Unemployment soars to 3.3 million but underlying economy is strong

The number of Americans filing for unemployment soared to 3.2.8 million last week, quadrupling the record in 1982. The previous record in was 695,000. Businesses have been forced to shut their doors. However, we must keep in mind that these people can be hired back once this pandemic is over. The economy still needs the jobs. It is because of the coronavirus and oil war. We should seek reparations from China.

However, stocks are climbing higher. The Dow is up over 400 and the S&P is up 28 at 9:40. the NASDAQ is down 33.

BREAKING: US unemployment claims soar to 3.3 million — quadrupling record from 1982 — as layoffs from coronavirus engulf economy. Go to https://t.co/lF9DOUvxEY for more.

— The Associated Press (@AP) March 26, 2020

JEROME POWELL ON TODAY

The coronavirus pandemic is putting an unprecedented strain on the U.S. economy, Federal Reserve Chairman Jerome Powell said Thursday in an exclusive interview with Savannah Guthrie on the “TODAY” show. He also said, “There can be a good rebound on the other side of this.”

That is true, but the longer it goes on, the less it is likely to happen.

“We may well be in a recession,” Powell said. “But I would point to the difference between this and a normal recession. There is not anything fundamentally wrong with our economy. Quite the contrary. We are starting from a very strong position.”

“This is a unique situation,” Powell said when asked if the economy could withstand a monthlong shutdown. “I think people need to understand this is not a typical downturn. People are being asked to close their business, to stay home from work, and to not engage in certain economic activity, and so they are pulling back. At a certain point, we will get the virus under control and confidence will return.”

He said that the Feds will never run out of ammo to throw at it, but the problem, of course, is that the printing press he uses reduces the value of our money.

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