Initial Jobless Claims: 6.648 million.

[mobeau69]

Per CNBC.

Damn!

[bronxiteforever]

1. Kick and recommend for visibility

[Gothmog]

2. Wow

Link to tweet

?s=20

[SKKY]

3. Brutal. That's at the very top end of the worst case scenarios I've seen...

...we're going to be at 20% unemployment in July.

[mobeau69]

7. Yep, the estimates were something like half that figure. nt

[sop]

4. And Mitch is telling Nancy not to expect the Senate to take up any more relief legislation.

[SheltieLover]

5. K & R!

[uponit7771]

6. That's nearly 10% unemployment in 2 weeks ...

[gibraltar72]

8. Many Many people are saying it is 30 or even 40% That's what I'm hearing

from very smart people.

[underpants]

9. I know two people who have filed.

One of whom I would never have imagined having to file.

[femmedem]

10. I'm filing this afternoon. This is just the beginning. n/t

[Gothmog]

11. These are shocking numbers

Link to tweet

?s=20

[Turbineguy]

12. I suspect the reason is gig workers

they were never eligible before.

[Moostache]

13. People need to brace for another huge number next week and after...

We are heading to at least 40% unemployment in the next 3 months...if not worse, possibly MUCH worse.

This was a service economy and a consumer economy. Both are at full stop nearly everywhere. There is no choice - closed or open, businesses are not going to generate the revenue necessary to sustain the nearly full employment that was seen as such a sign of a booming economy - despite the fact that MILLIONS were already getting crushed in GOOD TIMES...

We are at the very start of the Next Depression and the longer that fact is denied, the deeper and longer it is going to be. This one is triggered by the SARS-CoV-2 virus and COVID-19 illness, but the house of cards it knocked over was not sturdy in the first place. A service and consumer economy is particularly vulnerable to what has happened, and it was NOT "something no one ever thought could happen".

Here is reality...just before this bombshell number dropped, McConnell was posturing with Pelosi and demanding that she "stand down" on additional relief packages and bills... Fuck you Turtle man...this is DEFCON-1 and if you do not immediately get to work on restructuring this economy in a New Deal style works project and plans, you are going to be held to account and history will record you alongside the Hoovers of the world.

We need a reckoning and unfortunately, it is not going to come as fast as it needs to, but the truth is this - our previous economy died last month, the corpse needs to be dragged out and burned or the remains will make the virus situation pale in comparison to the death, misery and violence that will erupt with a 100,000,000 plus unemployed, desperate and bankrupt people with nothing to eat, nowhere to go and nothing to lose...

WAKE UP CONGRESS - YOU HAVE TO RISE TO THIS MOMENT, ITS NOT OPTIONAL FOR THE SURVIVAL OF THE NATION...

[maryellen99]

14. Trump is going to force states to drop stay at home orders just watch nt

[Moostache]

15. That can't "save" the economy...

We are in the middle of a full-on panic. The health reasons alone are driving commerce to nearly stand still levels in retail and in services. Ordering people to go out is not going to work...it will get some stupid people sick and will make the virus threat worse and longer and cost lives, but it won't save the economy.

The FUCKING ECONOMY we had is DEAD. That kind of crowds milling around and coming into contact with each other is not going to restart until a vaccine or cure for this illness is discovered/developed/released. THAT could take YEARS.

The problem is not just a stop in economic activity, it is a knockout blow to consumer confidence...in 2 weeks, nearly 10 MILLION people have filed for unemployment and MILLIONS more will soon. This is a moment that DEMANDS leadership...bold thinking, forward thinking, thinking willing to piss off the rich and sacrifice the powerful to save the masses. This moment is beyond our current 'leaders' and beyond the ability of our current Congress to respond adequately. They are mired in thinking that will only prolong the suffering, deepen the misery and kill MILLIONS (not THOUSANDS) in the end.

People pining for a "return to normal" need to accept that there is no 'return' on the horizon...there is only a new reality that must first be conceived and then brought into existence painfully but purposefully or it will be years of chaos, violence and death everywhere.

[Ace Rothstein]

19. If there is no further bailout of unemployed people then governors will have no choice.

You can't have half the population with limited or no income, homelessness and starvation will become a major issue. At that point the cure becomes worse than the disease.

[maryellen99]

23. Yep if that's the case... a lot of people are going to die either way nt

[doc03]

16. Trump is on his way to beat Obama on unemployment too

https://www.factcheck.org/2017/09/obamas-final-numbers/

[crickets]

17. K&R for the post and the discussion.

[roamer65]

18. A lot of this will bounce back when businesses are reopened.

I think it will be a V shaped recovery. Very much like the Depression of 1920-1921.

[Agschmid]

20. Businesses will not return to 100% of the sales they had before Corona

It’s going to take a long time and some business may never get back to 100% they just won’t need as much staff.

[roamer65]

22. Very true. Once a vaccine is found and administered, the true recovery will begin.

I’d say it will take 3-4 years to recover economically.

Do not underestimate the power of ultra cheap money.

[sop]

25. Many small, independent businesses won't come back at all.

Big business will recover, though; they always have sufficient resources and government support to ride out the storm. In the aftermath small businesses will be replaced by corporate giants. Soon we'll all be working for Walmart and Amazon.

[AmericanCanuck]

21. wow ... this is going to be bad

So much misery in waiting

Hope the government provides relief

[mercuryblues]

24. It is

McTurtle has already said he wouldn't take up any new C-19 bills in the seanate.

[Wellstone ruled]

27. Here in Vegas,

estimates range from 50-75% of family owned business's,restaurant, hair Salon's,Bars,Specialty Clothing Stores and Bling shops will be gone with in a couple months when there cash reserves run dry.

Going to be a ton of empty Strip Malls more so this time around than we had in 2010. Bankruptcy Lawyers will be the best job in the Valley within weeks.