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hubreb
Ole Miss Fan
Member since Nov 2008
698 posts

Initial Jobless Claims 3.2mm
Double estimates


PiscesTiger
Seton Hall Fan
Concrete, WA
Member since Feb 2004
47173 posts

re: Initial Jobless Claims 3.2mm
Pardon?


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21
elcid
Bucknell Fan
SoCal
Member since Mar 2007
1105 posts

re: Initial Jobless Claims 3.2mm
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.


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24
Splackavellie
New Orleans Pelicans Fan
Bayou
Member since Oct 2017
4160 posts

re: Initial Jobless Claims 3.2mm
More to come.


terd ferguson
USA Fan
Darren Wilson Fan Club President
Member since Aug 2007
102904 posts

re: Initial Jobless Claims 3.2mm
3.2 millimeters doesn't seem like much


baldona
Auburn Fan
Florida
Member since Feb 2016
12411 posts

re: Initial Jobless Claims 3.2mm
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


hubreb
Ole Miss Fan
Member since Nov 2008
698 posts

re: Initial Jobless Claims 3.2mm
Guessing next week will be 7-10mm


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121
kywildcatfanone
Kentucky Fan
Wildcat Country!
Member since Oct 2012
70614 posts

re: Initial Jobless Claims 3.2mm
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.


Boudreaux35
BR
Member since Sep 2007
17807 posts

re: Initial Jobless Claims 3.2mm
That's only about 1/8th inch. I'm not worried yet. Oh, and what the frick's with the metric crap?


PhiTiger1764
LSU Fan
Lurker since Aug 2003
Member since Oct 2009
12073 posts

re: Initial Jobless Claims 3.2mm
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?


hubreb
Ole Miss Fan
Member since Nov 2008
698 posts

re: Initial Jobless Claims 3.2mm
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


hubreb
Ole Miss Fan
Member since Nov 2008
698 posts

re: Initial Jobless Claims 3.2mm
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


The Spleen
Alabama Fan
Member since Dec 2010
29236 posts
 Online 

re: Initial Jobless Claims 3.2mm
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.


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62
RLDSC FAN
Southern Cal Fan
Rancho Cucamonga, CA
Member since Nov 2008
36244 posts

re: Initial Jobless Claims 3.2mm
Holy shite


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02
PhiTiger1764
LSU Fan
Lurker since Aug 2003
Member since Oct 2009
12073 posts

re: Initial Jobless Claims 3.2mm
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?


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01
zacata88
LSU Fan
Member since Mar 2014
1632 posts

re: Initial Jobless Claims 3.2mm
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.


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71
Scruffy
USA Fan
Kansas City
Member since Jul 2011
63117 posts

re: Initial Jobless Claims 3.2mm
This is fine.

Yea, totally fine and worth it.

We’re only destroying people’s lives.

But it’s ok.


windshieldman
USA Fan
Member since Nov 2012
10457 posts

re: Initial Jobless Claims 3.2mm
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.
This post was edited on 3/26 at 8:05 am


ELLSSUU
LSU Fan
Member since Jan 2005
4556 posts

re: Initial Jobless Claims 3.2mm
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.


OysterPoBoy
LSU Fan
City of St. George
Member since Jul 2013
19513 posts
 Online 

re: Initial Jobless Claims 3.2mm
quote:

3.2 millimeters


It’s metric. When you do the conversion it’s quite significant.


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