Jobs report - not good

[Finance85]

Earnings reports aren't good either. Markets other than crypto aren't reacting well. Looks like crypto is replacing precious metals as a safe haven. Dems will be tempted to throw more stimulus money at the problem instead of solving underlying problems.

New York (CNN Business)Another 861,000 workers filed for unemployment benefits for the first time last week, according to seasonally adjusted data released Thursday from the Labor Department.
That's nearly 100,000 more claims than economists had predicted and the highest number in a month. it was also an increase from the week before -- which was revised higher as well.
America's jobs recovery has really lost steam and last week's initial claims were four times higher than in the same period last year.
The anniversary of the benefit claims spike is only a month away. Last year, initial claims jumped to 3.3 million in the week ended March 21 before peaking at 6.9 million in the following week as the pandemic forced the US economy to shut down.


Nearly a year later, the weekly numbers are much lower again, but haven't meaningfully improved in months. Weekly claims dropped below a million in August, but their most recent adjusted low was 711,000 -- several times higher than the pre-pandemic average.

https://www.cnn.com/2021/02/18/economy/unemployment-benefits-coronavirus/index.html

 

[srams21]

Dems will be tempted to throw more stimulus money at the problem instead of solving underlying problems.

What do you think the underlying problems are and how do we fix them?

 

[Whiskeydeltadeltatango]

If we just print more money more people will have money to spend.

 

[BioHawk]

It works for banks and Wall Street.

 

[unsubstantiated]

Worked great under Bush 2 and Trump. It's a horrible thing under Obama or Biden.

 

[noleclone2]

If we just print more money more people will have money to spend.

LOL. If only our nation had spent like the Republican presidents and congress critters did in 2000-2008 and 2016-2020, we would have been ok...

 

[Finance85]

What do you think the underlying problems are and how do we fix them?

The first underlying problem is getting people back to work, and not providing incentives to not work.

As James Carville famously said, "it's the economy, stupid". I'm not calling you stupid, directly or veiled.

Pressing for a $15 federal minimum wage isn't helping. Shutting down Keystone for reasons other than immediate environmental protection isn't helping. Offering bailouts to states as an incentive to keep businesses locked down isn't helping. Loading up stimulus bills with foreign aid and pork isn't helping.

On the good side, there seems to be better management of the vaccine rollout, and that will help.

 

[BioHawk]

LOL. If only our nation had spent like the Republican presidents and congress critters did in 2000-2008 and 2016-2020, we would have been ok...

No we wouldn't because Republican presidents and congress critters didn't spend the money on Americans or our infrastructure. Now, if we used similar amounts of money and did that instead of useless wars and crony capitalism then we would be in a far better place. Texas may have power right now, but then again they probably wouldn't have taken the money to upgrade their power system. Pretty sure they were one of the states that didn't take the money to build high speed rail either.

 

[srams21]

The first underlying problem is getting people back to work, and not providing incentives to not work.

As James Carville famously said, "it's the economy, stupid". I'm not calling you stupid, directly or veiled.

Pressing for a $15 federal minimum wage isn't helping. Shutting down Keystone for reasons other than immediate environmental protection isn't helping. Offering bailouts to states as an incentive to keep businesses locked down isn't helping. Loading up stimulus bills with foreign aid and pork isn't helping.

On the good side, there seems to be better management of the vaccine rollout, and that will help.

Personally, I don't think the economy will fully recover until COVID is under control. Like it or not, a certain percentage of the population will not "fully" participate (dine out, go to shows, travel) until this pandemic is over.

In other words, the best thing the government can do is work with healthcare to get this pandemic under control.

 

[sober_teacher]

The first underlying problem is getting people back to work, and not providing incentives to not work.

As James Carville famously said, "it's the economy, stupid". I'm not calling you stupid, directly or veiled.

Pressing for a $15 federal minimum wage isn't helping. Shutting down Keystone for reasons other than immediate environmental protection isn't helping. Offering bailouts to states as an incentive to keep businesses locked down isn't helping. Loading up stimulus bills with foreign aid and pork isn't helping.

On the good side, there seems to be better management of the vaccine rollout, and that will help.

Sure, but can't both things be true at the same time? I don't know that I agree entirely with some of the pork in the bill - to be fair to Dems, stuff like the $15 minimum wage (which is popular with Americans overall), will be near impossible to pass w/o reconciliation process, which is why they're trying to squeeze it in now.

I think the stimulus package is necessary in the short-term, but obviously the biggest factor for long-term recovery will be vaccinations and getting thru the pandemic as quickly as possible.

 

[Finance85]

Personally, I don't think the economy will fully recover until COVID is under control. Like it or not, a certain percentage of the population will not "fully" participate (dine out, go to shows, travel) until this pandemic is over.

In other words, the best thing the government can do is work with healthcare to get this pandemic under control.

I agree with the 'fully recover' part, and agree that getting the virus under control is necessary. That said, there are many businesses that could be open, even if it's just partially, but aren't allowed. Some of the rules, particularly in California and NY, are stupid and have nothing to do with science.

The examples I provided are real, and every little bit hurts.

 

[shank hawk]

Covid didn’t destroy the economy, government did.

 

[seminole97]

Pretty sure they were one of the states that didn't take the money to build high speed rail either.

Maybe California can explain how overpaying for an incomplete and still unfinished high speed rail project would produce the funds to harden the power generation facilities and preclude blackouts.
I’m not sure I follow the logic myself.

 

[BlackNGoldBleeder]

If we just print more money more people will have money to spend.

Worked fine for the Trump administration.

Oh, wait, I forgot, that's not how tea-bagging works.

 

[srams21]

Worked fine for the Trump administration.

Oh, wait, I forgot, that's not how tea-bagging works.

Yep. When the Trump administration released two stimulus packages, it was ok. When Biden does it, it's a handout we can't afford.

 

[BlackNGoldBleeder]

Personally, I don't think the economy will fully recover until COVID is under control. Like it or not, a certain percentage of the population will not "fully" participate (dine out, go to shows, travel) until this pandemic is over.

In other words, the best thing the government can do is work with healthcare to get this pandemic under control.

Yep, my parents (both of whom are retired) haven't gone anywhere except to the grocery store since COVID hit. They canceled a trip to Hawaii, haven't traveled anywhere, and never dine out after years of eating out every week.

 

[seminole97]

It’s interesting no one tries to argue money printing isn’t deleterious, the argument for more of it is always based on the idea of better distributing the spoils.

 

[BelemNole]

The first underlying problem is getting people back to work, and not providing incentives to not work.

As James Carville famously said, "it's the economy, stupid". I'm not calling you stupid, directly or veiled.

Pressing for a $15 federal minimum wage isn't helping. Shutting down Keystone for reasons other than immediate environmental protection isn't helping. Offering bailouts to states as an incentive to keep businesses locked down isn't helping. Loading up stimulus bills with foreign aid and pork isn't helping.

On the good side, there seems to be better management of the vaccine rollout, and that will help.

None of the items you mentioned will move the needle except the vaccine roll-out. The economy will wake up this summer once the vaccine is more widespread and cases plummet. People are primed to get out and work/spend.

 

[BioHawk]

Maybe California can explain how overpaying for an incomplete and still unfinished high speed rail project would produce the funds to harden the power generation facilities and preclude blackouts.
I’m not sure I follow the logic myself.

Since I wasn't making the connection you seem to have drawn I can see why you don't understand it.

 

[seminole97]

Since I wasn't making the connection you seem to have drawn I can see why you don't understand it.

Someone hacked your account and posted “Pretty sure they were one of the states that didn't take the money to build high speed rail either.”
Maybe you can explain the relevance mentioning the state not wasting money on a railroad riders won’t pay for.

 

[Menace Sockeyes]

Just like we had to wait two to three years to see 3-4 years to start to see the true economic effects of W, Obama, Trump, etc., so we will have to wait those years to see the true economic impact of Biden policy.

Covid didn’t destroy the economy, government did.

Yes, all economic activity would have just gone along as normal as, as all other human behavior, during a deadly pandemic. Brilliant take.

 

[kwik44]

We are in big trouble. Remember universal basic income? It's now fast-tracked.

 

[herkyhawk00]

Earnings reports aren't good either. Markets other than crypto aren't reacting well. Looks like crypto is replacing precious metals as a safe haven. Dems will be tempted to throw more stimulus money at the problem instead of solving underlying problems.

New York (CNN Business)Another 861,000 workers filed for unemployment benefits for the first time last week, according to seasonally adjusted data released Thursday from the Labor Department.
That's nearly 100,000 more claims than economists had predicted and the highest number in a month. it was also an increase from the week before -- which was revised higher as well.
America's jobs recovery has really lost steam and last week's initial claims were four times higher than in the same period last year.
The anniversary of the benefit claims spike is only a month away. Last year, initial claims jumped to 3.3 million in the week ended March 21 before peaking at 6.9 million in the following week as the pandemic forced the US economy to shut down.


Nearly a year later, the weekly numbers are much lower again, but haven't meaningfully improved in months. Weekly claims dropped below a million in August, but their most recent adjusted low was 711,000 -- several times higher than the pre-pandemic average.

https://www.cnn.com/2021/02/18/economy/unemployment-benefits-coronavirus/index.html

Wait until the millions of green energy jobs. It will be amazing.

 

[hawkeyez]

The first underlying problem is getting people back to work, and not providing incentives to not work.

As James Carville famously said, "it's the economy, stupid". I'm not calling you stupid, directly or veiled.

Pressing for a $15 federal minimum wage isn't helping. Shutting down Keystone for reasons other than immediate environmental protection isn't helping. Offering bailouts to states as an incentive to keep businesses locked down isn't helping. Loading up stimulus bills with foreign aid and pork isn't helping.

On the good side, there seems to be better management of the vaccine rollout, and that will help.

The Keystone pipeline was ~10,000 temporary jobs and ~50 permanent jobs? That is a drop in the bucket. Shutting it down was mostly a symbolic gesture.

(I don't disagree with your other points)

 

[unIowa]

What we need is for community banks to start buying more balance sheet management and risk measurement software. Once that happens I think we will be back on the right track, Biden needs to get on this ASAP.

 

[BioHawk]

Someone hacked your account and posted “Pretty sure they were one of the states that didn't take the money to build high speed rail either.”
Maybe you can explain the relevance mentioning the state not wasting money on a railroad riders won’t pay for.

It helps if you read the 5 sentences before that one instead of just reading the last sentence without any context. The point is, Texas would rather make their citizens suffer than take money for infrastructure projects.

 

[luvmyhawks]

You guys think these are bad numbers, wait until you see the looming inflation.

 

[dirtypool]

Personally, I don't think the economy will fully recover until COVID is under control. Like it or not, a certain percentage of the population will not "fully" participate (dine out, go to shows, travel) until this pandemic is over.

i have been saying that since the beginning to Trumpers who wanted to open everything wide up.

i do think once there is enough vaccine supply to give to everybody who wants it that wou have 45-60 days to get it before things will open up to normal.

i still probably will be anxious about large gatherings, but that will be a choice i make for myself.

 

[unIowa]

You guys think these are bad numbers, wait until you see the looming inflation.

Hedge against it

 

[whatsup13579er]

Covid didn’t destroy the economy, government did.

Some governments still continue to be locked down despite data proving it is not the best course of action.

 

[shank hawk]

Just like we had to wait two to three years to see 3-4 years to start to see the true economic effects of W, Obama, Trump, etc., so we will have to wait those years to see the true economic impact of Biden policy.


Yes, all economic activity would have just gone along as normal as, as all other human behavior, during a deadly pandemic. Brilliant take.

👍

 

[Finance85]

None of the items you mentioned will move the needle except the vaccine roll-out. The economy will wake up this summer once the vaccine is more widespread and cases plummet. People are primed to get out and work/spend.

You are wrong. There are a lot of people who want to work, but aren't being allowed. There are a lot of small businesses that are failing, and won't be coming back soon.

 

[BelemNole]

You are wrong. There are a lot of people who want to work, but aren't being allowed. There are a lot of small businesses that are failing, and won't be coming back soon.

Please...tell me more about the rules in California. I always enjoy hearing about my backyard from people thousands of mile away.

 

[CleteyColgate]

What do you think the underlying problems are and how do we fix them?

The Trump Slump

 

[grapplefann]

Earnings reports aren't good either. Markets other than crypto aren't reacting well. Looks like crypto is replacing precious metals as a safe haven. Dems will be tempted to throw more stimulus money at the problem instead of solving underlying problems.

New York (CNN Business)Another 861,000 workers filed for unemployment benefits for the first time last week, according to seasonally adjusted data released Thursday from the Labor Department.
That's nearly 100,000 more claims than economists had predicted and the highest number in a month. it was also an increase from the week before -- which was revised higher as well.
America's jobs recovery has really lost steam and last week's initial claims were four times higher than in the same period last year.
The anniversary of the benefit claims spike is only a month away. Last year, initial claims jumped to 3.3 million in the week ended March 21 before peaking at 6.9 million in the following week as the pandemic forced the US economy to shut down.


Nearly a year later, the weekly numbers are much lower again, but haven't meaningfully improved in months. Weekly claims dropped below a million in August, but their most recent adjusted low was 711,000 -- several times higher than the pre-pandemic average.

https://www.cnn.com/2021/02/18/economy/unemployment-benefits-coronavirus/index.html

What's a Dem?

 

[TheCainer]

It works for banks and Wall Street.

And TRUMP!

 

[onlyTheObvious]

We are in big trouble. Remember universal basic income? It's now fast-tracked.

How is that funded ? I don’t think there are enough rich people to tax so the middle class can become receivers of government assistance vs paying in.

biden might make trumps debt curve look flat.

 

[TheCainer]

Covid didn’t destroy the economy, the lack of a valid government response did.

FIFY

 

[unsubstantiated]

Covid didn’t destroy the economy, Trump did.

FIFY

 

[Legs94]

No we wouldn't because Republican presidents and congress critters didn't spend the money on Americans or our infrastructure. Now, if we used similar amounts of money and did that instead of useless wars and crony capitalism then we would be in a far better place. Texas may have power right now, but then again they probably wouldn't have taken the money to upgrade their power system. Pretty sure they were one of the states that didn't take the money to build high speed rail either.

How many wars did we fight under Trump? Compare that to how many we fought under Obama and get back to me. Agree with you on the Bush era, not a fan of his foreign policy.