{"id":175692,"date":"2020-12-23T19:38:00","date_gmt":"2020-12-24T00:38:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2020\/12\/23\/its-jobless-thursday-on-wednesday\/"},"modified":"2020-12-23T19:38:00","modified_gmt":"2020-12-24T00:38:00","slug":"its-jobless-thursday-on-wednesday","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2020\/12\/23\/its-jobless-thursday-on-wednesday\/","title":{"rendered":"It&#8217;s Jobless Thursday on Wednesday"},"content":{"rendered":"<p>Because of the upcoming holiday, unemployment claims number were released a day early, and while down a bit, it <a href=\"https:\/\/www.wsj.com\/articles\/weekly-jobless-claims-coronavirus-12-23-2020-11608679957\">initial claims remain above eight hundred thousand<\/a>:<\/p>\n<blockquote><p><span style=\"color: #2b00fe;\">The number of workers seeking unemployment benefits fell last week, amid signs the economy is continuing to recover, but at a slowing pace. <\/p>\n<p>New jobless claims, a proxy for layoffs, <a href=\"https:\/\/www.dol.gov\/ui\/data.pdf\">came in at 803,000 <\/a>for the week ended Dec. 19, down from an upwardly revised 892,000 the prior week, the Labor Department reported Wednesday. <\/p>\n<p>The latest figures marked a retreat from a three-month high. Still, claims are hovering at their highest levels since recent peaks in September, as states and local municipalities <a href=\"https:\/\/www.wsj.com\/articles\/states-impose-strictest-covid-19-lockdowns-since-spring-11608719403?mod=article_inline\">impose fresh restrictions <\/a>on social and business activity to combat a surge in coronavirus cases.<\/span><\/p><\/blockquote>\n<p>Additionally, <a href=\"https:\/\/www.blogger.com\/#\">household spending and income dropped in November<\/a>:<\/p>\n<blockquote><p><span style=\"color: #2b00fe;\">Household spending dropped for the first time in seven months and layoffs remained elevated as <a href=\"https:\/\/www.wsj.com\/news\/collection\/coronavirus0312-256f2943?mod=article_inline\">a surge in virus cases<\/a> weighed on economic recovery. <\/p>\n<p>After going on a shopping spree this summer, consumers closed their wallets last month, <a href=\"https:\/\/www.bea.gov\/sites\/default\/files\/2020-12\/pi1120.pdf\">cutting spending by 0.4%<\/a>, the Commerce Department said Wednesday. They cut spending on services such as restaurant meals, as well as purchases of goods, including big-ticket items like cars and appliances. <br \/><\/span> <span style=\"color: #2b00fe;\"><br \/>Household incomes also took a hit as the effects of federal aid programs put in place earlier this year fade. Household income\u2014measuring what Americans received in wages, investment returns and government aid\u2014fell 1.1%, the third drop in four months. <\/span><\/p><\/blockquote>\n<p>We have been coasting on expired stimulus, and the economy is running out of momentum. <\/p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Because of the upcoming holiday, unemployment claims number were released a day early, and while down a bit, it initial claims remain above eight hundred thousand: The number of workers seeking unemployment benefits fell last week, amid signs the economy is continuing to recover, but at a slowing pace. New jobless claims, a proxy for &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[392,458,494],"class_list":["post-175692","post","type-post","status-publish","format-standard","hentry","tag-economy","tag-recession","tag-statistics"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/175692"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=175692"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/175692\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=175692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=175692"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=175692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}