{"id":52124,"date":"2020-04-02T19:31:47","date_gmt":"2020-04-03T00:31:47","guid":{"rendered":"https:\/\/olduvai.ca\/?p=52124"},"modified":"2020-04-02T19:31:51","modified_gmt":"2020-04-03T00:31:51","slug":"10-signs-the-u-s-is-heading-for-a-depression","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=52124","title":{"rendered":"10 Signs the U.S. Is Heading for a Depression"},"content":{"rendered":"\n

10 Signs the U.S. Is Heading for a Depression\u00a0<\/a><\/h3>\n\n\n\n
\"\"\/<\/a><\/figure>\n\n\n\n

1\u2013<\/strong> Unemployment is off-the-charts<\/strong><\/p>\n\n\n\n

Thursday\u2019s jobless claims leave no doubt that the country is in the grips of another severe recession. More than 6.6 million Americans filed for unemployment insurance in the last week. That number exceeds the gloomiest prediction of more than 40 economists and pushes the two-week total to an eye-watering 10 million claims.<\/p>\n\n\n\n

According to CNBC: <\/strong><\/p>\n\n\n\n

\u201cThose at the lower end of the wage scale have been especially hard-hit during a crisis that has seen businesses either cut staff outright or at best freeze any new hiring until there\u2019s more visibility about how efforts to contain the coronavirus will work.<\/p>

\u201cWe\u2019ve lived through the recession and 9\/11. What we\u2019re seeing with this decline is actually worse than both of those events,\u201d said Irina Novoselsky, CEO of online jobs marketplace CareerBuilder.\u201d (CNBC)<\/p><\/blockquote>\n\n\n\n

According to New York Magazine:<\/p>\n\n\n\n

\u201cEconomists at the Federal Reserve Bank of St. Louis projected Monday<\/a> that job losses from the coronavirus recession would reach 47 million and push America\u2019s unemployment rate to 32.1 percent \u2014 more than 7 points higher than its Great Depression\u2013era peak.\u201d<\/strong><\/p><\/blockquote>\n\n\n\n

2\u2013 Service Sector has been walloped by the virus<\/strong><\/p>\n\n\n\n

Services account for 70% of the US economy, but presently the sector is in meltdown.<\/strong> According to the analysts at Wolf Street: \u201cEmployment contracted sharply and hours were reduced for those still employed. \u201cThe employment index plunged from +6.1 to -23.8, also the lowest level on record\u2026<\/p><\/blockquote>\n\n\n\n

Retailers got whacked. The Retail Sales Index of the Texas Retail Outlook Survey collapsed from the already beaten-down level of -2.5 in February to an epic all-time low of -82.6 in March\u2026 (Also) the general business activity index collapsed from the beaten down level of -5.0 to a historic low of -84.2\u2026.<\/p><\/blockquote>\n\n\n\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

10 Signs the U.S. Is Heading for a Depression\u00a0 1\u2013 Unemployment is off-the-charts Thursday\u2019s jobless claims leave no doubt that the country is in the grips of another severe recession. More than 6.6 million Americans filed for unemployment insurance in the last week. That number exceeds the gloomiest prediction of more than 40 economists and pushes […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[2310,7202,19452],"class_list":["post-52124","post","type-post","status-publish","format-standard","hentry","category-economics","tag-depression","tag-mike-whitney","tag-the-unz-review"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52124","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52124"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52124\/revisions"}],"predecessor-version":[{"id":52125,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52124\/revisions\/52125"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}