Of Those Unemployed, Percent Unemployed by Duration
We are nowhere close to the percentages reached in the Great Recession, but this recession is not yet a year old.
Unemployment Rate Plunges as BLS Reports 2.2 Million People Find Work
Earlier today I commented Unemployment Rate Plunges as BLS Reports 2.2 Million People Find Work
Although the rate has plunged the unemployment level is 11,061,000.
32.5% of them have been unemployed for 27 weeks or longer.
Roughly 3.6 million people are long-term unemployed, and the percentage goes up every week.
Average Weeks Unemployed
The average number of week has surged to 21.2% and will keep rising.
The plunge is artificial. It is due to the massive number of people who lost their jobs all at once thereby lowering the average number of week.
Mish
You feeling ok Mish? This post doesn’t involve Trump…
Shall we talk Swedish again…
Sweden Fights ‘Very Serious’ Covid Resurgence With New Curbs
Swedes face a new wave of restrictions after daily coronavirus cases hit a record, with the government warning of a grim winter ahead.
Prime Minister Stefan Lofven, speaking to reporters on Tuesday, said his country is now facing a “very serious situation” that requires tougher measures if the virus is to be fought back.
The resurgence of Covid-19 across Europe has caught the region off guard after a summer that left many countries assuming they’d brought the virus under control. But as citizens grew complacent and temperatures dropped, the pandemic has returned with a vengeance.
Lofven warned that the latest development is putting Sweden’s health-care system under pressure, as more intensive care beds get filled.
Sweden isn’t an exception to the virus, the main difference is that they are roughly where the rest of europe is at in terms of infections but without forcing major restrictions. We will see what they do, making sure care services are not overburdened is a hard limit that they have to respect, as well as protecting the more vulnerable. I hope that both a reaction from society and lesser incentives/obligations will see them through. There is no denying though that a major outbreak anywhere will demand measures to contain it, the only question is how much those measures should be imposed, which has no clear answer and is dependent on so many other factors.
There have been those that have recently claimed here that Sweden was well on their way to herd immunity with their lowerprofile response…
Still no edit. Excuse my bad typing.
Will be off for a while
I had the day off….spent some time reading and watching vids of some of my favorite pundits…..one person I like to listen to is fellow Austinite Peter Zeihan, who seems to be in great demand as a speaker these days, just about everywhere. He used to work for Stratfor, which is based here, but now has his own consulting business.
He has some videos he made a couple of weeks ago about the progress on vaccines for COVID…he has a best case of people being able to get a vaccination in maybe April 2021…..and a worst case of it being sometime in 2023. He doesn’t see business going back in a big before the last quarter of 2021.
My worst case is worse than his worst case…which is that NO effective vaccine is developed at all, or that the virus keeps mutating fast enough to make the vaccines obsolete before they’re on the market. In that case we just find out how good herd immunity to COVID really is….after it makes its way through most of us. My guess, not nearly as good as it’s cracked up to be,
I’ll link to one of the videos…..the rest are up on his Utube channel. I’d put this on Community, but it still seems to be down.
Humans never gained herd immunity from influenza. There’s no reason we should from COVID either. We now know that COVID is primarily a killer of people with various inflammation issues, which almost all elderly people have just as a matter of aging.
So no effective vaccine will likely mean a permanent shortening of the human lifespan.
The long term chart clearly shows the systemic destruction by the Federal Reserve and fiat currency on employment. No major employment recovery had less unemployment than the previous bottom. Obama’s recovery never even saw unemployment drop below ANY previous peak, so he gets a free pass.
I’ll bet an exponential curve fits better than a linear one, and that ain’t good.
‘The great oppression’ (or suppression) is better suited as title to these times.
The Fed should print $3500/month to give to each person not to file for unemployment. Problem solved.
A bit like not testing for covid. -:)
$200K per person plus sterilization. It’s a reproductive buyout to break the poverty cycle.
The Fed cannot give money away. Congress has to do it
Will that change Mish when they introduce a digital dollar or is a legal or some other reason that would prevent them from doing it?
To tag onto Casual_Observer: We now have the cluster 5 mutation of Covid from Denmark mink farms. This variant has significant changes in the spike proteins and vaccines/antibodies for/from the D614g mutation of Covid may not be effective. Sucky if that is actually the case. The Danes are not even trying to eradicate it yet.
I have comments on the mink story at 5:00 PM central
wait was that socialism?? Lets ask the smart gentry persons here for a ruling….
Is $50B for farmers socialism? Asking for a friend.
why yes mr. purple yes it is. US farmers are the biggest welfare queens in all of human history.
Aside from bankers, perhaps. Bankers receive an order of magnitude more than anyone else and they get it directly from the source.
Ha you guys! $800B a year to military contractor death merchants makes you look silly.
Didn’t I read somewhere once that a substantial amount of that $50B goes to large corporate conglomerates with the odd elected representative thrown in for good measure? Does anyone have a breakdown of where our hard earned tax dollars are being given away to US farmers?
According to a 2018 article from “Downsizing the Federal Government” the annual agricultural subsidies total more than $20B. If the article is correct then this is nothing more than another form of welfare given the excerpt from that website pasted below. I wouldn’t argue however that a household income of $117,000 makes these farmers rich but they certainly are much better off than a lot of US households.
Thkse who decry socialism almostvalways focusnon redistribution to the poor rather than corporate welfare.
“Have you been denied disability? Call our law offices to get everything your rightly deserve!” Call 1-800-2be-abum
Covid is only getting started. It has only been 8 months.
The current case expansion is pretty significant, but seems like it could easily top 200,000 a day in the next 2-3 weeks. This is going to run like crazy while we all rock fight over which half of America hates the president and threatens to leave the USA.