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Americans Have Already Skipped Payments On More Than 100 Million Loans, And Job Losses Continue To Escalate

Americans Have Already Skipped Payments On More Than 100 Million Loans, And Job Losses Continue To Escalate

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

Weekly jobless claims stayed above 1 million for the 13th consecutive week as the coronavirus pandemic continued to hammer the U.S. economy.

First-time claims totaled 1.5 million last week, higher than the 1.3 million that economists surveyed by Dow Jones had been expecting. The government report’s total was 58,000 lower than the previous week’s 1.566 million, which was revised up by 24,000.

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.

…click on the above link to read the rest of the article…

No, The U.S. Economy Will Definitely Not Be Returning To “Normal”. In Fact, Things Will Soon Get Even Worse.

No, The U.S. Economy Will Definitely Not Be Returning To “Normal”. In Fact, Things Will Soon Get Even Worse.

2020 has been quite a year so far.  It has been one nightmare after another, and yet the economic optimists continue to insist that economic activity will soon snap back to normal levels somehow.  So the economic optimists aren’t really alarmed by the fact that the core areas of our major cities have been torched, gutted and looted by rioters, because they assume that all of this violence is just a temporary phenomenon and that any damage that has been done can be repaired.  And they aren’t really alarmed by the fact that the COVID-19 pandemic is starting to escalate again.  In fact, over the last seven days we have seen the number of newly confirmed cases around the globe hit levels that we have never seen before.  They just assume that “the worst is behind us” and that the vast majority of the businesses and jobs that have been lost during this pandemic will be quickly recovered.

Wouldn’t it be wonderful if they were actually correct?

Sadly, the truth is that economic conditions will not be returning to normal.  Yes, some of the jobs that were lost will be recovered as states start to “reopen” their economies.  But more than 100,000 businesses have already permanently closed during this new economic downturn, and all of those jobs are lost forever.

And yes, the level of economic activity will rise as states end their lockdowns, but it will still be much lower than it was before COVID-19 started spreading like wildfire in the United States.

At this point, even the perpetually optimistic OECD is admitting that global economic activity as a whole will be way down in 2020

…click on the above link to read the rest of the article…

Most U.S. States Have ‘Reopened’ Their Economies, So Why Does Unemployment Continue To Spiral Out Of Control?

Most U.S. States Have ‘Reopened’ Their Economies, So Why Does Unemployment Continue To Spiral Out Of Control?

This wasn’t supposed to happen.  Once states started to “reopen” their economies, the tsunami of unemployment was supposed to end.  But instead, we continue to see Americans lose jobs at a pace that is far beyond anything we have ever seen before in all of U.S. history.  All the way back in 1982, there was a week when 695,000 Americans filed initial claims for unemployment benefits, and that all-time record was never broken until this year.  Of course we have seen monster number after monster number here in 2020, and we just learned that last week another 1.877 million Americans filed new claims for unemployment benefits…

Filings for unemployment insurance claims totaled 1.877 million last week in a sign that the worst is over for the coronavirus-related jobs crisis but that the level of unemployment remains stubbornly high.

Economists surveyed by Dow Jones had been looking for 1.775 million new claims. The Labor Department’s total nevertheless represented a decline from the previous week’s upwardly revised total of 2.126 million.

So even though more than 40 million Americans had already lost their jobs in 2020, there were still enough people losing their jobs last week to surpass the old record from 1982 by more than a million.

Just think about that.

Overall, a grand total of 42.6 million Americans have now lost their jobs since the pandemic began, and that makes this the largest spike in unemployment in all of U.S. history by a very wide margin.

And when the monthly employment report comes out on Friday, the official U.S. unemployment rate is expected to surpass 20 percent

…click on the above link to read the rest of the article…

The UN Is Now Admitting That This Coronavirus Pandemic Could Spark Famines Of “Biblical Proportions”

The UN Is Now Admitting That This Coronavirus Pandemic Could Spark Famines Of “Biblical Proportions”

What the head of the UN’s World Food Program just said should be making front page headlines all over the globe.  Because if what he is claiming is true, we are about to see global food shortages on a scale that is absolutely unprecedented in modern history.  Even before COVID-19 arrived, armies of locusts the size of major cities were voraciously eating crops all across Africa, the Middle East and parts of Asia, and UN officials were loudly warning about what that would mean for global food production.  And now the coronavirus shutdowns that have been implemented all over the planet have brought global trade to a standstill, they are making it more difficult to maintain normal food production operations, and they have forced countless workers to stay home and not earn a living.  All of this adds up to a recipe for a complete and utter nightmare in the months ahead.

David Beasley is the head of the UN’s World Food Program, and on Tuesday he warned that we could actually see famines of “biblical proportions” by the end of this calendar year.  The following comes from ABC News

The coronavirus pandemic could soon double hunger, causing famines of “biblical proportions” around the world by the end of the year, the head of the World Food Programme, David Beasley, told the U.N. Security Council on Tuesday.

Beasley warned that analysis from the World Food Programme, the U.N.’s food-assistance branch, shows that because of the coronavirus, “an additional 130 million people could be pushed to the brink of starvation by the end of 2020. That’s a total of 265 million people.”

He described what we are facing as “a hunger pandemic”, and he insisted that urgent action must be taken in order to avoid a nightmare scenario.

…click on the above link to read the rest of the article…

China Warns “Social Stability Threatened” As 400,000 Steel Workers Are About To Lose Their Jobs

China Warns “Social Stability Threatened” As 400,000 Steel Workers Are About To Lose Their Jobs

In late September, we were stunned to read (and report) that in the first mega-layoff in recent Chinese history, the Harbin-based Heilongjiang Longmay Mining Holding Group, or Longmay Group for short, the biggest met coal miner in northeast China had taken a page straight out of Jean-Baptiste Emanuel Zorg’s playbook and fired 100,000 workers overnight, 40% of its entire 240,000 workforce.

For us this was the sign that China’s long awaited “hard landing” had finally arrived, because as China’s paper of record, China Daily, added then: “now, many migrant workers struggle to find their footing in a downshifting economy. As factories run out of money and construction projects turn idle across China, there has been a rise in the last thing Beijing wants to see: unrest.

We added that “if there is one thing China’s politburo simply can not afford right now, is to layer public unrest and civil violence on top of an economy which is already in “hard-landing” move. Forget black – this would be the bloody swan that nobody could “possibly have seen coming” and concluded that as for the future of China’s unskilled labor industries, the Fifth Element’s Jean-Baptiste Emanuel Zorg has a good idea of what’s coming.

Fast forward to today when, if not a full million, Xinhua reports that as part of China’s proposed excess capacity production curtailments the country’s steel production slash will translate into the loss of jobs for up to 400,000 workers, estimated Li Xinchuang, head of China Metallurgical Industry Planning and Research Institute. Li said more people will be affected in the upstream and downstream industries. According to some estimates just like every banker job in New York “feeds” up to three downstream jobs, so in China every worker  in the steel industry helps support between 2 to 3 additional job.s Which means, 400,000 primary layoffs would mean a total job loss number anywhere between 1.2 and 1.6 million jobs!

…click on the above link to read the rest of the article…

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