Posted: 18 Jun 2020 09:45 PM PDT Those that have been hoping for some sort of a “V-shaped recovery” have had their hopes completely dashed. U.S. workers continue to lose jobs at a staggering rate, and economic activity continues to remain at deeply suppressed levels all over the nation. Of course this wasn’t supposed to happen now that states have been “reopening” their economies. We were told that things would soon be getting back to normal and that the economic numbers would rebound dramatically. But that is not happening. In fact, the number of Americans that filed new claims for unemployment benefits last week was much higher than expected…
To put this in perspective, let me once again remind my readers that prior to this year the all-time record for a single week was just 695,000. So even though more than 44 million Americans had already filed initial claims for unemployment benefits before this latest report, there were still enough new people losing jobs to more than double that old record from 1982. That is just astounding. We were told that the economy would be regaining huge amounts of jobs by now, but instead job losses remain at a catastrophic level that is unlike anything that we have ever seen before in all of U.S. history. With the addition of this latest number, a grand total of nearly 46 million Americans have now filed initial claims for unemployment benefits since the COVID-19 pandemic began. If you can read that statement and still believe that the U.S. economy is not imploding, I would like to know what you are smoking, because it must be pretty powerful. Some of the things that we are seeing happen around the country right now are absolutely nuts. For example, earlier this week in Kentucky it was being reported that people were waiting in line for up to 8 hours to talk with a state official face to face about their unprocessed unemployment claims…
This wasn’t supposed to happen. By now, the U.S. economy was supposed to be roaring back to life and we were supposed to be entering a new golden age of American prosperity. Unfortunately, the truth is that more bad economic news is hitting us on a continual basis, and that isn’t going to change any time soon. Over the past few days, we have learned that Hilton is laying off 22 percent of its corporate staff, and AT&T has announced that it will be eliminating 3,400 jobsand closing 250 stores…
Needless to say, all of these job losses are having a tremendous ripple effect throughout the economy. Without paychecks coming in, a lot of Americans are having a really tough time paying their bills, and the Wall Street Journal is reporting that payments have already been skipped on more than 100 million loans…
Wow. To me, that is an almost unimaginable number, and it has become clear that a tremendous amount of pain is ahead for the financial institutions that are holding these loans. A lot of people out there are going to keep hoping that there will be some sort of an economic rebound, but the cold, hard reality of the matter is that fear of COVID-19 is going to keep a large segment of the population from resuming normal economic activities for the foreseeable future. And it certainly doesn’t help that the number of confirmed cases in the U.S. has been steadily rising over the past couple of weeks and that the mainstream media has been endlessly warning that a “second wave” is coming. If you doubt what I am saying, just look at what is happening to the restaurant industry. We had started to see a small bit of improvement in the numbers, but now fear of a “second wave” has caused restaurant traffic to start cratering again…
Business travel is another area where we are seeing signs of big trouble ahead. The following comes from Yves Smith…
Like many of you, I wish that economic conditions would go back to the way they used to be, but that simply is not going to happen. Yes, we will see economic numbers go up and down over the coming months, but a return to “the good times” is not in the cards. And what hardly anyone realizes is that this is just the beginning of our problems, and I am working on a new project right now which will explain why this is true in great detail. So stay tuned, because things are about to get really, really “interesting”. About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse Blog, End Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The End, Get Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help. During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with as many people as we possibly can. The post Americans Have Already Skipped Payments On More Than 100 Million Loans, And Job Losses Continue To Escalate appeared first on The Economic Collapse. |
vrijdag 19 juni 2020
Job Losses Continue To Escalate
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