Happy Thanksgiving from The Kapital News! Hopefully everyone was able to get together with some friends and family – even if via remotely. Social interactions and traditions are important, especially during these trying times.
Being that it’s Thanksgiving, we know the turkeys were on the chopping block. However, we received some unfortunate news the other day out of the Labor Department, telling us that initial jobless claims were higher than the previous week. This is two consecutive weeks where jobless claims have been trending higher. Given recent “lockdown” orders across various states and cities, it’s no surprise to see these figures increase. Yet, it’s our analysis that the economy remains extremely weak and vulnerable to various shocks and to time itself, and thus this may be signaling something more than just job losses due to restrictions. Printing, begging, borrowing, and spending money that we do not have will only take us so far. We may very well be reaching those limits.
For the week ending 21 November, 778,000 Americans filed an initial jobless claim. This is 30,000 more than the previous week’s figure of 748,000 – which was revised higher by 6,000. In aggregate of all persons claiming unemployment insurance, for the week ending 7 November, totals 20.45 million. This is a week-over-week increase of over 135,000. Using this number would give us a rough figure of about 14 percent as the unemployment rate. Notice that this is twice the percentage as what the jobs report tells us is the official unemployment figure – which currently stands at 6.9 percent. So while there is of course much to be thankful for during this holiday season, there is also much to be concerned about in the coming weeks, months, and even years. Stay diversified, stay vigilant, and stay with The Kapital News. #Economy #Jobs #Bailouts #Debt #Inflation #Recession #Depression #Gold #Silver #USA #Liberty #Revolution #BananaRepublic #EndTheFed