Unemployment thread

[Paa Langfart]

Anyone seen any money from unemployment yet?

[Bytes]

On 4/1/2020 at 7:43 AM, DeAngelo Beason said:

Referencing GDP growth is not working in your favor, as rate of GDP growth in the years I referenced from the chart coincide with the FACT that population increase is intrinsically tied to economic growth, the only exception being the early 40s when we were building up the war machine.  Economies exist only to service a population of consumers.  The more consumers, the more need for economic activity.  This is basic, econ 101.  "Human wants and needs are unlimited..."  Nitpicking one outlier (West Virginia over the course of one year) is statistically irrelevant and not worth addressing.  There are thousands of reasons they could have had a blip in GDP growth, and I won't waste my time finding out what that blip was because it is, as I said, irrelevant statistically speaking.

Your comment about the top 3 having more wealth than the bottom 162,000,000 further cements the fact that I'm correct.  GDP growth in the US has stagnated at a rough average of 2% per year since 2000, despite there being more millionaires than ever.  Point being, the GDP is not growing because money is simply changing hands.  The economy is expanding minimally because population is expanding minimally.

We live in the Charlotte area.  We of all people should know that population growth spurs economic expansion.  That's why every industry in the area is booming.  People are moving here in droves.  

 

PS - I won't bother addressing your other points because they are unrelated to the discussion, not really sure where you're going with all that.

You made the correlation between population growth and GDP not me. You wont address them because you have no reply. My comment about the "top 3' was to debunk your notion of that correlation. If your point is correct why did West Virginia not grow? Because there is a big difference between growing he economy for a few as oppose to growing the economy for the population in general. 

[LinvilleGorge]

There were 61,583 unemployment claims in Colorado last week. To put that into perspective, that weekly number peaked at 7,749 during the Great Recession.

Fuging. Yikes.

I sure hope the vast majority of these are furloughs that allow for unemployment rather than true loss of jobs.

[Wes21]

9 minutes ago, LinvilleGorge said:

There were 61,583 unemployment claims in Colorado last week. To put that into perspective, that weekly number peaked at 7,749 during the Great Recession.

Fuging. Yikes.

I sure hope the vast majority of these are furloughs that allow for unemployment rather than true loss of jobs.

Its not really an apples to apples comparison because of how uniquely acute this event is.  The recession happened over time.

 

[LinvilleGorge]

1 minute ago, Wes21 said:

Its not really an apples to apples comparison because of how uniquely acute this event is.  The recession happened over time.

 

Thank you, Captain Obvious. Meanwhile, the unemployment rate in CO is going to go from sub-3% to Great Recession levels in about another week and a half at the current rate.

[CRA]

26 minutes ago, LinvilleGorge said:

There were 61,583 unemployment claims in Colorado last week. To put that into perspective, that weekly number peaked at 7,749 during the Great Recession.

Fuging. Yikes.

I sure hope the vast majority of these are furloughs that allow for unemployment rather than true loss of jobs.

Food service and retail.   I mean the numbers employed in those are huge.  They are also the first ones to lose their jobs in this event. 

 I think being a sales clerk and cashier are the two largest occupations in America.   They use to be at least.  Not sure how anything could of leapfrogged that in recent times but I don't have current stats on it. 

[Anybodyhome]

48 minutes ago, LinvilleGorge said:

There were 61,583 unemployment claims in Colorado last week. To put that into perspective, that weekly number peaked at 7,749 during the Great Recession.

Fuging. Yikes.

I sure hope the vast majority of these are furloughs that allow for unemployment rather than true loss of jobs.

1. Small businesses can bring back employees they laid off and still be eligible for relief funding that could turn into a forgivable loan.

2. Self-employed gig-workers can apply for unemployment as well.

[GRWatcher]

https://www.huffpost.com/entry/paycheck-protection-program_n_5e86364ec5b6d302366cd8e6

Quote

The government will essentially pay eight weeks of an eligible employer’s labor costs through a loan that will be entirely forgiven if that employer retains its workers for eight weeks without slashing their pay. 

Quote

Notably, if a company already laid people off, it can still qualify for the paycheck protection loan if it re-hires them by the end of June. 

Quote

“It’s full payroll support and that includes benefits, as well, for up to two months.”

 

[LinvilleGorge]

11 minutes ago, GRWatcher said:

https://www.huffpost.com/entry/paycheck-protection-program_n_5e86364ec5b6d302366cd8e6

 

It's a good start, but these stay at home mandates are going to last well into summer. I don't think most people realize that.

[Happy Panther]

15 minutes ago, GRWatcher said:

https://www.huffpost.com/entry/paycheck-protection-program_n_5e86364ec5b6d302366cd8e6

 

Having my paycheck and health insurance covered for a couple of months would be sweet.

[GRWatcher]

2 hours ago, LinvilleGorge said:

It's a good start, but these stay at home mandates are going to last well into summer. I don't think most people realize that.

NC modeling shows the peak hospitalization in late April with a flattened curve from stay-at-home. I expect to be staying in through June at least.

[Happy Panther]

17 hours ago, GRWatcher said:

https://www.huffpost.com/entry/paycheck-protection-program_n_5e86364ec5b6d302366cd8e6

 

Well I tried to apply through Bofa but you have to have an account and a lending history and a credit card. I have never gotten a loan and chose a debit card. So I don't qualify despite having a "preferred" small business account for ten years.. 

[ladypanther]

Welp...got me today.  Lots of layoffs at work today, many of them permanent. Mine was one of those.  Was done at the end of the day.  

Scariest part right now is health insurance.

[Jon Snow]

35 minutes ago, ladypanther said:

Welp...got me today.  Lots of layoffs at work today, many of them permanent. Mine was one of those.  Was done at the end of the day.  

Scariest part right now is health insurance.

Sorry to hear that.  I fear you may have lots of company soon.  Keep the faith.