Tag Archives for " Great Depression "

US economy shrank at record-breaking 33% rate last quarter

US economy shrank at record-breaking 33% rate last quarter 1WASHINGTON (AP) — The U.S. economy shrank at a dizzying 32.9% annual rate in the April-June quarter — by far the worst quarterly plunge ever — when the viral outbreak shut down businesses, throwing tens of millions out of work and sending unemployment surging to 14.7%, the government said Thursday.

The Commerce Department’s estimate of the second-quarter decline in the gross domestic product, the total output of goods and services, marked the sharpest such drop on records dating to 1947. The previous worst quarterly contraction, a 10% drop, occurred in 1958 during the Eisenhower administration.

Source: US economy shrank at record-breaking 33% rate last quarter

Record cash floods Democrats, Black groups amid protests and pandemic – POLITICO

Record cash floods Democrats, Black groups amid protests and pandemic - POLITICO 2Online donors poured a record $392 million into campaigns and causes via ActBlue in June, a sign of surging activism and political enthusiasm on the left that smashed the previous monthly high, from just before the 2018 election, by a whopping 50 percent.

The eye-popping numbers on ActBlue, the favored digital fundraising platform for the Democratic Party as well as a growing host of left-leaning nonprofits, make for a startling split-screen next to Great Depression-level unemployment and spiking coronavirus cases across the country.

Source: Record cash floods Democrats, Black groups amid protests and pandemic – POLITICO

Today’s Top Stories: May 8, 2020

Today’s Top Stories is brought to you by My Daily Grind News.

The Lede

April 2020 jobs report

The unemployment rate hit 14.7 percent, which is bad–gaining 10.3 percent in a single month.

The number of unemployed soared to 20.5 million people.

HOWEVER, it is somewhat understated at about 10 million people are not actively looking for a job (they were told NOT to as part of their unemployment process).

If those actual unemployed were counted, the unemployment rate would be over 20 percent.

Unemployment rate soars to 14.7% in April

From Axios:

It’s by far the worst jobs report in history.

The U.S. economy shed a record 20.5 million jobs in April as the unemployment rate skyrocketed to 14.7% — more than quadrupling from the rate seen before the coronavirus outbreak — according to government data released Friday.

Why it matters: It’s by far the worst jobs report in history, highlighting the depth of the unprecedented toll the pandemic is having on the labor market.

By the numbers: Not since the Great Depression has the unemployment rate been this high.

The speed with which the job destruction happened is also staggering: the unemployment rate jumped 10.3% in a single month, which has never happened before in history.

Between the lines: You’re only counted as unemployed if you’re actively looking for work, but many Americans aren’t looking for work because of state-imposed lockdowns — effectively warping the rate.

Another 9.9 million people were jobless, but not counted as unemployed because they weren’t actively looking for work.

Labor Department officials also said if certain jobless workers were considered unemployed rather than “absent from work,” then the unemployment rate “would have been almost five percentage points higher,” per the release.


Coronavirus update:

3,866,642 confirmed infections, up from 3,781,896 yesterday.
270,279 confirmed deaths, up from 264,602 yesterday.

US stats:

  • 1,256,972 confirmed infections, up from 1,231,943 yesterday.
  • 75,670 confirmed deaths, up from 73,566 yesterday.
May 8, 2020 COVID-19 pandemic map
Source

Relevant COVID-19 stories:


Politics:

The rule of law is dead. That is all.

Flynn decision cheered by Trump and the right, as critics decry it as an attack on the rule of law

Relevant Politics stories:


Economy Update:

See above in “The Lede”

The Dow is up about 300 points, getting into the 24k range.

May 8, 2020 DJIA stock chart
Source

Upcoming economic reports this week:

  • Tuesday – Trade deficit – $44.4 billion (March), slightly up from $39.8 billion in February.
  • Wednesday – ADP employment report – down 20.2 million jobs. It’s even worse than this report suggests. This is a lagging indicator. Wait until next month…
  • Thursday – Jobless claims – another 3.17 million down, productivity – down 2.5 percent (bright side: estimates were at 5.5 percent down)
  • Friday – Unemployment rate – 14.7 percent, official unemployed number of workers is at 20.5 million

Source: https://www.marketwatch.com/tools/calendars/economic

Relevant Economy stories:

Learn how to turn your hobbies into hustles – check out Gig Economics.


Offbeat Story of the Day:

“Drug Free” Montana Man Is Arrested On Drug Charge, Cops Report | The Smoking Gun

Meet Ronald Joseph Gallagher.

The Montana man, 50, was arrested yesterday afternoon on several charges, including marijuana possession, resisting arrest, and disorderly conduct.

He was released this morning from the Missoula County jail after posting bond on the three misdemeanor counts.

As seen in the above booking photo, Gallagher, who is something of a frequent flyer at the local lockup, was wearing a “DRUG FREE” t-shirt when collared. The shirt’s full kicker–“Just ran out yesterday”–was cropped out by the jailhouse photographer.

Sponsored by the Drive Thru Jesus Show.


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Unemployment rate soars to 14.7% in April

Unemployment rate soars to 14.7% in April 3It’s by far the worst jobs report in history.

The U.S. economy shed a record 20.5 million jobs in April as the unemployment rate skyrocketed to 14.7% — more than quadrupling from the rate seen before the coronavirus outbreak — according to government data released Friday.

Why it matters: It’s by far the worst jobs report in history, highlighting the depth of the unprecedented toll the pandemic is having on the labor market.

By the numbers: Not since the Great Depression has the unemployment rate been this high.

  • The speed with which the job destruction happened is also staggering: the unemployment rate jumped 10.3% in a single month, which has never happened before in history.

Between the lines: You’re only counted as unemployed if you’re actively looking for work, but many Americans aren’t looking for work because of state-imposed lockdowns — effectively warping the rate.

  • Another 9.9 million people were jobless, but not counted as unemployed because they weren’t actively looking for work.
  • Labor Department officials also said if certain jobless workers were considered unemployed rather than “absent from work,” then the unemployment rate “would have been almost five percentage points higher,” per the release.

Source: Unemployment rate soars to 14.7% in April

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