Another week and another initial jobless claims report. For the week ending 7 November, 709,000 Americans filed an initial claim. While this may be the lowest number we have witnessed in months, this is still 3.5 times the average of what was “normal,” prior to the lockdowns, restrictions, and recession. This is still a stubbornly high number despite the fact that several trillion dollars have been thrown at and into the system. Continuing claims continue to decline, but this is a function of people returning to work and/or finding new jobs, but it’s also a function of state unemployment benefits being exhausted. This leaves those who remain unemployed and without regular state assistance to file for extended benefits if they’re available and qualified, or to apply to the Pandemic Unemployment Assistance or Pandemic Emergency Unemployment Compensation programs. Both of these programs are the children of the Nobody CARES Act and both have been trending higher in recent weeks. These programs can also assist “gig” workers and the self-employed. The fact that these numbers are increasing is disconcerting and evidence that a lot of stress remains throughout the economy.
This is also in agreement with the recent October jobs report where we continue to see about 3.7 million permanent job losers, high levels of part-time workers, and an increase in the long-term unemployed. Not to mention a lot of distortionary effects are still in the system as a result of fiscal and monetary measures. Some of which are near exhaustion and/or expiration, while others are continuing. Creating trillions of dollars and throwing them into the system will get you so far and even with that we still have 21.1 million Americans claiming some form of unemployment insurance. This is not an economic recovery – this is smoke and mirrors from our government and central bank – and will carry with it a very hefty price tag. Stay diversified, stay vigilant, and stay with The Kapital News. #Economy #Jobs #USA #Bailouts #Debt #Recession #Depression #Inflation #Gold #Silver #Liberty #Revolution