👉Over 50 Million Americans Have Now Filed For Jobless Claims !!

👉Over 50 Million Americans Have Now Filed For Jobless Claims !!




The number of jobs lost due to the coronavirus shutdown continues to mount, with the latest weekly total of Americans applying for unemployment benefits coming in at 1.3 million. 17 Consecutive weeks of New Unemployment over a MILLION people. The previous Maximum was 800,000 during the 2008 Depression. Another 1.3 million Americans filed for unemployment benefits last week. Over 50 Million Americans have now filed for first-time jobless benefits since lockdowns began. The level of new claims remains far above the about 200,000 new unemployment insurance claims filed each week in February before the pandemic hit. And it is still nearly double the 665,000 weekly claims filed at the worst point during the Great Recession in 2009. Continued unemployment claims are still too high. The 4-week average has been above 17 Million since Apr 25th. Just as a reference to the peak of this number in 2009 was 6.5 Million, and it stayed above 5 Million for almost a year. The frustrating reality is that new claims have remained above one million since exploding in late March and having dipped below 2 million in late May. Understand the numbers; we are not in lockdown, we are technically reopening, these are initial claims, meaning people that just lost their jobs, these are permanent losses, no temporary furloughs. People can't go back to work for jobs that no longer exist. The jobless claim is going to get worse as more cities will lockdown again. As long as businesses cannot do business, there will be a substantial number of new claims. Businesses that have been able to hang on are steadily losing their grip and will shed employees, even if limited operations are allowed. Backtracking on reopening will of course, also add new claims. The US keeps adding new unemployed people by the MILLION every week, and news reports seem to make it a good thing. It's like saying, "well, this company is doing great, it lost 20 million last month, and this month it only lost 5 million". It would be concerning even if the number came out as expected. People are suffering, and that needs to be acknowledged. The only thing that really matters is how many people are unemployed. And that's 50 million, and that's a real tragedy. The rest is just number manipulation. If you look at the participation rate i.e., the number of working-age Americans not in the labor force, the figure is already a lot more than 50 million! In many states, especially in California, they are re-closing parts of the economy this week, so you will see even a bigger number next week. Wall Street cronies stop looking the other way. At the moment, approximately 44 million Americans are on food stamps. Twenty-eight million facing mass evictions. More unemployed - more cases of the virus- but the dow is only a few hundred points from the all-time high. Great job fed- putting those trillions in a false market. Any way you slice it; still nearly 20 million people out of work and the impact of the bigger wave of the virus have not been felt yet. Watch as they close the bars and restaurants and other public places they opened up, we'll be at 50 million by election day. Nobody is HIRING. They are still in LAYOFF mode. And will be for the rest of the year. Once CARE money and PPP end, huge amounts of money will disappear from circulation.employers are broke and can't pay people. States and universities are now starting to lay off due to budget cuts. The PUI will end July 31st, so these workers won't get to qualify as their last date of employment will be August 31st. As businesses remain closed or scaled-down, they need to cut payroll. At first, they cut their pay and let them stay, but the work hasn't picked up, so they must let them go. This has hit all levels at all levels. Stores, bars, and restaurants shuttered, many for good this time. Restaurant bankruptcies are already soaring to all-time highs. There have been eight bankruptcies of outright restaurant chains or operators of franchises since early April. With each passing month, the filings have become prominent as restaurants struggle with tepid traffic, mountains of debt, and sky-high rent after being allowed to reopen by states. The latest two high-profile names to file for bankruptcy include children’s fun house Chuck E. Cheese and Wendy’s and Pizza Hut franchisee NPC International. And this does not take into account all of the mom and pop restaurants that are failing. Can't even afford pizza today, gotta line for bread crumb. Food insecurity is getting worse. A recent survey found that the pandemic could push an additional 17 million people into food insecurity this year. More than 80 percent of the food banks are serving more people than they were last year. It is depression. Fifty million jobs lost, GDP cut in half, 150,000 people killed by the virus, the trade deficit is ten years high! And wait until the $600 a week unemployment supplement is gone, wait for thousands of families and children being evicted, wait for the hospitals to be at capacity and people are dying on the floor, wait for 50% of services businesses to become bankrupt. Wait until 3 million families get evicted from their home starting next month when the protection expires. The employment rate, market, and economy have been manipulated for the last few years to give an illusion of stability so that Trump can get re-elected in November. The COVID virus was only a pin that popped the bubble. The crash is going to happen eventually, and the Fed is keeping the illusion alive until after the election. Unfortunately, the Fed is running out of options and is releasing half-truths to soften the blow. The deficit is already off the trillions mark. Good luck and buckle your seats and enjoy the view, just look out for the banksters landing on the roof of your car. Welcome back to The Atlantis Report. You are here for your daily dose of the truth, the whole truth, and nothing but the truth. Please take a second to smash that like button. And as You know friends, I rely totally on your donations to keep this channel functional, as you know, it takes a crazy amount of research and time to bring you this content on a daily basis, so I hope you consider helping with whatever donation you can afford. Thank You. PPP money ending soon. When it does, companies will lay off a whole bunch of employees because they were required to keep them on for a period of time, and that time is coming to an end. Then after the government passes a new stimulus package that has new money for businesses to keep their employees, the same businesses will take that money too. Only now they will have already gotten rid of a good chunk of their workers. The labor market cannot be healthy until the recovery is mostly demand-driven. A flash in the pan was driven by the PPP. The people getting hired back are generally those that were laid off in the beginning, lower-wage service jobs. The people just starting to get laid off now are generally the higher income middle class. The one's who have mortgages, bigger loans, buy cars, and lots of other consumer goods. People are naive to think everything is going to be ok. We will soon start seeing the effects of all this shortly. Cracks are already opening up. The Middle class is the ones with mortgages, car payments, and buy all kinds of consumer goods keeping the economy going. The middle class is getting clobbered right now financially, and the divide between the rich and the poor is growing that much larger. Tens of millions NEVER received their unemployment. And that too was DELIBERATE. The government is incentivizing unemployment; this is obvious. The question is, why? I think the putrid politicians know we're bankrupt. They're simply buying time before this shit show finally ends. Finally, it is notable. We have lost 364 jobs for every confirmed US death from COVID-19 . Was it worth it? The big question remains - what happens when the $600 CARES Act bonuses stop flowing? One check of $600 left, then watch for impact! These people hard to say this, but they are eff'ed by the Fed. The $600 was part of their plan to rob another 3 Trillion. It means the Fed printing press will print even faster to help ramp stocks. The Fed will keep printing to put a patch on the deflating tire, hoping it will get the administration into November before all the air comes out of the market. They are printing out the wazoo to the tune of $800b a week. At the current pace, we will double our debt by the end of the year and watch as the GOP stops caring about fiscal responsibility (like they ever cared to begin with). Feds cannot create jobs. They can only enrich the executives in hopes of them creating jobs. This strategy does not work. Always take delivery first. The current republicans are the worst money managers in the USA. Reagan increased our debt more than any president since the great depression, and Bush 2 came in second. Obama is actually 3rd, and now it looks like Trump wants to take Reagan's mantle in only four years. With so many people still filing initial unemployment claims and making continued claims compared to the Great Recession, there will be no V-shaped recovery. Mass bankruptcies need to be resolved first, and that is only beginning. And as the fed bubblicious stock market hits new highs! No problem here! This news can mean only one thing - more new highs to come in the stock market soon! Well, then it should skyrocket tomorrow because bad news means great news for Wall Street. This was The Atlantis Report. Please Like. Share. Leave me a comment. Subscribe. 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Nouriel Roubini is an American professor of Economics at New York University`s Stern School of Business and chairman of RGE Roubini Global Economics