[US of A] UNEMPLOYMENT NOW MUCH GREATER THAN WHOLE CANADA POPULATION !

[Daniel808]

FINANCE UNEMPLOYMENT
38.6 million have filed for unemployment during the pandemic—greater than the combined population of 21 states

• BY
• LANCE LAMBERT

May 21, 2020 8:59 AM EDT

Another 2.4 million initial unemployment claims were filed last week, marking the ninth straight week with jobless claims topping at least 2 million.

Since mid-March more than 38.6 million Americans have filed unemployment claims, according to the U.S. Department of Labor—a figure greater than the total population of the country’s 21 smallest states.

The 2.4 million jobless claims is down from last week’s 2.7 million claims and represents the seventh straight week of a decline in the overall number of claims. But this figure is still more than four times the previous pre-coronavirus record of 695,000 claims in October 1982.

“There are fewer people filing for unemployment insurance claims, but we’re still seeing millions [of claims]. This is not a sign of relief,” says Pavlina Tcherneva, an associate professor of economics at Bard College and author of the upcoming book The Case for a Job Guarantee.

The Federal Reserve projects the number of unemployed Americans could top out at 47 million. But since 38.6 million have filed claims already, unemployment levels could be “way worse than the Fed projects,” Tcherneva says.

The number of jobless claims—2.4 million—was right in line with most economists’ forecasts, which were between 2.3 million and 2.4 million.

With each passing week, the U.S. Bureau of Labor Statistics’ 14.7% official unemployment rate looks all the more dated; its count covered the period through mid-April. Since then, another 12.2 million Americans have claimed unemployment benefits. When those 12.2 million are added to the already 23.1 million unemployed Americans in the latest jobs reports, it brings the total unemployed over 35 million. That would be a real unemployment rate of 22.5%, just below the 25.6% peak unemployment rate during the Great Depression.

The official unemployment rate doesn’t match up with the number of unemployment claims because only out-of-work Americans who are searching for new positions are categorized as unemployed and in the labor force. And many jobless workers are choosing to wait out the virus and stay-at-home order before starting their search.

Americans on the unemployment rolls are receiving an additional $600 weekly in benefits on top of their state benefits, but unless extended, the additional unemployment benefit payments will end on July 31.

https://fortune.com/2020/05/21/us-u...s-may-21-2020-benefits-claims-job-losses/amp/

 

[Daniel808]

Meanwhile in China

Why China Could Lead the Global Economic Recovery After COVID-19

Written byAlexander Chipman Koty



With the global economy in turmoil due to the COVID-19 coronavirus pandemic, China is in a unique position to lead the subsequent recovery.

Like other countries hit by COVID-19, China’s economy suffered greatly over the course of the outbreak. China’s GDP contracted by 6.8 percent year-on-year during the January-March period, including an enormous 39.2 percent drop in Hubei province, the epicenter of the outbreak.

Now, however, China has largely gotten COVID-19 under control and the economy has mostly re-opened, at a time when much of the rest of the world is facing the worst of the virus. While many governments are in crisis management, the Chinese government is now looking ahead towards putting the economy back on track for the rest of 2020 and beyond.

Due to the size of China’s economy, its success will be instrumental in revitalizing the global economy as a whole – and with the virus under control and ambitious economic policies set to be released, China appears well-positioned to accomplish just that.

Coronavirus under control in China

China has successfully gotten the spread of COVID-19 mostly under control, and compared to other major economies, is well equipped to identify and isolate new cases that may emerge in the future.

After the virus first emerged in late 2019, the outbreak spread rapidly in January and early February, at which point the vast majority of global COVID-19 cases were located in China. However, once the government recognized the virus, it responded with strong measures to curtail its spread.

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Through mass testing, the aggressive use of quarantines and physical distancing, and the adoption of technology to track the spread of the virus, Chinese authorities managed to control the virus. Total reported cases stabilized at just over 80,000 in late February and there are now fewer than 1,000 active cases.

As a result of China’s success in managing the virus, most businesses have reopened – including in Wuhan, the city at the center of the outbreak. Manufacturing in China, for example, is back up – to about 80 percent of usual levels – as factories reopen and workers emerge from isolation.

Although a rebound of COVID-19 will be a concern until a vaccine is developed, the infrastructure China has already put in place to manage the outbreak will empower authorities to isolate new outbreaks. Chinese authorities, for instance, have instituted virus tests in workplaces, schools, and elsewhere, and launched a smartphone app to track users’ health status. Such measures will allow authorities to respond quickly to new COVID-19 cases, as recently occurred in the northeast province of Heilongjiang, which borders Russia – a new coronavirus hotspot.

In contrast to China, several other major economies are now facing the worst of the virus, and the strategies that some governments are employing may prolong the spread.

In the US, for example, COVID-19 spread in earnest in March, and there are now already over a million cases in the country. Although the spread of the virus in the US is far from under control, some states have already begun partially lifting their lockdowns and others are planning on following. Such measures will likely lead to the continued spread of the virus, meaning that the worst of the outbreak in the US will almost certainly last significantly longer than it did in China.

Ambitious economic policies forthcoming
Although COVID-19 sullied some of China’s short-term economic goals, the government still has ambitious goals for the coming years.

Before COVID-19 emerged, most economists expected China’s GDP to grow by around six percent in 2020. Growth at this rate would have made the Communist Party reach its goal of doubling 2010 GDP and per capita income levels by 2021, in celebration of the Party’s 100th anniversary.

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While six percent growth is no longer on the cards for 2020, President Xi recently signaled that the government is not taking its foot off the pedal in meeting previously announced goals. In an appearance in northwest China’s Shaanxi province, Xi acknowledged the difficulty for government officials to meet targets but also reaffirmed the need to meet the Party’s centenary goals.

Through statements such as this, Xi may be laying the groundwork to massage the targets of the goals from “by 2021” to “by the end of 2021”. Regardless, to approach these goals, China’s economy will need to emerge from the first quarter’s negative growth to round out 2020 and then return to the country’s accustomed high levels of growth throughout 2021.

To do so, China will likely enact a stimulus package to jolt the economy back to life, which may be announced at the upcoming Two Sessions meetings set to begin on May 21. Because of the government’s high levels of debt emanating from its stimulus in response to the 2008 financial crash, this round will likely be lower.

Still, the stimulus package will be sizeable, this time focused on developing “new infrastructure”, such as 5G networks, NEV charging stations, energy efficiency programs, and other initiatives that will help build China’s economy of the future. If China’s stimulus policies are effective, they will not only stabilize the economy in the short-term but help transition the country towards a high-tech and service-driven economy to set the stage for the coming decade.

How will the global economic recovery play out?
The global economic outlook is highly uncertain due to the unpredictable nature of COVID-19 and the ability of different countries to control its spread. Given the current situation, however, economists generally expect economic contraction in 2020 before a recovery in 2021.

If and when China’s economic stimulus policies are enacted, the country’s economy will be on the upswing. Despite the contraction in China’s economy during the first quarter of 2020, the IMF still projects the economy to grow by 1.2 percent for the year. For 2021, the IMF predicts China’s economy will grow by 9.2 percent, leading all major economies.

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While this year’s 1.2 percent is significantly lower than the approximately six percent growth most economists expected for China before the coronavirus outbreak hit, that China will manage positive growth at all is a testament to its strength. And if the IMF’s projections are correct, China will be rapidly making up for lost time in 2021.

In contrast to China, economists predict most major economies to contract in 2020. Although the US has already pumped massive amounts of money into stabilizing the economy, such as through a US$2.3 trillion financing package, the IMF projects the US to contract by 5.9 percent in 2020 and grow by 4.7 percent in 2021. Similarly, the IMF expects the Euro Area to decrease by 7.5 percent in 2020 before bouncing back to 4.7 percent the next year.

In fact, India is the only other major economy the IMF expects to end the year with positive growth, with a projected 1.9 percent increase. The IMF even predicts that the ASEAN-5 – a group of Southeast Asia’s five largest economies – will contract by 0.6 percent in 2020.

China and India, then, stand alone as the only major economies expected to finish 2020 with positive growth. And as the world’s second largest economy – several times bigger than India’s – China’s contributions to global growth will be enormous.

Just as emerging Asian markets were the key contributors of global economic growth before the COVID-19 pandemic, they will be essential in driving the recovery. With the virus largely under control in China and the government equipped with the resources to stimulate the economy, China is set to be a leader in the global recovery, on the back of both is unparalleled production capacity and enormous consumption market.

Ultimately, however, a global recovery will depend on the ability of governments worldwide to contain COVID-19, thereby preventing future outbreaks and allowing countries to reopen for business. In the case of the economic crisis set off by COVID-19, then, economic recovery begins with an effective public health response across the globe.

https://www.china-briefing.com/news/china-will-lead-global-economic-recovery-covid-19/

Good job US of A

 

[Daniel808]

In US of A, No social distancing at all

Meanwhile in China

https://twitter.com/x/status/1264402149317832704

Development keep going.
Expansion project of #Urumqi Diwopu Int'l Airport under construction

 

[Beast]

@F-22Raptor @Hamartia Antidote @Get Ya Wig Split

These people will desperately avoid talking about the article in this thread and delude themselves, everything is fine in US and China economy is doomed.

 

[Daniel808]

@F-22Raptor @Hamartia Antidote @Get Ya Wig Split

These people will desperately avoid talking about the article in this thread and delude themselves, everything is fine in US and China economy is doomed.

39 million is Crazy

On the road to 50 Million Unemployment, Good luck US of A

 

[lcloo]

US employed people is about 160 million, 39 million is close to 1/4. One out of 4 people losing their job is terrible. No wonder they want to go back to open business despite the high risk of increasing infection rates and death tolls.

 

[Daniel808]

The US political and economic system really corrupted by many of their stakeholders


This woman explain, why it's expensive to be poor in US of A land

 

[Viva_Viet]

FINANCE UNEMPLOYMENT
38.6 million have filed for unemployment during the pandemic—greater than the combined population of 21 states

• BY
• LANCE LAMBERT

May 21, 2020 8:59 AM EDT

Another 2.4 million initial unemployment claims were filed last week, marking the ninth straight week with jobless claims topping at least 2 million.

Since mid-March more than 38.6 million Americans have filed unemployment claims, according to the U.S. Department of Labor—a figure greater than the total population of the country’s 21 smallest states.

The 2.4 million jobless claims is down from last week’s 2.7 million claims and represents the seventh straight week of a decline in the overall number of claims. But this figure is still more than four times the previous pre-coronavirus record of 695,000 claims in October 1982.

“There are fewer people filing for unemployment insurance claims, but we’re still seeing millions [of claims]. This is not a sign of relief,” says Pavlina Tcherneva, an associate professor of economics at Bard College and author of the upcoming book The Case for a Job Guarantee.

The Federal Reserve projects the number of unemployed Americans could top out at 47 million. But since 38.6 million have filed claims already, unemployment levels could be “way worse than the Fed projects,” Tcherneva says.

The number of jobless claims—2.4 million—was right in line with most economists’ forecasts, which were between 2.3 million and 2.4 million.

With each passing week, the U.S. Bureau of Labor Statistics’ 14.7% official unemployment rate looks all the more dated; its count covered the period through mid-April. Since then, another 12.2 million Americans have claimed unemployment benefits. When those 12.2 million are added to the already 23.1 million unemployed Americans in the latest jobs reports, it brings the total unemployed over 35 million. That would be a real unemployment rate of 22.5%, just below the 25.6% peak unemployment rate during the Great Depression.

The official unemployment rate doesn’t match up with the number of unemployment claims because only out-of-work Americans who are searching for new positions are categorized as unemployed and in the labor force. And many jobless workers are choosing to wait out the virus and stay-at-home order before starting their search.

Americans on the unemployment rolls are receiving an additional $600 weekly in benefits on top of their state benefits, but unless extended, the additional unemployment benefit payments will end on July 31.

https://fortune.com/2020/05/21/us-u...s-may-21-2020-benefits-claims-job-losses/amp/

Only 36 millions?? In CN, its abt 205 millions as many as ID population
.....

, while Liu Chenjie, chief economist at fund manager Upright Asset, estimated at the end of March that the pandemic may have pushed 205 million Chinese workers into “frictional unemployment”.
https://www.google.com/amp/s/amp.sc...rus-china-prepared-handle-unemployment-crisis

 

[Beast]

Only 36 millions?? In CN, its abt 205 millions as many as ID population
.....

, while Liu Chenjie, chief economist at fund manager Upright Asset, estimated at the end of March that the pandemic may have pushed 205 million Chinese workers into “frictional unemployment”.
https://www.google.com/amp/s/amp.sc...rus-china-prepared-handle-unemployment-crisis

LOL... Looks at the 2 shitty author who wrote this garbage.


Zhou Xin

Zhou Xin co-leads the political economy team at the Post. He mainly covers economic stories but also writes about Chinese politics and diplomacy. He has previously worked for Reuters and Bloomberg in Beijing.

Sidney Leng

Sidney Leng joined the Post in 2015 after spending a year and a half working for US media, including National Public Radio and Foreign Policy Magazine. He has been covering China's macroeconomic policies and financial regulations since 2016.

SCMP is well known to be anti-China media and post a lot of craps.

Try harder!

 

[Hamartia Antidote]

@F-22Raptor @Hamartia Antidote @Get Ya Wig Split

These people will desperately avoid talking about the article in this thread and delude themselves, everything is fine in US and China economy is doomed.

https://www.scmp.com/economy/china-...rus-china-prepared-handle-unemployment-crisis
Coronavirus: is China prepared to handle an unemployment crisis?

A research report by brokerage firm Zhongtai Securities in late April put the real jobless rate at 20.5 per cent with 70 million unemployed,

 

[Daniel808]

Only 36 millions?? In CN, its abt 205 millions as many as ID population
.....

, while Liu Chenjie, chief economist at fund manager Upright Asset, estimated at the end of March that the pandemic may have pushed 205 million Chinese workers into “frictional unemployment”.
https://www.google.com/amp/s/amp.sc...rus-china-prepared-handle-unemployment-crisis

If there is 205 million of unemployment in China, then they myst be have hundred of thousands unemployment queue like this

The data cannot lie

https://twitter.com/x/status/1264402149317832704

 

[Beast]

https://www.scmp.com/economy/china-...rus-china-prepared-handle-unemployment-crisis
Coronavirus: is China prepared to handle an unemployment crisis?

A research report by brokerage firm Zhongtai Securities in late April put the real jobless rate at 20.5 per cent with 70 million unemployed, while Liu Chenjie, chief economist at fund manager Upright Asset, estimated at the end of March that the pandemic may have pushed 205 million Chinese workers into “frictional unemployment”.

Your link is just stating a prediction which probably suits their agenda selling securities and insurance but the news about 38.6 million American losing their job and queuing up for state welfare are happening now and in line with previous prediction.

Try harder, loser!

 

[Hamartia Antidote]

Your link is just stating a prediction which probably suits their agenda selling securities and insurance but the news about 38.6 million American losing their job and queuing up for state welfare are happening now and in line with previous prediction.

Try harder, loser!

Why would somebody in the business of selling securities inflate jobless numbers?
That would actually cause him to lose more business.

Try harder, loser!

Zhongtai Securities Co Ltd
Zhongtai Securities Co., Ltd. operates in security businesses. The Company provides securities brokerage, securities underwriting, asset management, investment banking, asset acquisition, and online exchange services. Zhongtai Securities also offers fund and futures intermediate services.

 

[Beast]

Why would somebody in the business of selling securities inflate jobless numbers?
That would actually cause him to lose more business.

Try harder, loser!

Zhongtai Securities Co Ltd
Zhongtai Securities Co., Ltd. operates in security businesses. The Company provides securities brokerage, securities underwriting, asset management, investment banking, asset acquisition, and online exchange services. Zhongtai Securities also offers fund and futures intermediate services.

You didnt know there is an insurance called unemployment scheme protection?

 

[Daniel808]

US unemployment and employment statistics
US unemployment rises by 2.4m despite easing of coronavirus lockdowns

• Nearly 39m Americans have lost jobs in nine weeks
• Rate of increase slows but joblessness still at 1930s levels

Dominic Rushe in New York
@dominicru
Thu 21 May 2020 08.32 EDT

Another 2.4 million Americans filed for unemployment insurance last week even as states across the US began opening up for business again, betting that the coronavirus pandemic is now under control.

The latest figures from the Department of Labor mean close to 39 million Americans have lost their jobs in just nine weeks. The rate of weekly losses has slowed sharply from its peak of 6.6m at the start of April but remains at levels unseen since the 1930s Great Depression.

This week the treasury secretary, Steven Mnuchin, said he expects unemployment to continue to rise as the pandemic takes its toll, but warned of “permanent damage” to the economy if the lockdowns are prolonged.

The weekly jobless claims are seen as a proxy for layoffs, but they do not necessarily give the most accurate picture of the unemployment situation. A claim is an application for unemployment benefits, and not every person who is laid off immediately applies for benefits.

The weekly unemployment claims are also still being affected by a backlog collapse of claims that overwhelmed many state systems.

The official unemployment rate is now 14.7%, the worst since records began. A decade’s worth of job gains have been wiped out, and most economists believe the real figure is higher and expect unemployment to rise to well above 20% in the coming months.

All the states have now begun lifting quarantine restrictions to some extent, but polls show the majority of Americans are worried about the return to work and many businesses remain closed.

36m Americans now unemployed as another 3m file for benefits
Aya Rabbaa, 19, lost her job at an iHop restaurant in Madison, Wisconsin, eight weeks ago and only received her benefits three days ago. “I would call and hang on hold for hours or they would hang up,” she said.

The college student relied on her wages to pay her expenses and said it had been a real struggle while she waited on the money. “They need to do something,” she said. “People are hungry, people are stressed.”

Now Wisconsin is open for business again after its supreme court struck down the state’s stay-at-home order. Rabbaa said she was worried about going back to work if and when the restaurant opens for business. “I’d go back but I am scared,” she said. “It’s still not safe. If I get it then the customers will get it and if they have it, I will get it.”

https://www.theguardian.com/business/2020/may/21/us-unemployment-figures-jobs-lost-coronavirus

Keep it up US of A