U.S. consumers fear for jobs, debt payments because of coronavirus: New York Fed survey

[turbinetree]

Source: Reuters

BUSINESS NEWS APRIL 6, 2020 / 11:12 AM / UPDATED 5 MINUTES AGO

(Reuters) - The economic toll of the coronavirus pandemic hit home for Americans last month, as consumers braced for job losses, anticipated spending cuts and grew more pessimistic about their ability to cover their bills, according to data released by the Federal Reserve Bank of New York on Monday.

Expectations worsened dramatically throughout the month, with concerns growing after the first death from COVID-19 in the United States and after the World Health Organization officially declared a pandemic and more drastic steps were taken to limit the spread of the disease.

Much of the fear was centered around job security, with more people fearing job losses as a growing number of non-essential businesses shut down across the country and residents were asked to stay at home.

Expectations that the unemployment rate will be higher one year from now increased to an average 50.9% in March - the highest since the survey launched in 2013 and up from 34.2% in February. The odds of leaving a job voluntarily over the next year dropped to 20% in March from 22.2% in February.

Read more: https://www.reuters.com/article/us-health-coronavirus-fed-consumerexpect/u-s-consumers-fear-for-jobs-debt-payments-because-of-coronavirus-new-york-fed-survey-idUSKBN21O1ZR?il=0

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And some asshole now sitting in the white house knew about this and he and his cronies, one that has a book, he wants published, dismantled the prevention agency with there fucking libertarian BS, and with help from libertarians sitting in both houses of Congress all these years...........................

November 3, 2020 cannot get here fast enough........................

[Wellstone ruled]

1. Going to be another

true disaster. So many states that are or were controlled by the Rethugs changed their Laws and Rules when it comes to Unemployment Compensation making the system more difficult to qualify for benefits.

Call it what it is,the Heritage Foundation rules written by Libertarians.

[turbinetree]

2. Yepper spot on....................this libertarian stuff has finally caught up to this

country and this pandemic is exposing this stuff that the drain the bath tube mentality of government is an absolute failure, they think they could emulate Reagan and Goldwater for all of these years using there methodology that government isn't to be trusted..........................just like all of the Heritage crap that branches off that tree of despots..........................amazing

[Wellstone ruled]

3. Just going to say this,

best guess is,we will see Unemployment numbers in the 20% + in real terms this time next year.

The Hospitality Industry here in Nevada has said,they will only be calling back maybe 20% of their Employees once the lock down is lifted. That means we will have some 100K or more without jobs. And the Market for Slot Techs and Dealers is not that great. Going to take up to two years before the Tourist's come back and then only if they are able find the disposable income.

[turbinetree]

5. Yepper spot on....................its all about the residuals effects that are not showing up yet

and when they do...................hold on, Social Security will be attacked yet again, Medicare will go up, unemployment insurance can only be extended for some time, the states can only cover so much and the Bozo show in the white house has no clue on how to create a CCC like in days past, this is going to get bad....................
Not trying to be doom and gloom, but the record of libertarians since Hoover are well not good, they have proven they are abject failures..........................

[Wellstone ruled]

6. Just recieved a promo

from our Home Owners Insurance Carrier Yesterday. So out of curiosity,called our Agent,yup,she said every Insurance Company will be doing pass thru's by the end of this year. Big price increases in premium renewals are coming by every Insurance Carrier. Medical will be the largest.

[Igel]

4. The 2008 recession

caused some crises in unemployment.

Their unemployment funds ran out. They're not bottomless money pits. States can't run deficits and borrow from banks or issue "t-bills" for on-going expenses.

Some increased the insurance premiums on those who pay. Some just increased the insurance premiums on employers (which meant that the cost per employee went up--if you want to chuck money in the employee's directions you find that additional payments for employees eats into that; in other words, this kind of hidden compensation flattens the hourly wage curve).

States borrowed from the federal government to cover their unemployment. And the feds demanded repayment. That demand for repayment was the source of several cries of "it's not fair!" (The response was that it was quite fair. They made a commitment, they took the money, they can repay the money. Per Obama.)

[turbinetree]

8. Yeah most average people don't see this until it's to late, this is going too get real nasty

in the coming months, people just don't see what you mean when it comes to flattening in the wage curve, on reason of what you said.

I can still remember back in the late and early 80's when old Ronnie was in charge it was bad, wall street quit lending, unemployment shot up to 18%, and he was blaming Carter for the mistakes of Nixon, go figure.
And when I was unemployed for almost two years, construction collapsed, and you had to keep going in to get an extension, not anymore, and back then, you didn't have to pay a tax on unemployment benefits, not anymore, gotta thank Ronnie on that one also, because the banks wanted it, so that further cut into the spending curve, credit card and car interest off the tax return was eliminated, so the individual got that as write off at one time, was also no more from those days forward to help in that spending curve at the end of year, when you did your taxes.
But banks can charge off certain interest payments from the government but we have to cover that tax, go figure.

That's one of the reason why the states back in 2008 where trying to opt out of the bailout, they didn't want to take the money or they didn't want to pay back you and me where these banks had there incorporation to cover the unemployment costs for your example...................

[marble falls]

7. He's under counting his eggs before they're laid.

[Javaman]

9. there will be many many personal bankruptcies soon to come. :( nt