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Started By
Message
Initial Jobless Claims 3.2mm
Posted on 3/26/20 at 7:31 am
Posted on 3/26/20 at 7:31 am
Double estimates
18
Posted on 3/26/20 at 7:33 am to hubreb
Just released? Damnit, this is going to get ugly. I already know people in LA and in CA who have been let go and had to let go of staff.
Posted on 3/26/20 at 7:33 am to hubreb
More to come.
Posted on 3/26/20 at 7:34 am to hubreb
3.2 millimeters doesn't seem like much
Posted on 3/26/20 at 7:35 am to Splackavellie
3.2 is only higher because they didn’t think they’d be able to process that many. Way more then 3.2 mil have lost jobs
Posted on 3/26/20 at 7:35 am to baldona
Guessing next week will be 7-10mm
Posted on 3/26/20 at 7:36 am to hubreb
Won't surprise me if it reaches 10M. What is the workforce size, is it 100M? So 10%?
Good news is this is likely short term for at least 2/3 of those.
Good news is this is likely short term for at least 2/3 of those.
Posted on 3/26/20 at 7:36 am to hubreb
That's only about 1/8th inch. I'm not worried yet. Oh, and what the frick's with the metric crap?
Posted on 3/26/20 at 7:41 am to kywildcatfanone
quote:
Won't surprise me if it reaches 10M. What is the workforce size, is it 100M? So 10%?
I would like someone familiar with this to break it down for me like I’m 12.
The unemployment rate was 3.5% last month. How is that number calculated? I’m assuming the workforce size must be much lower than 100M based on that.
And what is the unemployment rate now based on the new info?
Posted on 3/26/20 at 7:47 am to PhiTiger1764
quote:
would like someone familiar with this to break it down for me like I’m 12.
The unemployment rate was 3.5% last month. How is that number calculated? I’m assuming the workforce size must be much lower than 100M based on that.
And what is the unemployment rate now based on the new info?
The jobless claims numbers come from state's weekly actual new filings for unemployment insurance
The unemployment rate is done by phone survey
Payrolls are done by company reported hiring and firing
Posted on 3/26/20 at 7:49 am to Boudreaux35
quote:
That's only about 1/8th inch. I'm not worried yet. Oh, and what the frick's with the metric crap?
In the institutional finance world...where you deal in millions...one "m" = 000...two equal million
Posted on 3/26/20 at 7:51 am to kywildcatfanone
quote:
Good news is this is likely short term for at least 2/3 of those.
A glimmer of hope a lot on that number are furloughed folks, though it’s just a small glimmer.
A jaw dropping number no matter how you slice it though. This thing may take years to recover from.
Posted on 3/26/20 at 7:54 am to hubreb
Holy shite
Posted on 3/26/20 at 7:55 am to hubreb
quote:
The unemployment rate is done by phone survey
Interesting... had no idea that’s how it was done.
Do you have any guess at what the unemployment rate is now based on this info?
Posted on 3/26/20 at 7:57 am to hubreb
Obviously the cumulative number will rise, but this might be the largest single number we see. A lot of bartenders, servers, etc. lost their jobs right away.
Posted on 3/26/20 at 7:59 am to hubreb
This is fine.
Yea, totally fine and worth it.
We’re only destroying people’s lives.
But it’s ok.
Yea, totally fine and worth it.
We’re only destroying people’s lives.
But it’s ok.
Posted on 3/26/20 at 8:01 am to hubreb
I think it’s easy for us who have “essential” jobs (I’m ems) to go to, or didn’t work, or parents help them out, to say we have to keep the country shut down. It’s another thing to be forced into no longer receiving a paycheck and no help other than a few thousand coming from a stimulus. I cannot fathom that situation, especially not knowing how long this will last.
I truly hate this for anyone unemployed or about to be, especially these small business owners having to lay folks off, I can’t imagine. Horrible times, I know many disagree but at some point we gonna have to open shite back up. We don’t need suicides, homelessness, to outpace folks dying from corona. Not saying that would happen but if we are shutdown for several more months then who knows.
I truly hate this for anyone unemployed or about to be, especially these small business owners having to lay folks off, I can’t imagine. Horrible times, I know many disagree but at some point we gonna have to open shite back up. We don’t need suicides, homelessness, to outpace folks dying from corona. Not saying that would happen but if we are shutdown for several more months then who knows.
This post was edited on 3/26/20 at 8:05 am
Posted on 3/26/20 at 8:05 am to kywildcatfanone
quote:
Good news is this is likely short term for at least 2/3 of those.
Serious question. Educate me here on why so many think this is short term.
Yes COVID goes away but I’m not convinced a switch is suddenly switched back on for employment and spending. Mom and pop (small business) companies that sink don’t unsink quickly.
Posted on 3/26/20 at 8:06 am to terd ferguson
quote:
3.2 millimeters
It’s metric. When you do the conversion it’s quite significant.
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