Americans have gotten slaughtered since the Wuhan Coronavirus made its way to the shores of the United States.
The latest Department of Labor data found that the number of Americans filing for unemployment benefits came in at 3.839 million in the week ending April 25. This is once again down from the previous week, but it was higher than the median estimate.
Following this week’s initial jobless claims, more than 30 million Americans have lost their jobs in just six weeks.
The biggest increases in joblessness were situated in California, Florida, Georgia, New York, and Texas. The other big finding is that industries that were not originally impacted by COVID-19 are now being affected.
Overall, it seems like the peak happened late last month when initial jobless claims clocked in at 6.867 million.
Despite the apex, the Federal Reserve believes more economic pain is on the horizon. Fed Chair Jerome Powell sounded defeated on Wednesday when he said that zero percent interest rates will not do much if consumers and companies are not spending anything.
In the end, what is the point to print and spend trillions of dollars then?
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