The Numbers are horrible. The truth is worse!!!!!!

Unemployment Claims Higher than Expected by 50,000.  The details behind the numbers…..

The figures that get published are the “weekly initial jobless claims”.  This figure represents the number of new people who have filed for unemployment benefits in the last week.

Now that you know what the number represents, would you believe that the figure this past week was 573,000!!!!!  Last week’s number was 515,000.  So simple math shows that 1.1 million people have become unemployed in the last 2 weeks alone!!!!

The number of people continuing to get unemployment benefits, excluding the 573,000 new people, was 4.4 million people.  Keep in mind that people become ineligible to collect benefits after being jobless for a period of time.  Thus there are many more jobless out there, it is just that they can not get benefits……..

There are also countless millions who have jobs and are not unemployed, but whose incomes are down 10-80% from last year due to how their compensation is calculated and whether they are commission or volume based, or paid based on profits, etc.

With the ranks of the unemployed growing by 1 million people every two weeks, it will not take long for many, many to be out of work.

Will this lead us to depression?  I think not, but we do face a tremendously painful recession that is still in the early stages.

Your thoughts????  Leave a comment.

  1. Michael

    I agree that we are in the early stages, and that things will get worse before they get better. Nothing is moving right now. I think a ton of companies will miss their earnings reports over the next few months, and any positives in the movement of the markets will be quickly eradicated both by profit taking, and people who need to pull cash from the markets just to get by. Its like a perfect storm. At the same time, I’m optimistic that we will cycle through this tough time, learn from it, and be better off in the long run.

  2. Michael:
    I absolutely agree and am hopeful. He have no choice but to look through the haze of the current environment and strive to see the bright future.
    Thank you for the comment.

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