fbpx
Coronavirus Critical

COVID19: The Deep State Has Made Its Move

Economic Collapse is Imminent!
This Is It! Lock And Load... Final Warning!
The Shit Is About To Hit The Fan... Download Our Immediate Action Plan Now!

America’s Jobless Claims Data Refuse To Confirm V-Shaped Recovery Narrative

Tyler Durden
June 25th, 2020
ZeroHedge
Comments (3)

This article was originally published by Tyler Durden at ZeroHedge.

As fears of a second wave of COVID (and the concomitant risk of re-lockdowns for America) soar, the last week saw 1.48 million more Americans filed for unemployment benefits for the first time (notably worse than the 1.32 mm expected).

Source: Bloomberg

That brings the fourteen-week total to 47.25 million, dramatically more than at any period in American history. However, as the chart above shows, the second derivative has turned the corner (even though the 1.48 million rise this last week is still higher than any other week in history outside of the pandemic)

California and Maryland were the worst states for jobless claims in the prior week with Oklahoma and Kentucky showing the biggest improvement…

Continuing Claims did drop modestly but hardly a signal that “re-opening” is occurring! And definitely not confirming the PMI data…

Source: Bloomberg

 

And as we noted previously, what is most disturbing is that in the last fourteen weeks, more than twice as many Americans have filed for unemployment than jobs gained during the last decade since the end of the Great Recession… (22.13 million gained in a decade, 47.25 million lost in 14 weeks)

Worse still, the final numbers will likely be worsened due to the bailout itself: as a reminder, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed on March 27, could contribute to new records being reached in coming weeks as it increases eligibility for jobless claims to self-employed and gig workers, extends the maximum number of weeks that one can receive benefits, and provides an additional $600 per week until July 31.

Finally, it is notable, we have lost 387 jobs for every confirmed US death from COVID-19 (121,979). Was it worth it?

The big question remains – what happens when the $600 CARES Act bonuses stop flowing? Will those who stayed home (thanks to making more money sitting on their couch than working) be able to find a job?

President Trump is Breaking Down the Neck of the Federal Reserve!

He wants zero rates and QE4!

You must prepare for the financial reset

We are running out of time

Download the Ultimate Reset Guide Now!

Author: Tyler Durden
Views:
Date: June 25th, 2020
Website: https://www.zerohedge.com

Copyright Information: This content has been contributed to SHTFplan by a third-party or has been republished with permission from the author. Please contact the author directly for republishing information.

SHTFPLAN is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com.

CBD Oils, Isolates, Supplements And Information

3 Comments...

Vote: Click here to vote for SHTF Plan as a Top Prepper Web Site
  1. Andrea.Iravani. says:

    I didn’t realize that anyone was under the impression that there was a V shaped recovery, unless it would be V for Vendetta and total annhilation by the ciminal psychopaths that perpetrated the financial fraud that led to the economic collapse.

    Andrea Iravani

  2. Andrea.Iravani. says:

    Most likely because 120 million Americans have died from the coronavirus.

    Biden said so. He will fix it if he gets elected.

    Andrea Iravani

  3. Biden must have Covid 19…notice the brain damage…..

Leave a Reply

XHTML: You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Commenting Policy:

Some comments on this web site are automatically moderated through our Spam protection systems. Please be patient if your comment isn't immediately available. We're not trying to censor you, the system just wants to make sure you're not a robot posting random spam.

This web site thrives because of its community. While we support lively debates and understand that people get excited, frustrated or angry at times, we ask that the conversation remain civil. Racism, to include any religious affiliation, will not be tolerated on this site, including the disparagement of people in the comments section.