. If we matched that growth in Q3 this year, our GDP would still be down roughly 20% from the beginning of the year.
 
2020-09-24 6:18:59 PM  
I don't get the headline snark, yes if the economy hasn't recovered by the time of the deadline you lay people off, is this too difficult for commie daycare members to understand? They could have refused the money and layed people off back in March, that make you feel warmer and fuzzier? /boggle
 
2020-09-24 6:19:17 PM  
I really dislike the headline. This is not the number of jobless claims. This is the number of *new* jobless claims just this week on top of the tens of millions that are already drawing unemployment.
 
2020-09-24 6:43:41 PM  
I think everything I could've said has already been covered, but I still want to echo the sentiment that October is going to suck goats. The ship has already sailed, there's no farking way we're getting a second round of stimulus/bailouts and a proper unfarking of unemployment insurance pushed through in...four congressional working days.

Bite the pillow, economy's going in dry.
 
2020-09-24 6:45:34 PM  
Not surprised by this at all. My husband was laid off on Tuesday. He might be able to get a job with a previous employer (employer before the one who laid him off) but we are still waiting for paperwork, etc. The end of PPP means a lot of people getting the axe.
 
2020-09-24 7:39:57 PM  
The VP has recalled all of us from the road to a mandatory meeting tomorrow at 1pm.  So this time tomorrow I might be out of a job. :(

I don't think it's likely, our dept. had two quit in the last month so we are short anyway. But who knows.
 
2020-09-24 10:04:27 PM  
The census will be ending soon. Sadly.
 
2020-09-24 11:57:31 PM  
So jobless claims are still over a million using the math that was used 3 weeks ago. Good to know.


/ Yep I'm still harping about the finger fiddling w/ the numbers bullshiat.
 
2020-09-25 7:11:59 AM  

BitBasher: I really dislike the headline. This is not the number of jobless claims. This is the number of *new* jobless claims just this week on top of the tens of millions that are already drawing unemployment.


I was also thinking this.
Large cuts to federal spending when they are forcing deflation is a really really bad idea.  But we knew Mitch was awful didn't we?  I am starting to notice quite a few small businesses are going into liquidation right now.  The country is falling apart.
 
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