Weekly Jobless Claims Add Another 2.1 Million, Revised First Quarter GDP -5%…

The Dept. of Labor released weekly unemployment data showing an additional 2.1 million workers filed new unemployment compensation claims last week; bringing the total claims to over 40 million since the Wuhan virus mitigation effort shut down the U.S. economy.

However, there is some good news within the data.   The “continuing claims”, meaning those who have been collecting unemployment compensation for at least two weeks, is now at 21 million.  That’s a drop of almost four million from the prior week and signals that jobs are returning as the state economies begin reopening.

Additionally, the Bureau of Economic Analysis (BEA) released the second estimate of the first quarter Gross Domestic Product.  The estimate moved the prior contraction of -4.8 percent slightly lower to a newly revised estimate of -5.0 percent.

With the first quarter at -5.0 percent (Jan, Feb, March) and a guaranteed much larger contraction in the second quarter (April, May, June) it is now a certainty we will officially be labeled “in a recession” when the Q2 numbers are released on the last Friday of July.  The media is using the data lag to narrate, and drag-out discussion of negative economic news, as long as possible.

There are some indicators the rebound will be strong (home sales, housing starts, mortgage applications, consumer confidence) but the key to both a wide and deep recovery is putting people back to work as quickly as possible.

(CNBC) First-time claims for unemployment benefits totaled 2.1 million last week, the lowest total since the coronavirus crisis began though indicative that a historically high number of Americans remain separated from their jobs.

Economists surveyed by Dow Jones had been looking for 2.05 million. The total represented a decrease of 323,000 from the previous week’s upwardly revised 2.438 million.  (read more)

This entry was posted in Big Government, Decepticons, Deep State, Dem Hypocrisy, Donald Trump, Economy, President Trump, Uncategorized. Bookmark the permalink.

38 Responses to Weekly Jobless Claims Add Another 2.1 Million, Revised First Quarter GDP -5%…

  1. maggiemoowho says:

    This is good news😃👍. The US is going to bounce back and be stronger than ever before. MAGA🇺🇸

    Liked by 10 people

    • czecharthur says:

      Unfortunately not for everyone, it looks like our family is going to lose all our jobs permanently.

      Liked by 7 people

      • Dutchman says:

        If its any consolation, I ‘lost’ a # of jobs, during my career, and in a # of times, only in retrospect did I realise it was a great thing, cause the ‘new’ job was much BETTER.

        Praying you and yours will look back on this, as a great thing.

        Liked by 11 people

        • Bill says:

          My first job loss was Nov 1969, I was making 2.66/hr.
          I was hired later the same week at 3.54/Hr. Real hard to take a 33% increase in the same week!

          The second job loss was end of Jan 1993 (the same company that hired me in 1969 @ 3.54/Hr). I viewed it as being set free then, and still do now.
          I called the boss who laid me off in 1993 on Jan 2018, and thanked him for laying me off 25 years before.
          I have really enjoyed not having a jjjjob as a leash on my life.

          Life is what you make of it, both my losses were their decision (political), not my performance.

          When life throws lemons, make a nice lemon meringue pie and share it with friends, as you celebrate the new direction your life is headed!

          Liked by 3 people

          • TonyE says:

            Heh… I got laid off in ’95. Went back contracting (wife has a very long term good job with benefits), six months later, the remaining crew where I got laid off, all got laid off. Then I got a call from the other plant, closer to home, with a 1099 offer for a lot more money.

            For a year I was working two contracts… making lots of moolah.

            As a contractor, I’m use to lay offs, no big deal. In fact, recently I quit a job as an employee for five years, I had had enough of the crap. Went back contracting, got a REAL nice raise, a much, MUCH more interesting job and I can work from home too!

            Liked by 1 person

            • jnr2d2 says:

              Fun history lesson I learned: I got my first job in H.S. between 10th and 11th grade — a stock boy making minimum wage in 1963 @$1 per hour. They raised the min wage $0.10 and I thought that was not much improvement. My great uncle was standing there and he said: “That’s good money!’ So I said :”In your day what was it? $1 per day?” He said:” No per week – which then was 6 days of work! Gave me a new perspective on inflation!!!

              Like

          • Dutchman says:

            Exactly. Or, take the pie and hit them in the face with it, whatever gives the most satisfaction, lol.

            Like

        • Larry Mack says:

          i appreciate your optimism. i too have lost a number of jobs in the past. the difference between then (post 9/11) and now is stark. then there were other positions to be had. now i fear too many businesses will not be coming back. when i was out of work i always had other options. it may have required a relocation, but the jobs were there.
          this time is different. i live in georgia. here businesses have reopened. however, they must abide by CDC guidelines. this means masks and gloves for the staff. they also must close off 50% of their seating. no business can survive for long under these conditions.

          Like

          • Dutchman says:

            Understood, but this too, shall pass.
            Frankly, while I am sympathetic, a large % of businesses close in first several years, mostly for the,same reason, and its not any plague.

            Someone knows mechanics, carpentry, data entry (whatever) having done the work as an employee for,a # of years.

            So, they start a business. They don’t go to night school, to learn about how to run a business, how to keep books, detirmine the appropriate price for their goods/services.

            Point being SOME % of these businesses would have gone out of business, even without the,Who-Flu.
            And, they didn’t actually “lose” the market.

            Its not like their customers, by and large went to a competitor; all their competitors were,closed, as well.

            So, as we open back up, the very businesses that were closed as “non-essential”, are the businesses that are going to experience an unbelievable demand, once and as the reopening happens.
            I would guess that in 3-6 months, your going to have to make,an appointment for a haircut, stylist, etc 3-6 mos in advance.

            So, those that are,able to reopen, will have so much business they will expand, renting the former facilities, and hiring the former employees of those who went “out of business”.

            I know on an INDIVIDUAL basis there,will be ‘losers’, but overall, I do see a rebound happening.

            Liked by 2 people

          • annieoakley says:

            These guidelines are going to put restaurants out of business for certain and almost all spread and death from the disease seems to have been in nursing homes of Democrat Governors. Masks and gloves are the last straw in addition to closing off half the seating. I am very sorry for your loss.

            Like

    • mw says:

      Well, I used to think so too. The Democrat Governors are intentionally driving their States, and the rest of the Country, into a manufactured Depression to get rid of the President. Now, the Dems are using their Communist antifa arm to assist that goal.

      Liked by 1 person

  2. magatrump says:

    It makes my blood boil that the MSM can say its a recession but WE are coming back stronger than ever!!!!

    Like

  3. buzzybee says:

    If our President Trump has anything to do with it, we will not only bounce back, but be stronger than ever. Meanwhile I’m praying that enemies of our free America do not level another bio-attack or economic attack or any other kind of attack.

    I won’t bother to say what I think of our economy and the Deep State. Just has to do with swamps, rats, weasels, and foxes. And maybe a few elephants in a few assorted living rooms.

    Liked by 7 people

  4. theoldgoat says:

    This is good news, yet while I have some optimism for the economy, I have concerns over the growing number of bankruptcy and closings I am hearing. This plus the efforts of Il Duce Pelosi and her merry band of fascist governors give me pause.

    We might very well bounce back, but construction jobs might suffer next year for the efforts from this year. Jobs in construction are usually sold a year prior to them starting up, so it could have an impact. I hope not, but I don’t trust the governors and the CDC to do the right things to push the economy higher.

    Liked by 4 people

    • oldgoat, I’m also hoping that the people collecting unemployment WILL go back to work instead of waiting until the benefits run out. And hoping there will be jobs left for them once they are out of benefits and ready to go back to work.

      Liked by 2 people

      • PubliusFlavius says:

        went down to my local sushi place that is now able to open but can’t…only offering take out.

        They can’t get waitresses since they get paid more for unemployment…

        A simple solution would be to pay the the fed bonus in its entirety early IF they return to work…

        Liked by 2 people

        • I dont understand that , unemployment requires a weekly or biweekly sign up .
          Part of the questionnaire is ,were you rehired or did you refuse work.
          Sounds like a whole lot of people are lying,setting themselves up for fraud charges.

          Liked by 3 people

      • J says:

        In Michigan, if the company that laid you off calls you back you have a choice and it is not saying no to the job and continuing to collect. I lay my people off every winter for a short time. If they dont come back when I call I cut them off unemployment. The only reason allowed to collect unemployment is the job was cut or you were fired. Quitting is not an excuse to collect.

        Liked by 2 people

  5. helmhood says:

    And the market gained 7,000 since March. The fastest two month increase in history.

    Liked by 3 people

  6. Skeeball says:

    Every day from now until November, I will be talking with people about the importance of reopening and exactly who is prolonging the economic pain and suffering. We must open things up again now, and hold the left accountable for failing to do so.

    The socialists are urgently trying to use COVID to gain as much as they possibly can before the election. I am optimistic about things overall as urgency is a sign of desperation, and I think that they know their near-term future is bleak. President Trump has made very few missteps in dealing with these domestic enemies and I trust in him and his supporters in government to bring us victory.

    Liked by 4 people

  7. Ausonius says:

    We have nearly half the states with DEM governors who will guarantee that businesses will NOT recover and that people will NOT be returning to work, but will continue to receive “free money.” Hence any recovery could be that of a fly with one wing

    Perhaps the Red States can counter-balance them, but I doubt it.

    The Blue State saboteurs are problems remaining to be solved!

    Liked by 1 person

    • Dutchman says:

      Ausonius;
      It does not seem to be nearly half; only perhaps 6-7 that are obviously being obstructionist, with draconian pronouncements.

      This is a wake up call to people, a stark example of what they vote for, when the mindlessly push the D lever, and that LOCAL elections count, that the “best” government is that which is closest to the people, etc.

      “You get the government you vote for” and if you vote for the best politicians that $ can buy,…well then you get what you deserve.”

      Hopefully this will bring clarity, a reexamination of values and priorities, and more red pilling.

      Personally, while they can drag their feet, I don’t see these Democrat Govenors/Mayors being able to drag this out till November, and their attampts to continue to do so are only going to worsen reelection prospects, NOT improve them.
      IMHO,..

      Liked by 4 people

    • FishtheDish says:

      I believe that as data comes out comparing Blue and Red states (and some already has) that the contrast will force the Blue states to open up – albeit 2-4 weeks delayed. What I am worried about is the interstate business and what will be an imbalance. Perhaps Blue state businesses will even relocate. I can not conceive how Blue state governors believe they will get re-elected.

      Liked by 2 people

      • TonyE says:

        Our home and auto insurance in Calimexistan has DOUBLED in the last year. As a result of the fires in NorCal -which were a byproduct of terrible mismanagement of the forests and grid by the crony capitalists and the environazis.

        It maybe that we have to move out to be able to afford insurance.

        I think the State and the fascists are creating a new crisis so that ultimately they can take over the insurance and utilities. But by then I hope to be a Son of the South or somewhere else (hopefully with mountains) and my 401Ks will never pay a penny to Sacramentograd.

        Liked by 2 people

  8. BigG says:

    Love the pic of Trump giving the “Cutso” salute

    Liked by 1 person

  9. evergreen says:

    The govt at all levels has asserted uncontested control over pretty much every aspect of our lives.

    This control will not be relinquished.

    A company must have a license in order to operate. Any infraction can be used to deny licensure, so a business/livelihood is entirely subject to govt whims. That’s not anywhere near freedom. Thus, the shutdown proves the completeness of power. Individuals have no legal recourse, as court proceedings are funded from operations, which are controllable by the state. Congratulations, citizen: you are OWNED.

    Liked by 1 person

  10. fanbeav says:

    PPP Loan forgiveness time frame is now 24 weeks (versus 8) and they changed the percentages to 60% payroll and 40% rent and other utilities (versus 70/30). Now they just need to remove payroll taxes for employees and employers for the rest of the year.

    Liked by 1 person

  11. TonyE says:

    Heck, the first time I went back to Costco… after a month of being at home… I dropped a thousand bucks without batting an eye. And they had no Toilet paper or wipes. But, oh! I just had to double the wine stash, you know? And double up on the bourbon and tequila.

    And Amazon is simply irresistible, I got 512GB sdcards for my Android phone and one tablet. New earphones, DAC… a whole bunch of little things that I needed to fix the little projects around the house that always needed to be done and I never had time. Kitchen, bathrooms, roof, garage, etc..

    I think I need to get out of the house and back to the office so I can spend less money. 😉

    Liked by 1 person

  12. California Joe says:

    That’s exactly what I thought when I saw the news media headlines pimping the 40 million claims for unemployment without mentioning that half of the unemployed had already gone back to work!

    Like

  13. Ausonius says:

    The destruction of Private Schools, both religious and secular, may later be recognized as an unexpected result of shutting down the country unnecessarily based upon fantasy statistics of the future.

    My upper-middle-class* Catholic school here in central Ohio is receiving very registrations right now. Up until March our reputation for a high-quality Catholic education had brought in many families from distant, even more affluent suburbs.

    Right now we have registered fewer than half the families needed to stay afloat: usually everyone is registered by now, because there is a sizable discount for doing so.

    Our treasurer just told me about the number of registration since his last gloomy report:

    Very slow until today. The discount deadline is tomorrow, so a few trickled in today. But the problem is that there is no news from the governor that allows us to tell our families what the fall will look like. They will not register until they know if we are still in distance-learning mode, and if we are, they seem inclined to leave.

    And WHY? Because “distance-learning” is an oxymoron: no matter what you hear on T.V. from “on-line academies” about how wonderful they are and how much your child will learn, let me verify – as a teacher with nearly 50 years experience – that they cannot possibly be on the same high level as my school or many other private and also some public schools!

    “Zoom” classes are a farce: the program stinks (I understand it is a Chinese company). It crashes and burns and the sound-quality is dreadful, and you can NOT know who is paying attention and who is not, or who is or is not receiving your broadcast.

    So…if my school’s experience is typical – and I fear that it is – expect a disaster in education in August, unless something changes quickly!

    * (Area houses go for $250,00 to several million)

    Like

  14. J says:

    There is a tech/manufacturing corridor of about a mile long in a town near me in SE Lower Michigan. Every business along said stretch has help wanted signs out. These are tool and die makers, equipment sales and service, small manufacturers building parts for the auto industry, plastics manufacturers, cement products, a caterer/roach coach company and the like. Perhaps 50 businesses in all. Every single one has help wanted signs out in still locked down Michigan–which is almost totally disregarded by the bulk of Michiganders that I have witnessed, the one exception masks in stores.

    Further evidence of a rapid comeback from my perspective is holes in the ground. I am a concrete contractor. 80% of my work is new residential, the rest is commercial/industrial. When we went back to work in defiance of the Lansing Loon on April 20th, we were slammed with work. We had people living in hotels, unable to get their certificate of occupancy due to missing concrete. But I worried that once we caught up to last years load, we would face a lack of new construction.

    That doesnt seem to be the case. Each of my builders has holes being dug for new homes. A great indicator of the hotness of the new home market is spec homes versus custom. A builder builds a spec without a specific buyer at the ready and only does this when the economy is good and homes are selling. Once the home is done the builder is stuck with the property taxes. So in a slow market, builders tend to only build for pre-approved mortgages.

    I see holes going in everywhere. It looks no different than pre-Plandemic. I had 20 guys last year. That is the most employees I have ever needed. Im looking to add 2 experienced finishers and two young guys/girls for labor/apprenticeships.

    From my perspective we have picked up right where we left off.

    Liked by 1 person

  15. Magabear says:

    To use a current headline analogy, these demonrat state officials aren’t going to take their knee off the neck of their state economies and citizens anytime soon. They may release the pressure a bit, but very slowly.

    The left needs high unemployment numbers and people left in financial ruin with the hope most people will blame PDJT for their misery. This is how the pathetic left operates wherever they are.

    Saw a great post today that said “If masks work, why do we need to social distance? And if social distancing works, why do we need to wear masks? And if both wearing masks and social distancing work, why are so many small businesses closed but people can herd into large box stores? Still think this is about a virus?”

    That pretty well sums all this up. This continued lockdown and mask wearing is pure, utter Bull Schift.

    Liked by 2 people

  16. hawkins6 says:

    SD–“…but the key to both a wide and deep recovery is putting people back to work as quickly as possible.”

    Unfortunately, the final turning of the key to unlock the stifled American economy will be dependent on the whims of Governors Cuomo, Newsom, Whitmer, Wolf and maybe a couple of other Blue states.

    There should be an understanding by the American people that to return the USA to a point where it resembles the former MAGA economy or comes close to it, there can be no return to the previous shutdown mentality. The vulnerable must be safeguarded and any flare-ups must be quickly controlled–but shutdowns are no longer an option. This is a serious battle to rejuvenate the USA .

    Like

    • Magabear says:

      And to add to that, those Governors you mentioned aren’t going to challange the unemployment status of workers who were laid off but refuse to go back to work due to them making more money on UE compensation than they did at work. This flaw in the first stimulus plan has to be corrected or the unemployment rate will be artificially high for months.

      Gov. Wolf’s response to that problem is to tell employers to pay the employees more money to come back……after he ruined the very economy those employers have to survive in now.

      Liked by 1 person

      • David M Kitting says:

        Unemployment is the responsibility of each individual State. States can’t print their own money, they’re supposed to have to rely on their own economies to pay for all the State Government servants aka ‘TAKERS’. As long as the Federal Government keeps bailing them out and picking winners and losers through various ‘aid’ packages, all done with borrowed/printed $$(stolen past/present/future prosperity from The People aka MAKERS), the US economy can never recover. Governments MUST be cut in half, which can only be accomplished through defunding them. They’ve pumped over $5Trillion in the last 90 days and there’s over 40 Million unemployed. As in 2008, Millions of Americans lose EVERYTHING they’ve worked for, while Government grows fatter and none miss a paycheck. Why are We still funding the Dept of Education??? Where is the pain/sacrifice from ALL the damned TAKERS in Government? This will not be settled by elections.

        Like

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