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Jobless Claims Unexpectedly Jump to 744,000, Much Worse Than Expected

Started by Solar, April 07, 2021, 11:48:18 PM

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Solar

Expected by whom, the lying press? I don't know why Breitbart posted a pic of Biteme, he has no clue, doesn't even know where he is 90% of the time.






New weekly jobless claims rose to 744,000 for the week that ended April 3rd, the Department of Labor said Thursday.

Economists had forecast a decline to 680,000 from the previous week's 719,000. This is the second consecutive week in which initial jobless claims moved up in contradiction to expectations. The upper end of the range of forecasts in the Econoday survey was 705,000.

Jobless claims can be volatile week to week so economists like to look at the four-week average. This rose by 2,500 to 723,750.

Continuing claims, which get reported with a week's lag, fell to 3,734,000, a decrease of 16,000, in the week ended March 27.

Including new programs for gig workers and small business owners, the total number of continued weeks claimed for benefits in all programs for the week ending March 20—the most recent data available—was18,164,588, a decrease of just 50,862 from the previous week.

Claims hit a record 6.87 million for the week of March 27, more than ten times the previous record.

https://www.breitbart.com/economy/2021/04/08/jobless-claims-unexpectedly-jump-to-744000-much-worse-than-expected/
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ldub23

This  is hardly a  surprise. We  continue to pay people far too much not to work.

Solar

Quote from: ldub23 on April 07, 2021, 11:53:10 PM
This  is hardly a  surprise. We  continue to pay people far too much not to work.
You mean like this bull shit?

New York legislature passes COVID relief measure to give $15,600 payment to illegal immigrants

he Democrat-controlled New York legislature has passed a budget deal that includes a $2.1 billion fund for illegal immigrants – including a one-time, $15,600 payment for those who lost their job during the pandemic.

The billion-dollar fund is by far the biggest of its kind in the country and signals New York's shift toward policies championed by progressive Democrats, according to the New York Times. In comparison, California has a $75 million cash assistance proposal for illegal immigrants.

New York lawmakers said the "Excluded Workers Fund" is intended to provide economic relief to workers who did not qualify for previous such measures.
https://justthenews.com/government/state-houses/new-york-approves-21-billion-undocumented-immigrant-covid-19-relief-fund
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ldub23

Thats  part  of it. The  other  part is the  continuing overpayments to not work started during Trumps admin.

Hoofer

Quote from: ldub23 on April 08, 2021, 12:07:40 AM
Thats  part  of it. The  other  part is the  continuing overpayments to not work started during Trumps admin.
I think you mean, "...continuing overpayments to not work continued or was extended, during Trumps admin."
This doesn't happen without first getting congressional approval.

I agree - it doesn't take an accountant to realize getting more money off Unemployment than actually working a job... is a sweet deal!
You can bet the beaches were loaded with loafers, cashing in on that unemployment + $300 per week deal, thanks to Pelosi & Schumer dangling that carrot/stick.

If we learned anything, getting paid-not-to-work is a winning formula for elected officials.... till the money runs out.
We can expect MORE of it.
All animals are created equal; Some just take longer to cook.   Survival is keeping an eye on those around you...

supsalemgr

The Biden economic plan is an easy house of cards to see. They are perfectly capable of screwing up a guaranteed robust economy after covid, but they are proving they can destroy it.

The NY state scenario is just pure insanity. Their solution to thousands leaving the state is to raise the taxes of those who stay.
"If you can't run with the big dawgs, stay on the porch!"

ldub23

Quote from: Hoofer on April 08, 2021, 12:39:09 AM
I think you mean, "...continuing overpayments to not work continued or was extended, during Trumps admin."
This doesn't happen without first getting congressional approval.

I agree - it doesn't take an accountant to realize getting more money off Unemployment than actually working a job... is a sweet deal!
You can bet the beaches were loaded with loafers, cashing in on that unemployment + $300 per week deal, thanks to Pelosi & Schumer dangling that carrot/stick.

If we learned anything, getting paid-not-to-work is a winning formula for elected officials.... till the money runs out.
We can expect MORE of it.

I agree. I go to Vinny's alot, a local pizza  place with 3 locations, and  the  other day i asked his daughter why she was waiting tables. She  usually works  in the  back. She said she cant  get anyone to work.

Hoofer

Quote from: ldub23 on April 08, 2021, 12:47:33 AM
I agree. I go to Vinny's alot, a local pizza  place with 3 locations, and  the  other day i asked his daughter why she was waiting tables. She  usually works  in the  back. She said she cant  get anyone to work.
We're experiencing the same thing at work, but, it's coming from the employer - downward pressure on wages. 
No raise this year for me!   Glad I have a job I love.

So, they won't pay enough to hire qualified people, but, they will hire practically anyone fresh out of the military - apparently... they don't like rebels like me...?  LOL

Something is going on - nobody seems to have a solid grasp of what's happening - I don't know how to describe it. 
More than just the work ethic is changing, it's socialism-lite is permeating the eligible work force, they prefer slacking off, than making something of yourself.
All animals are created equal; Some just take longer to cook.   Survival is keeping an eye on those around you...