January 17, 2021 06:01 PM RSS

US Jobless Claims Rise for Second Week by 778,000

  • Wall Street Rebel | James DiGeorgia
  • 11/25/2020 4:51 PM
US Jobless Claims Rise for Second Week by 778,000

New jobless applications suffered their second back-to-back weekly increase, according to government data released Wednesday. Concerns are rising that an economic recession. Economic woes are worsening while the coronavirus pandemic is also spiking at a new all-time rate.

 

United States COVID-19 Statistics

November 25, 2020

https://www.worldometers.info

 

Coronavirus Cases:     13,099,688

Active Cases:                    5,121,277

Recovered:                       7,710,540      

Deaths:                                 267,871

 

It’s been said by countless economists that unless we get the pandemic under control here in the United States, we won’t be able to fix the economic nightmare that can be unleashed.

Yesterday, 175,168 new infections, 2,168 fatalities were confirmed, and hospitalizations hit a new record high of over 88,000. The number of people in a critical or severe condition also climbed to over 23,000. The total number of infected to date in the United States has exceeded13 million according to 

Despite the growing severity of the pandemic, tens of millions of Americans continue to ignore social distancing and refuse to wear masks. Domestic air travel is only running at 10% less than reported last year. The current spike in the health crisis started as a result of the Labor Day weekend. Given the exponential size of American traffic, the Covid-19 fallout from the Thanksgiving Holiday is going to make for a dark and tragic Christmas. The economic consequences of a deadly winter season where the number of Americans infected soars pat 35 million, and we approach 400,000 fatalities by inauguration day is becoming a genuine possibility.

In this context, the Labor Department report that 778,000 seasonally adjusted initial claims were filed in the week ended November 21 is ominous. It’s the first consecutive weekly rise in unemployment since July. Claims are at their highest level in more than a month; as our economy grows, the world continues grappling with a nationwide spike in Covid-19 cases. It is also a foreboding warning of what lies ahead if the number of infected and fatalities continues to grow at the current rate or worse.

According to the Labor Department numbers, another 311,675 people, not seasonally adjusted, filed claims under a program for workers not normally eligible. The program is set to expire at the year’s end unless Congress, which is deadlocked on passing more stimulus for the economy, decides to renew it.

Robert Frick of Navy Federal Credit Union said in an interview, the 0.2% drop in the insured unemployment rate to 4.1% as of the week ended November 14 was smaller than expected and another worrying sign…

“Weekly unemployment insurance claims are moving in the wrong direction.”

While it was valid claims have been trending downwards for months after spiking into the millions in March as the pandemic’s shock started, they have yet to fall below the worst single week seen in the 2008-2010 global financial crisis.

The employment data also released by the Labor Department that over 466,000 people moved from the time-limited regular unemployment benefits as of the week ended November 7 to a special program passed by Congress responding to the pandemic that provides aid to the long-term unemployed.

The Republican-controlled Senate’s unwillingness to pass the HERO’s Act that would provide $2.2 Trillion in additional stimulus, unemployment benefits, and food security could push the United States into not only a recession but widespread depression.

Bottom line: President Trump is too worried about being prosecuted for the crimes he committed before and after his term in office to worry about helping his fellow citizens survive long enough to benefit from the development and delivery of the new vaccination of any therapeutics. Food lines across the country are growing, not shrinking.

                     Trump is FREAKING OUT

 

 

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