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MoonlitKnight

(1,584 posts)
Wed Mar 25, 2020, 11:47 PM Mar 2020

The upcoming job losses will be unlike anything the US has ever seen

Source: CNBC

The coronavirus crisis is likely to result in layoffs on a scale that the U.S. has never seen before.

Economists expect April to be the first reporting month when the damage starts to show up.
Forecasts for that month range from 500,000 to 5 million.

The worst month during the financial crisis saw nonfarm payrolls decrease by 800,000.

Weekly jobless claims numbers are expected to be so bad that the White House has reportedly asked state officials to delay releasing precise counts.

Read more: https://www.cnbc.com/2020/03/20/the-upcoming-job-losses-will-be-unlike-anything-the-us-has-ever-seen.html



This article refers to monthly numbers but tomorrow morning the Treasury will release the weekly numbers, expected to be from 1-5 million.
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The upcoming job losses will be unlike anything the US has ever seen (Original Post) MoonlitKnight Mar 2020 OP
all these job losses ordered by and created by politicians. very unusual nt msongs Mar 2020 #1
This is why drumpf is freaking about cilla4progress Mar 2020 #2
Yup, this is hitting him where he lives. Initech Mar 2020 #3
Trump can't stand to be seen as a loser. KY_EnviroGuy Mar 2020 #5
Wouldn't take much to hire a bunch of psychopaths Aquaria Mar 2020 #8
Yes, and I think it's much higher than 1% when one considers..... KY_EnviroGuy Mar 2020 #9
The numbers sound about right & yes the rest are running appalachiablue Mar 2020 #15
The 1% is for overall. Aquaria Mar 2020 #16
I had read closer to 8% defacto7 Mar 2020 #28
I wonder if Trump will go back to his "unemployment numbers are fake" crappola? sop Mar 2020 #4
"It's all the fault of those terrible reporters and the fake news media. Totally Tunsie Mar 2020 #6
I got caught in Nixon's big recession in 73 Warpy Mar 2020 #7
He'll try to corrupt those numbers duforsure Mar 2020 #10
Massage. gibraltar72 Mar 2020 #27
Aren't The #s Reported Through The States? ProfessorGAC Apr 2020 #40
instead of giving trillions to "job creators" IronLionZion Mar 2020 #11
I was reading an economist the other day (forget which) who stated that the very thing Hestia Mar 2020 #17
Student loan debt in this liberalhistorian Mar 2020 #19
+5 Student debt above a few thousand dollars max shouldn't exist appalachiablue Mar 2020 #34
Some execs have been pouring money into their small mahina Mar 2020 #23
Small businesses have execs? IronLionZion Mar 2020 #25
"Tomorrow morning the Treasury will release."....NOTHING! machoneman Mar 2020 #12
Except they did release the numbers. former9thward Mar 2020 #21
Actually Betsy will say see my new yacht. gibraltar72 Mar 2020 #29
3.23 million!!! One week MoonlitKnight Mar 2020 #13
Outstanding prediction in Original Post..K and R nt Stuart G Mar 2020 #14
He'll end his term with the highest unemployment and lowest stock market seen in modern times. LudwigPastorius Mar 2020 #18
+1 dalton99a Mar 2020 #24
NOT TRUMP'S FAULT! budkin Mar 2020 #20
3% of all Pennsylvanians filed UE DeminPennswoods Mar 2020 #22
In Florida the unemployment people don't answer the phone or respond to email rzemanfl Mar 2020 #26
Yes, this is going to be a big, big recession. Arthur_Frain Mar 2020 #30
Shades of 1992 Wellstone ruled Mar 2020 #31
Shades of 1929 as well MoonlitKnight Mar 2020 #32
Yes,the big three. Wellstone ruled Mar 2020 #33
Could be 10 million in tomorrow's report MoonlitKnight Apr 2020 #35
Thankfully on the low end MoonlitKnight Apr 2020 #38
Off by a half million MoonlitKnight Apr 2020 #42
I sincerely hope it doesn't come to that GeorgiaPeanut Apr 2020 #36
Civil unrest this summer. Stay safe, be smart and stay home. sarcasmo Apr 2020 #37
Practically everyone was out of work during DeminPennswoods Apr 2020 #39
The highest rate of U.S. unemployment was 24.9% in 1933, during the Great Depression.1 MoonlitKnight Apr 2020 #41

cilla4progress

(24,402 posts)
2. This is why drumpf is freaking about
Thu Mar 26, 2020, 12:10 AM
Mar 2020

getting back to normal. He's been bragging about the low unemployment rate from the beginning. This will make him shit his pants.

KY_EnviroGuy

(14,474 posts)
5. Trump can't stand to be seen as a loser.
Thu Mar 26, 2020, 01:54 AM
Mar 2020

I recall one of his biographers saying that quite clearly and that he lives to have "wins". In that light, he's in very deep emotional shit.

I don't see how people survive working for this White House unless he's managed to hire every psychopath in the country.

 

Aquaria

(1,076 posts)
8. Wouldn't take much to hire a bunch of psychopaths
Thu Mar 26, 2020, 03:15 AM
Mar 2020

I've seen reports that about 1 in 100 of all people are psychopaths. So they're plenty common enough to be working with this known psychopath.

Most people think that psychopaths wouldn't be able to work together, but they can, when it suits them. Sometimes, you'd rather have the stereotypical dynamic where they're at each other's throats all the time than when they work together. When they work against each other, they spend more time tearing each other down and manipulating everyone else to help them do it. When they work together, everyone around them is torn down.

I had the misfortune of witnessing two of them join forces in my family. It was a fricking nightmare.

KY_EnviroGuy

(14,474 posts)
9. Yes, and I think it's much higher than 1% when one considers.....
Thu Mar 26, 2020, 03:28 AM
Mar 2020

it exists in human populations in degrees, say rated from one to ten. Most of the nines and tens are in prison whereas sixes, seven and eights are Republican politicians and big business CEOs (just by my amateur metrics, LOL). The rest of them as you mention, are running among us just as everyday assholes.

It took me until I was up into my mid-60s to understand some of this psychology and evolutionary theory on an amateur level but it gave me much relief in understanding humanity, and to be somewhat at peace with it.

KY.......

appalachiablue

(40,842 posts)
15. The numbers sound about right & yes the rest are running
Thu Mar 26, 2020, 10:58 PM
Mar 2020

around menacing and making hell. Agree that 1% is way, way too low a number for this group of deviants.

 

Aquaria

(1,076 posts)
16. The 1% is for overall.
Thu Mar 26, 2020, 11:19 PM
Mar 2020

But if you look at CEOs, surgeons, salespeople, politicians and other high-stakes jobs, the numbers get a lot higher. Probably 1/4 of CEOs are psychopaths.

sop

(9,609 posts)
4. I wonder if Trump will go back to his "unemployment numbers are fake" crappola?
Thu Mar 26, 2020, 01:36 AM
Mar 2020

According to Trump, in 2016 Obama's 5% unemployment numbers were "fake," he claimed they were actually around 30%. Now, Trump will say his 30% unemployment numbers are "fake," they're really around 5%. My head is already spinning.

Totally Tunsie

(10,885 posts)
6. "It's all the fault of those terrible reporters and the fake news media.
Thu Mar 26, 2020, 02:06 AM
Mar 2020

That's my story, and I'm sticking to it."

Warpy

(110,507 posts)
7. I got caught in Nixon's big recession in 73
Thu Mar 26, 2020, 02:14 AM
Mar 2020

and the unemployment office had it all alphabetized and assigned days and times and the line still stretched a couple of city blocks. They didn't even ask if we'd applied for any jobs, there just weren't any to apply for.

Most people remember the gas lines. The unemployment lines were worse.

duforsure

(11,880 posts)
10. He'll try to corrupt those numbers
Thu Mar 26, 2020, 04:02 AM
Mar 2020

Because it exposes his failures to handle this when he should have. Then he'll accuse others that they are the ones responsible for this, never him, which is a lie. trump caused this to be this bad from incompetence, arrogance, and he really doesn't care about anyone else except donald trump, and you're life has no worth to him , he shows openly now. All he cares about with all this going on is himself , and money and staying in power to continue corrupting OUR government. trumps failed response is still continuing from him now refusing to use needed laws , and suggesting only those who praise him get help. That alone is more than enough grounds for resignation calls to start up.

ProfessorGAC

(63,706 posts)
40. Aren't The #s Reported Through The States?
Thu Apr 2, 2020, 02:26 PM
Apr 2020

It would take 2 minutes for a reporter to look up state by state numbers and CA, NY, IL, etc aren't going to help cook the books. Just the 3 states I mention are nearly 25% of the population.
If there numbers are x, and the fed reports 0.2x, the lie would be obvious.

IronLionZion

(44,988 posts)
11. instead of giving trillions to "job creators"
Thu Mar 26, 2020, 06:37 AM
Mar 2020

give directly to these laid off workers so they can continue to pay the bills, rent/mortgage, groceries, health care. That will do more to help our economy than having executives decide they need more stock buybacks while lounging about in their second or third vacation home far away from cities.

 

Hestia

(3,818 posts)
17. I was reading an economist the other day (forget which) who stated that the very thing
Fri Mar 27, 2020, 08:36 AM
Mar 2020

that will jump start the economy is a Debt Jubilee for consumer credit with mortgages not included (I think). Look at the payment money that people will have in their pockets. It actually is less expensive in the long run if we do that.

It's already been bandied about that the $2T is short, that $5T is really needed to really make a difference.

Outstanding consumer credit as of Jan 2020 = 4,202.74025 trillion (which includes secured debt). I am not sure if school debt is included in that number, if not, should be added to balance. Also, that the FED buy up credit pennies on the dollar like collector do, and just write it off.

All credit cards are suspended and will not reopen until we've come up with a plan for a new and better economy at the end of all this. If your debt is written off, you will be able to save (pressure people to save at least 10% - can't make them) for what they need, they will not need to use credit, other than warranty's on big ticket items.

OBTW = fuck the banks and whomever holds the debt. No Whiners Allowed.

As always, YMMV


liberalhistorian

(20,804 posts)
19. Student loan debt in this
Sat Mar 28, 2020, 11:55 PM
Mar 2020

country stands at around 1.5 trillion. I firmly believe that all student loans should be immediately and permanently erased,, period. This alone would be of immeasurable economic benefit. And student loan payments are the last thing cash-strapped employees who are among the millions who have been or will be laid off should be worrying about.

appalachiablue

(40,842 posts)
34. +5 Student debt above a few thousand dollars max shouldn't exist
Sun Mar 29, 2020, 10:28 PM
Mar 2020

There was no significant college debt in the US before old Reagan began butchering the system in the 1980s.

mahina

(17,402 posts)
23. Some execs have been pouring money into their small
Sun Mar 29, 2020, 06:29 PM
Mar 2020

Businesses even before this virus and now face the precipice

Some stopped taking paychecks long ago and have drained their life savings to a puddle to keep the ship afloat

Now this

Generally I won’t disagree with you

IronLionZion

(44,988 posts)
25. Small businesses have execs?
Sun Mar 29, 2020, 06:40 PM
Mar 2020

What I'm talking about is giving cash directly to workers who need it during the shutdown, which would include many restaurant owners and those types of small businesses. Not to large businesses who can borrow money cheaply at record low rates. Now we can debate what size we cut this off at, or do something to help businesses producing necessary health care supplies or food or whatever.

Unpaid workers from large businesses can still get cash directly, but the corporation itself should not.

machoneman

(3,905 posts)
12. "Tomorrow morning the Treasury will release."....NOTHING!
Thu Mar 26, 2020, 07:28 AM
Mar 2020

Watch for Mnuchin to claim:

-the dog ate the numbers
-we're having some technical difficulties
-Trump asked for a 90 day delay. Wouldn't want to scare the markets now would we?
-Ben Carson said the data had been infected.
-Betsy DeVos said she didn't understand the results as math wasn't her stromg suit.
-Susan Collins said what the fuck, we're rooting for Trump no matter what.

All very sad, for sure.

LudwigPastorius

(8,698 posts)
18. He'll end his term with the highest unemployment and lowest stock market seen in modern times.
Fri Mar 27, 2020, 11:52 AM
Mar 2020

...not to mention all the dead Americans.

Unequivocally, undebatably, the worst president in history.

Arthur_Frain

(1,696 posts)
30. Yes, this is going to be a big, big recession.
Sun Mar 29, 2020, 07:04 PM
Mar 2020

And it’s going to hit fast. Already here in Alaska, all cruises that were supposed to bring the tourists have been prohibited from docking before May 1 (think that’s going to be extended?). Alaska air has parked much of their fleet and slashed 70% of their flight schedule. The border with Canada is closed so no one can drive up the AlCan highway. So our tourist income this year will damn near flatline.

Next, let’s talk about oil. At $20 the barrel, there isn’t much in that income stream either.

They are going to fudge these numbers every chance they get, because the real ones are terrifying.

MoonlitKnight

(1,584 posts)
38. Thankfully on the low end
Thu Apr 2, 2020, 01:07 PM
Apr 2020

10 million so far, about 6.5 for this week. Probably will be adjusted upward next week.

Good chance we get closer to 20 million with around 8 million new claims next week.

MoonlitKnight

(1,584 posts)
42. Off by a half million
Thu Apr 9, 2020, 11:07 PM
Apr 2020

I have no insight for next week. Sorry, too many states with systems that have crumbled.
I would expect this to start to level off, but who knows how many are still trying to sign up.

DeminPennswoods

(15,231 posts)
39. Practically everyone was out of work during
Thu Apr 2, 2020, 02:21 PM
Apr 2020

the Depression. There might be a lot of UE claims, but this isn't coming close to that era.

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