What is unique about this is most are receiving more in their unemployment check then what they were actually making.
As more and more American''s realize that they can make just as much or in many cases more than what they were making from Unemployment (and yes fear of covid is a valid reason to not work especially if your state has a stay at home mandate) the unemployment number will continue to climb. What they are not saying is many business trying to reopen are face with "staffing issues" and this has caused a headache for small businesses that typically pay less than $25 an hour which is about what unemployment is currently paying. Have to wonder why the Media just loves to hype the numbers but never the "REAL" underlying reason.
The stock market will start to feel the effects of 30 million unemployed soon enough. Not even Amazon will be spared.
Why go back to waitressing/bartending risking catching the virus, when you can stay safe at home and make more money.
Unemployment numbers will remain high until the $600/wk Federal stipend runs out in July.
Declining earnings, millions more unemployed, new bankruptcies, looks like time for the stock market to climb some more.
The next crisis will be debt delinquencies. American personal debt was at its highest ever before the virus. Most Americans didn’t have $400 in savings. Let’s see how many financial companies will be compassionate. Or let’s see when congress or the FED bailout financial companies again.
Yep, credit card companies are already lowering credit limits or declining cards altogether. They know the chance of continued credit usage and no way to ever pay it back is higher by the hour.
K B B
When the pandemic is over, people WILL NOT be out in force to spend the way it used to be. Focus will be on paying down debt and saving for a future crisis.
It''s going to get worse where they keep the states locked down.
We''re already having food shortages.
The UN''s World Food Organization predicts famines in "Dozens of countries" by year''s end. We need to get back to work.
30 million unemployed, but stock market keeps going up? Why isn''t the Fed being held accountable?
At least the weekly numbers are declining each week.........(not meant as a joke) The numbers are bad.......but the rate of increase is declining.
"So far over the past six weeks, more than 30 million Americans have filed unemployment insurance claims."
Wait until the second quarter numbers come out and we see that 30 million Americans filed Bankruptcy.
the state of Florida is refusing to answer phone lines and are blocking internet access. Thus, people can''t file and it makes their state look like they have low unemployment
Here in California people can''t file because the system keeps crashing and you can''t call anyone. People here still waiting to receive their 1st check
The unemployment at this rate there will be bankruptcy and repo. So far, there is no good news except the gas price is down.
Wall street is cheering right now while stock market is surging. Same old same old is happening while average folks like you and me are struggling.
Deb48 minutes ago
People think that once the states "open" up that they''ll be back to work. Back to normal times. Sorry. That''s not gonna happen. Companies/corporations will decide that they can operate with a reduced work force. Small businesses will either close doors permanently or won''t have enough business to survive. It''s gonna be ugly when we''re all going to be dealing with the "new" normal.
4% of the world''s population, but 28% of the world''s Covid deaths. Winning under President.
it will be 2-3 years until our Economy is back to pre-covid levels. A lot of jobs will never comeback. Many business'' will fail. Many will file Bankruptcy.