Unemployment soars to 3.3 million but underlying economy is strong

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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.

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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1 COMMENT

  1. The grocery is playing now hiring ads over the in store sound. Milk and other essentials are back in stock with good quantity.
    The grocery distributors are hiring as well I’m sure. Some Frankenfood outlets like fast food are doing drive up only and some will deliver.
    We’ll emerge stronger just as Judge Jeanine has stated. CCP will rue the day that they unleashed Kung Flu upon the world.

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