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https://in.reuters.com/article/us-usa-ec...SKBN2701QD

Quote:Initial claims for state unemployment benefits increased 53,000 to a seasonally adjusted 898,000 for the week ended Oct. 10. Data for the prior week was revised to show 5,000 more applications received than previously reported.

Not going in the right direction.

BC
(10-15-2020, 01:44 PM)BostonCard Wrote: [ -> ]https://in.reuters.com/article/us-usa-ec...SKBN2701QD

Quote:Initial claims for state unemployment benefits increased 53,000 to a seasonally adjusted 898,000 for the week ended Oct. 10. Data for the prior week was revised to show 5,000 more applications received than previously reported.

Not going in the right direction.

BC

No it's not.  Some stimulus would sure help.

Was watching Dana Perino speak.  Dana's a fiscal conservative and George Bush II's former press secretary.  Today, she said that she was petrified for the economy because of the lack of stimulus, now 76 days gone and counting.  She said that for the first time in her life, she's really scared of what's about to hit the economy.

BTW, a marketing coordinator that I used to use some years ago filed an initial unemployment claim on March 23.  It was approved...yesterday.  That's California's backup.  She'll be getting a check for the stimulus portion and the California portion, nearly $20k in all.

I still maintain we're economically screwed.  We pulled back too long and too hard.  The second wave of layoffs and business closings will be coming soon.  Raging inflation in 2022, maybe mid 2021.

Idiots...
It's Thursday, so there are new weekly unemployment numbers, and they are heading in the wrong direction.

https://apnews.com/article/pandemics-job...8603430a49

Quote:The number of Americans seeking unemployment aid rose last week to 742,000, the first increase in five weeks and a sign that the resurgent viral outbreak is likely slowing the economy and forcing more companies to cut jobs.

BC
(11-19-2020, 10:08 AM)BostonCard Wrote: [ -> ]It's Thursday, so there are new weekly unemployment numbers, and they are heading in the wrong direction.

https://apnews.com/article/pandemics-job...8603430a49

Quote:The number of Americans seeking unemployment aid rose last week to 742,000, the first increase in five weeks and a sign that the resurgent viral outbreak is likely slowing the economy and forcing more companies to cut jobs.

BC

And last week's numbers were revised upward, from 709k to 711k.

https://www.dol.gov/ui/data.pdf

On the good side, the total number of all people claiming benefits is down to 20,319,615 which is a decrease of 841,245.  Of course, there's no stimulus...yet.
(11-19-2020, 02:26 PM)Mick Wrote: [ -> ]On the good side, the total number of all people claiming benefits is down to 20,319,615 which is a decrease of 841,245.

I do wonder however if the numbers are down not because there are fewer people needing benefits, but rather because there are simply fewer qualified for the benefits.
By the way, Merry Christmas to the 12 million people who will lose unemployment benefits on the day after Christmas.

https://www.cbsnews.com/news/unemploymen...christmas/

Since this is a family site, I will say it constitutes a big "Bah, humbug" to people who are struggling.

BC
Meanwhile it was reported yesterday that California has an unexpected $26 billion budget surplus this year.

Legislators planned for a 15% decrease in revenue due to Covid and cut the budget accordingly, but there was actually a surprising 9% increase from last year:

https://sacramento.cbslocal.com/2020/11/...-windfall/

Structural deficits are forecast to return next year, though.

According to a piece I heard on the radio, this year's surplus is due to the fact that most state revenue comes from people making over $60k a year, and as a group those people have shifted to working from home more successfully than anyone expected.
(11-19-2020, 06:22 PM)cctop Wrote: [ -> ]Meanwhile it was reported yesterday that California has an unexpected $26 billion budget surplus this year.

Legislators planned for a 15% decrease in revenue due to Covid and cut the budget accordingly, but there was actually a surprising 9% increase from last year:

https://sacramento.cbslocal.com/2020/11/...-windfall/

Structural deficits are forecast to return next year, though.

According to a piece I heard on the radio, this year's surplus is due to the fact that most state revenue comes from people making over $60k a year, and as a group those people have shifted to working from home more successfully than anyone expected.

There should be a big bump coming next month from the Airbnb IPO.

When Trump gets chased out of the White House, Mitch will declare his primary goal is to keep Biden from getiing reelected. McConnell's reputations are well-deserved. The only false rumor was that he was unpopular in Kentucky.
(11-19-2020, 08:18 PM)chrisk Wrote: [ -> ]There should be a big bump coming next month from the Airbnb IPO.
There is usually a lockup period that will prevent insiders from selling stock until sometime in 2021.
(11-19-2020, 06:22 PM)cctop Wrote: [ -> ]Meanwhile it was reported yesterday that California has an unexpected $26 billion budget surplus this year.

There's more than a little bit of that about.  I'm aware of a near-half $billion business that stripped $40 mms+ in costs, anticipating a 20% revenue shrinkage.  Instead, they're going to have a 10% increase.  Still kept the $40 million cost cut.
(11-20-2020, 07:32 AM)oldalum Wrote: [ -> ]
(11-19-2020, 08:18 PM)chrisk Wrote: [ -> ]There should be a big bump coming next month from the Airbnb IPO.
There is usually a lockup period that will prevent insiders from selling stock until sometime in 2021.
Airbnb says it will allow 15% of shares to be sold when it goes public. Even 6 months will be in the state’s current fiscal year.
Unemployment claims are surging again.
https://www.forbes.com/sites/sarahhansen...347e6421e3