The initial unemployment claims number came out today, and it’s grim. <\/p>\n
6.6<\/strike> 6.9 million new claims. That’s about 10 million new claims in the last 2 weeks.<\/p>\n
The unemployment rate (U3) is almost certainly above 10%, and I would be remiss if I did not note that labor force participation, even adjusted for age, has still not returned to the levels that was before the 2008 recession.<\/p>\n
Given that we haven’t seen the knock-on effects yet of all of this, things like delayed college entry because of school year cancellations, I have to believe that the unemployment rate will exceed 25% before any recovery starts. Fix it tonight in one mile exit point<\/p>\n
Not good.<\/p>\n","protected":false},"excerpt":{"rendered":"
The initial unemployment claims number came out today, and it’s grim. 6.6 6.9 million new claims. That’s about 10 million new claims in the last 2 weeks. The unemployment rate (U3) is almost certainly above 10%, and I would be remiss if I did not note that labor force participation, even adjusted for age, has …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[392,450,494],"class_list":["post-176730","post","type-post","status-publish","format-standard","hentry","tag-economy","tag-employment","tag-statistics"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/176730"}],"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=176730"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/176730\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=176730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=176730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=176730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}