The number of jobless people has crossed one million in US - worrying sign?

[pixie85]

It's not something we were not able to predict. People these days are unable to do simple jobs, unable to live on their own, do some farming, build their own home. They depend on other people offering them jobs and when they get fired they don't know how to proceed.

100 years ago people would find something to do, something to fill their time with. Now all we do is complain about not being able to find a job in some fancy corporation.

[Febo]

I was scrolling through the news and suddenly read that the number (claims) of jobless people in US had crossed 1.1 million, and in my personal opinion this is bad news for the US economy which is already struggling to bounce back from Covid19 effects.

I did thought that unemployment will not worsen. But I guess was wrong.

A V-shaped economic recovery is unlikely.

A V-shaped economic recovery was just a dream of incompetent USA president. He simply allows himself to lie to people. Everyone with a tiny bit of brain should know that was a lie.  

[The Sceptical Chymist]

Furthermore the Democrats have continued to blame Trump for the economic mess that US is currently facing, but the voters yet believe in his ability to stabilise the economy.

Democrats would blame Trump for anything from the vanishing of honeybees to global warming--that's the game.  Dems blame republicans for everything and vice versa.  Doesn't make any of it true, which is the maddening part of the blame game.

Trump isn't responsible for the monkey wrench that COVID-19 threw into the economic works.  The economy was doing just fine at the beginning of this year as far as I know, and people are starting to return to work as businesses reopen, at least in the little patch of the US that I can see with my own eyes.

And yeah, unemployment is still high because people are used to collecting unemployment benefits, but some of them may have jobs to return to once the COVID restrictions are lifted.  I think the jobs numbers reflect a temporary situation that has some light at the end of the tunnel, which is quite different than, say, 2008-2013.  I wouldn't say don't worry about it, but I'm pretty confident things are going to keep improving this year and beyond.

[electronicash]

vaccine is the solution to this problem. with vaccine from Russia I guess can make people feel like they are taken care of and confidence goes up. joblessness can turn famine and then deaths especially if this crisis will still be here in a year or 2. there wouldn't be any companies left after a year of bankruptcy either. we're at the mercy. crazy times when halfway around the world, countries are not struggling yet helpless also.

[Midas111]

the american economy was destroyed in 2008. ALL of the money was handed over to jewish banking criminals who were the exact same people who cratered the economy. there is a final solution to all of the economic suffering on earth. USA has been hit the hardest because the jews totally took over usa banking and courts from civilized white people

[avikz]

I was scrolling through the news and suddenly read that the number (claims) of jobless people in US had crossed 1.1 million, and in my personal opinion this is bad news for the US economy which is already struggling to bounce back from Covid19 effects.

Furthermore the Democrats have continued to blame Trump for the economic mess that US is currently facing, but the voters yet believe in his ability to stabilise the economy.

What do you’ll think is it right to say that the US V shaped economy won’t recover this year, or it’s only matter of few months before it recovers?.

While polls suggest that voter approval of his handling of the economy remains relatively strong, Democrats are blaming him for the crisis.

Source:

https://www.bbc.com/news/business-53852315?intlink_from_url=https://www.bbc.com/news/topics/c1038wnxypvt/us-economy&link_location=live-reporting-story

The situation is even worse in many other countries and US is standing at a better place. At least US government has something called "unemployment benefit" which is non-existent in majority of the other countries in the world. So US people will not have to go bankrupt even if they are unemployed while people from the other part of the world, will sleep hungry if they are unemployed!

COVID has hit the civilization hard and helped us to realize our limits and the nature is healing itself while we humans are stuck at home! But the current scenario is not going to stay forever. The businesses are slowly opening and market demand is slowly increasing. Sooner or later, businesses will have to hire people to run their operations properly and employment situation will slowly come back to normal. It will definitely not happen overnight for sure, but eventually it will happen!

Democrats can blame Trump for everything but I don't think even democrats could help if they face any such situation. The situation is too big for any leader to handle and Trump is no exception.  

[Midas111]

Furthermore the Democrats have continued to blame Trump for the economic mess that US is currently facing, but the voters yet believe in his ability to stabilise the economy.

Democrats would blame Trump for anything from the vanishing of honeybees to global warming--that's the game.  Dems blame republicans for everything and vice versa.  Doesn't make any of it true, which is the maddening part of the blame game.

Trump isn't responsible for the monkey wrench that COVID-19 threw into the economic works.  The economy was doing just fine at the beginning of this year as far as I know, and people are starting to return to work as businesses reopen, at least in the little patch of the US that I can see with my own eyes.

And yeah, unemployment is still high because people are used to collecting unemployment benefits, but some of them may have jobs to return to once the COVID restrictions are lifted.  I think the jobs numbers reflect a temporary situation that has some light at the end of the tunnel, which is quite different than, say, 2008-2013.  I wouldn't say don't worry about it, but I'm pretty confident things are going to keep improving this year and beyond.

republicans and democrats are almost identical. they both vote for jewish law and jewish banking. why is that? Where are the antisemites to stop the collapse?

[Darkoth89]

Hey this is so wrong it is silly.

 The amount of people that lost their jobs due to covid-19 in the USA  not 1 million or 2 million  or 3 million our 4 million. how about 20 million up from 6 million.

Please fix your title

Came here to to say exactly this. The number that OP is referring to in his article is just the new jobless claims. The actual number of unemployed people is more like 30 million (Source from 24.07.: https://www.forbes.com/sites/sarahhansen/2020/07/24/30-million-are-unemployed-and-more-pain-is-on-the-way-here-are-8-numbers-that-sum-up-the-destruction-in-the-us-labor-market/).

Imho it makes more sense to look at the unemployment rate rather than total numbers. And the unemployment rate peaked in April at 14.7 % and is since then declining slowly but steadily (https://tradingeconomics.com/united-states/unemployment-rate). It will be interesting to see the number for August.

[Midas111]

Hey this is so wrong it is silly.

 The amount of people that lost their jobs due to covid-19 in the USA  not 1 million or 2 million  or 3 million our 4 million. how about 20 million up from 6 million.

Please fix your title

Came here to to say exactly this. The number that OP is referring to in his article is just the new jobless claims. The actual number of unemployed people is more like 30 million (Source from 24.07.: https://www.forbes.com/sites/sarahhansen/2020/07/24/30-million-are-unemployed-and-more-pain-is-on-the-way-here-are-8-numbers-that-sum-up-the-destruction-in-the-us-labor-market/).

Imho it makes more sense to look at the unemployment rate rather than total numbers. And the unemployment rate peaked in April at 14.7 % and is since then declining slowly but steadily (https://tradingeconomics.com/united-states/unemployment-rate). It will be interesting to see the number for August.

unemeployment in usa is vastly higher than the official numbers. The numbers they print for usa employment are faker than the zec orderbook

[panganib999]

The rising rate of unemployment was really a worrying sign for a country and of course its government as well for they must be concern to the welfare of their people specially that we are still currently in a crisis brought by this covid-19 pandemic. US is not already surprising to experience such thing for they are still the one who is leading with the most number of infected cases worldwide that is why to be able to somehow control or prevent the further spread of virus, it is in need to temporarily close down work places that results to unemployment of many people amid with the existence of this pandemic.

Well actually, US is not just the only country facing this problem for there are also other countries that are dwelling with this problem as well like here in my country where there are lots of unemployed individuals mostly on the public transportation that up until now are still not allowed to operate although some are already allowed but in need to get certification to be able to do such. But the unemployment rate have already come into a decrease because slowly workplaces are opening and there are already work from home individuals. Hopefully once the vaccine became available in the market, this will be resolved the problem with regards to unemployment.

[Twentyonepaylots]

Furthermore the Democrats have continued to blame Trump for the economic mess that US is currently facing, but the voters yet believe in his ability to stabilise the economy.

Trump has nothing to do with the economic mess caused by the lockdowns and the pandemic.
On the other hand,Trump is completely helpless and unable to stabilize the economy,because the fiscal and monetary stimulus packs are pretty much wasted and more stimulus packs might lead to problems with the US foreign debt and the stability of the US dollar.

Now it has reach 1 million, I think they will accept the economy collapse in the future years of USA coz most likely they are going to have an another batch of stimulus checks that will slows down their slow recovery. As this will be highly to occur, expect the more weakening of the dollar. In my local currency dollar is -8% in conversion rate, freaking high in terms of currency volatility.

Joe Biden will be pretty much helpless as well,if he becomes the next US president.

I think the pandemic won't end in November where the election is set to occur, is there any possibility that it will be delayed? I don't think online election won't work. 

[sheenshane]

After pandemic, it's clear that our economy will feel precision and there are too many people are also affected not only jobless people, also those small businesses are also affected. It might the only option that the government should do is to reopen the business that was temporarily closed and divide the employee's workday by half, so that the employment rate would slowly rise until the vaccine is released and ready to be used.

Worrying sign, maybe. Not only in the US but also in other countries. It's worldwide and I think all of us has been suffered and the war of the pandemic was not yet end.

[shield132]

Idk what happens around you but I see a lot of people who share the idea that "Trump is not my president".  It's always easy to blame someone but of course, because of this virus number of unemployment has significantly risen, sadly as it should have been. It's another task whether trump did right actions in correct way and time and etc. Situation was especially worse in America, there are still a lot of people who don't care about corona virus and just want to continue life normally and don't care whether they get affected by this virus or not and I totally understand to them, at some point I was in their queue but things need much more clarification and deep analytics rather than just easily blaming someone.

The increase in the unemployment rate is not only visible in the US but also in other countries who are still struggling with the rapid increase in COVID cases. It might worsen if the situation remains until the last quarter and I think it will be hard for the economy to recover while there's still a lot of new cases. But for sure, once the vaccine is already available, the US can recover from the decline they are facing right now.

As for political views, there will always be two sides, the one who's not satisfied with the performance and the once who still believe with the administration's capability in handling the pandemic. Now it's up for the people who will vote in the next election, and I think this crisis is a big lesson for everyone.

This crisis isn't a lesson for anyone. Sometimes things happen as someone wants to be. If it's a lesson, then why do we have experts in economics? Then change this title and it will be whole different tasks.

[crwth]

With this happening, there are going to be more people who will be looking for opportunities in different places and various industries. Taking advantage of everything that people could make their hands on. As more and more people experience this, it's only a matter of time to blame something or someone about it. I feel that the most affected ones are the financial sector because of the needed "injection" of money to the economy. Since there are fewer tax payers, there would have an effect on how the government is making money about it, and they need to sustain their growth, possibly result in printing money. It's a worrying sign for sure.

[bitgolden]

One million? Are you kidding me? Where did you get this number from? There is above 16 million unemployed people in the USA, you can check this by simply googling because USA do share that information and I believe it is a true one because they do not have to hide it or not a country like that (like some countries such as China saying they have zero unemployed people which is impossible).

So, what you think is "scary" is actually 16x times worse right now, so you have to realize how horrible it is going. During the pandemic period there was over 30 million sort of unemployed people as well, not all of them were completely unemployed they were just left to unpaid leave so that they were still at that company so looked employed but they didn't go to work and they didn't get any money.

[Haunebu]

The entire world has been screwed by COVID-19 and it will take years for the economies to recover which is why the USA is not an exception just because they are the most advanced and developed country in the world.

Unemployment rates are high everywhere. World governments are trying their best to contain the spread while allowing their people to work. Trump clearly handled the situation in a horrible manner due to which the USA tops the Corona rankings.

Even if Biden wins, the unemployment rates there won't go down anytime soon. This is a long term problem which we simply need to endure.

[Rengga Jati]

If it is that many jobless people, everyone should worry about it. Moreover, if they are involved in one of the jobless people. But, society is smart enough and they probably can create something new, backed by the government.
However, the influence of the USD to the world right now is still high although the value is decreasing. So, what to do? Probably each country should utilize this situation? It may not be easy enough.

[Kasabus]

The entire world has been screwed by COVID-19 and it will take years for the economies to recover which is why the USA is not an exception just because they are the most advanced and developed country in the world.

Unemployment rates are high everywhere. World governments are trying their best to contain the spread while allowing their people to work. Trump clearly handled the situation in a horrible manner due to which the USA tops the Corona rankings.

Even if Biden wins, the unemployment rates there won't go down anytime soon. This is a long term problem which we simply need to endure.

Unemployment rate are still expected to increase due to the high number ofcorona virus victims. Even if a good vaccine will now be available, countries economy will still take long years for recovery and US is not an excemption to that. Hopefully this new normal might be the start to lessen the jobless people since some of them are already asked to go back to work having their masks and sanitizers with them all the time.

[The cure]

Almost every country in the world suffers from the same problem that is unemployment and economic collapse. Many have lost their jobs due to the destructive effect of corona virus to us. The government is trying to do their best for their constituents, but maybe it's just too hard to fight this pandemic. Now that the anti-covid vaccine is about to launch, I hope it will go well and to restore the normal movement of the people in different countries.

[exstasie]

I was scrolling through the news and suddenly read that the number (claims) of jobless people in US had crossed 1.1 million, and in my personal opinion this is bad news for the US economy which is already struggling to bounce back from Covid19 effects.

Furthermore the Democrats have continued to blame Trump for the economic mess that US is currently facing, but the voters yet believe in his ability to stabilise the economy.

What do you’ll think is it right to say that the US V shaped economy won’t recover this year, or it’s only matter of few months before it recovers?

I have a feeling the unemployment rate bottomed out in July, and is now bouncing back to higher levels seen in April-May. The improvement between June and July was marginal and we're now seeing worrying weekly numbers. I think there was a notable "reopening bump" that simply won't sustain through the year.

V-shaped recovery in asset markets? Yes. In the economy? No......