Rise in US unemployment. Thoughts?

[kotajikikox]

its been in the world now that unemployment is really serious matter its been so many companies and factories are closing,businesses stop operation maybe for a while but maybe  permanent.

But US is the most infected and they maybe the most to suffer.

I hope you don´t mind me posting this, but here a video from te Business Insider that shows the other side: https://www.youtube.com/watch?v=aoR5sniTnv4

Thanks interesting video lol.

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[South Park]

As detailed in below article, US unemployment rate is right now worse than The Great Recession, which officially lasted from December 2007 to June 2009.

Unemployment rose higher in three months of COVID-19 than it did in two years of the Great Recession

Also makes me wonder how China never faced these problems because they were the first victim of covid-19 and they should be shattered by now but instead they are only ones who look positive towards normality, because USA was considered to have the biggest and best economy and if they dropping like that, what is the real reason behind other economies not falling as much. I know everyone is going through worst times but how come US being the worst hit nation when they have even offered schemes to pay citizens a fixed amount, I am sure there was a bill or something like that.

The way US has been ruined by this pandemic makes me wonder is actually US had a solid economy or they just hide their vulnerabilities to make themselves look strong. I also think some poor decision making is also responsible for the fall of economy though.

There are simply too many factors to enumerate, however the response to the pandemic that the United States has implemented has been very troubling, even if the pandemic started in China the response of the government was decisive, massive testing and massive restriction of movement of their citizens, since China is not really a democratic country their citizens are used to this behaviour from their government and in this case this was an advantage, but in the case of the United States their citizens are used to be given as much freedom as they want and many simply did not observed the precautions necessary to stop the expansion of the pandemic and that is why they had been hit so hard by it.

[fillippone]

<...>
The way US has been ruined by this pandemic makes me wonder is actually US had a solid economy or they just hide their vulnerabilities to make themselves look strong. I also think some poor decision making is also responsible for the fall of economy though.

Very true.
The Economy they were focusing on, namely the stock market, was already decoupled from the real economy. The highly capital intensive american firms (banks, hi tech in the first place) weren't able to trickle down their success in the real economy (bar San Francisco tenants, of course).
Unemployment running at historical minimums and payrolls report from BLS positive since a decade were also hiding slack labour force and partial hiring.

The pandemic toppled this precarious equilibrium, and pushed the two economies in a exploding wedge: while common people was made even poorer, the rich became even richer.

Who to blame? of course the central bureacts, who weren't even able to prepare for the pandemic arrival: they saw it in China, they saw it spreading in Europe, but they weren't preparing, thinking a magical wall would protect them. When the reality hit, they were slow to respond.

[jostorres]

The difference between other nations having unemployment and USA having it is the fact that USA suppose to be economically a world power, we calculate oil prices, bitcoin prices and even gold prices in dollar most of the time, USA has such a huge military that next 26 country combined do not have the same power, so all in all you look at USA as a powerful nation.

When that nation fails so miserably that over 40 million people is said to be unemployed, that is a staggering number that is making all other nations question if USA is actually a powerful country or not. Not even joking, if you asked me would I want to be a USA citizen 10 years ago, I would say yes, but after seeing 2019-2020 and what they did, I kind of realized that I would rather stay in my own nation.

[abhiseshakana]

The difference between other nations having unemployment and USA having it is the fact that USA suppose to be economically a world power, we calculate oil prices, bitcoin prices and even gold prices in dollar most of the time, USA has such a huge military that next 26 country combined do not have the same power, so all in all you look at USA as a powerful nation.

When that nation fails so miserably that over 40 million people is said to be unemployed, that is a staggering number that is making all other nations question if USA is actually a powerful country or not. Not even joking, if you asked me would I want to be a USA citizen 10 years ago, I would say yes, but after seeing 2019-2020 and what they did, I kind of realized that I would rather stay in my own nation.

But if we study history, many fantastic stories about American success will be found because the winner who always writes the story is not the loser. America is a country that has superpowers like the stories of its superhero figures. America can change the great depression into a winner of the second world war that became the forerunner of America as a world hegemon. America controls energy (oil) to control many countries, America controls food to control people, America controls gold and currency to control the world and America controls health to control life.

Almost in all lines of America the price maker while other countries even though large producers are only price takers. America is a great country. But unfortunately, because of its strength, America was made a proxy by shadow groups to dominate the world. In addition, Trump has a personal agenda in leading America, so that uncertainty is increasingly visible.

[South Park]

The difference between other nations having unemployment and USA having it is the fact that USA suppose to be economically a world power, we calculate oil prices, bitcoin prices and even gold prices in dollar most of the time, USA has such a huge military that next 26 country combined do not have the same power, so all in all you look at USA as a powerful nation.

When that nation fails so miserably that over 40 million people is said to be unemployed, that is a staggering number that is making all other nations question if USA is actually a powerful country or not. Not even joking, if you asked me would I want to be a USA citizen 10 years ago, I would say yes, but after seeing 2019-2020 and what they did, I kind of realized that I would rather stay in my own nation.

The United States is being a victim of their own success it is very well known that when a very powerful country remains that way for a long time their industry begins to leave the country as the wages they have to pay become very high and not competitive compared to the wages they have to pay in other countries, this creates an exodus of its industry to other countries and converts the economy of this powerful country in a service economy which is way more susceptible to these kind of events than an economy that is based on producing things like China.

[verita1]

It was predictable that current unemployment in the US could occur due to the Covid19 pandemic.
Prevention measures were not applied in time to avoid infections and those that were took were not the most successful.

IMO, it will no longer be the same for the countries of the world and in the current crisis unemployment will be very high and the USA will apply the necessary policies for the labor protection of its citizens.

Ideally for all of us, we should have a cure for coronavirus soon.
While the other countries are fighting against the pandemic.

China is free from Covid19. Excellent!
Now China is offering $ 1 billion loans to Latin America and the Caribbean to access its covid19 vaccine.
 
https://www.cnn.com/2020/07/23/americas/china-billion-vaccine-latin-america-coronavirus-intl/index.html

[Ayiranorea]

It was predictable that current unemployment in the US could occur due to the Covid19 pandemic.
Prevention measures were not applied in time to avoid infections and those that were took were not the most successful.

IMO, it will no longer be the same for the countries of the world and in the current crisis unemployment will be very high and the USA will apply the necessary policies for the labor protection of its citizens.

Ideally for all of us, we should have a cure for coronavirus soon.
While the other countries are fighting against the pandemic.

China is free from Covid19. Excellent!
Now China is offering $ 1 billion loans to Latin America and the Caribbean to access its covid19 vaccine.
 
https://www.cnn.com/2020/07/23/americas/china-billion-vaccine-latin-america-coronavirus-intl/index.html

Whether it is the truth, I believe China is hiding or it isn't revealing the truth to the outer world. When the entire world is suffering, and the one from which it got its beginning is free of covid-19 is something miraculous. Countries are much into the development of the vaccine for covid-19, and if China had found the medicine. It might have marketed it to profit big out of the prevailing situation.

[AmoreJaz]

It was predictable that current unemployment in the US could occur due to the Covid19 pandemic.
Prevention measures were not applied in time to avoid infections and those that were took were not the most successful.

IMO, it will no longer be the same for the countries of the world and in the current crisis unemployment will be very high and the USA will apply the necessary policies for the labor protection of its citizens.

Ideally for all of us, we should have a cure for coronavirus soon.
While the other countries are fighting against the pandemic.

China is free from Covid19. Excellent!
Now China is offering $ 1 billion loans to Latin America and the Caribbean to access its covid19 vaccine.
 
https://www.cnn.com/2020/07/23/americas/china-billion-vaccine-latin-america-coronavirus-intl/index.html

Whether it is the truth, I believe China is hiding or it isn't revealing the truth to the outer world. When the entire world is suffering, and the one from which it got its beginning is free of covid-19 is something miraculous. Countries are much into the development of the vaccine for covid-19, and if China had found the medicine. It might have marketed it to profit big out of the prevailing situation.

up until now, we dont know the truth behind this virus. but China should make an effort how to help other poor countries once this vaccine is available. not many can afford this vaccine if they will spend out of their pockets. and a lot of these governments cant accommodate all its citizens for this vaccine. unemployment is everywhere, not only in the US. so let's look for other options on how to generate income for our family and how to save ourselves from financial troubles.

[GDragon]

I also think some poor decision making is also responsible for the fall of economy though.

Truth, slow and poor decision making of the government made it worse. Its not even a talk about how rich is a country is. Have you seen third world countries surviving? It exists, better handling, fast decision making, better contract tracing, and a government who really cares for its people will survive. Kind of sad its not happening in my country as well, its getting worse. We are so slow in fighting the virus, now we face a recession, without flattening the curve as well.

Now look for news about how the president of the US fights the virus. Somehow you'll understand why.

[South Park]

It was predictable that current unemployment in the US could occur due to the Covid19 pandemic.
Prevention measures were not applied in time to avoid infections and those that were took were not the most successful.

IMO, it will no longer be the same for the countries of the world and in the current crisis unemployment will be very high and the USA will apply the necessary policies for the labor protection of its citizens.

Ideally for all of us, we should have a cure for coronavirus soon.
While the other countries are fighting against the pandemic.

China is free from Covid19. Excellent!
Now China is offering $ 1 billion loans to Latin America and the Caribbean to access its covid19 vaccine.
 
https://www.cnn.com/2020/07/23/americas/china-billion-vaccine-latin-america-coronavirus-intl/index.html

Whether it is the truth, I believe China is hiding or it isn't revealing the truth to the outer world. When the entire world is suffering, and the one from which it got its beginning is free of covid-19 is something miraculous. Countries are much into the development of the vaccine for covid-19, and if China had found the medicine. It might have marketed it to profit big out of the prevailing situation.

Most likely we are never going to find the truth about what happened, but I do not really think that China is hiding the vaccine or something like it and that is why they are free from the coronavirus, I think they are showing to the world their strength, they can build hospitals in a matter of days, their citizens did not protest against the measures taken by the government to restrict their mobility and they were very aggressive in the way they tested anyone that was suspicious of getting the virus and to try to cure them, and I think this is a sign of the things to come.

[fillippone]

The real point is that the situation is not improving fast enough: initial jobless claim have been slowing since the terrible numbers in March (7 millions new jobless claim in March) , but still are hovering around the 900k mark. Unemployment rate is not going south as much as expected on the next quarter (it was at 13% on last reading) declining only to 8.2%.
If the US want to steer their economy away from socialism (US private income is already 25% government provided), they have to fix it as soon as possible.

[Wawa2013]

COVID-19 is the main cause of unemployment in America increasing, this of course must be resolved as soon as possible. If not, there will
be other problems that will have a bad impact on the American economy. The first step provides a stimulus to the unemployed to buy daily
necessities. Because if a lot of Americans go hungry it will make crime increase. After that the American government slowly reopened several
business sectors that could increase state income. Actually, the two steps that I mentioned have already begun to be taken by the American
government, unfortunately according to the news I have read, there are still people of America who violate health protocols, so the spread of
the corona virus continues to increase.

[wanted sliter]

A country that generates jobs from services and jobs from large companies. They went through a pandemic and production and service activities were halted, people lost their jobs.
It is necessary to repel the pandemic before America will have a chance to reduce unemployment. It will take at least two years to bring the unemployment rate down to as low as before the pandemic.

[Reatim]

A country that generates jobs from services and jobs from large companies. They went through a pandemic and production and service activities were halted, people lost their jobs.

That is what this Pandemic brings us,and not only in small countries but also in superpower countries like US and EU.

It is necessary to repel the pandemic before America will have a chance to reduce unemployment. It will take at least two years to bring the unemployment rate down to as low as before the pandemic.

depend on how each country will react to the situation and how the people will cooperate,2 years is the longest time but maybe 1 year or bellow can also be indeed.

[fillippone]

A country that generates jobs from services and jobs from large companies. They went through a pandemic and production and service activities were halted, people lost their jobs.

That is what this Pandemic brings us,and not only in small countries but also in superpower countries like US and EU.r bellow can also be indeed.

I think in the US the situation is far worse, given the imbalance between the capital and the workforce. How much workforce the first 5 company of the SPX do have on their payroll? Few. The vast majority of workforce is occupied by the small business, who are now facing the hard reality of the crisis, while the bigger firms gain more and more advantage because of the capital they can put at work.

[ampu]

Only when the epidemic is completely pushed back will the US economy develop again. The US economy is driven by industry and services. As long as partner countries are also experiencing an epidemic, they cannot export to these countries. The industrial and service working environment require a large concentration of people, so it is easier to spread diseases. Recession will last until there is a vaccine for the world. The big economy has a more complicated way of doing things, the US is on a downtrend.

[Febo]

There simply cant be same employment as before when virus is still circling in population. China that tackled virus in 3 months was able to get back fast and had fast recovery. Other countries that failed at tacking covid-19 will just have to wait for vaccine. Hopefully will be here a year from now if not we will see huge unemployment then.

[batang_bitcoin]

Only when the epidemic is completely pushed back will the US economy develop again. The US economy is driven by industry and services. As long as partner countries are also experiencing an epidemic, they cannot export to these countries. The industrial and service working environment require a large concentration of people, so it is easier to spread diseases. Recession will last until there is a vaccine for the world. The big economy has a more complicated way of doing things, the US is on a downtrend.

It's a pandemic, it's the whole world that's being affected by this virus. A little by little, some countries are opening their borders and making their economies lively again as they can no longer survive if they will continue to shut down their own economies through lockdowns. There is no choice but to reopen the businesses and get back in the schedule again. Those who have lost their jobs, if they can no longer go back to their employment, they have to look for a new one or get some side hustle.

[CODE200]

The rise of the unemployment rate within a country is really an alarming case/issue that reflects how the economy has been struggling because it is now failing to give out job opportunities for the people to keep them productive and being able to gain an income for their own. It is duly understandable that unemployment rate will rise up amid with the existence of pandemic because business establishments and other work places are undergoing cost cutting or lessening of excess loads and man power that cannot be covered due to the fact that many businesses are still into the process of recovery and having lots of workers will be a hassle for payment. Employment or sprouting of possible work opportunities are far beyond impossible to come by this time because of the pandemic and it is clearly not just US is experiencing that but as well as into the other countries that are stuggling and suffering all due because of the negative impact that this pandemic have brought.