Jobless Claims hit all-time high, 3.28 million, after cities shutdown in fear of plague-like death

I’m sure Trump will be blamed by the left, who are clicking their heels over the horrible news.

They longed for their crisis, they got it.

CNBC-

Americans displaced by the coronavirus crisis filed unemployment claims in record numbers last week, with the Labor Department reporting Thursday a surge to 3.28 million.

The number shatters the Great Recession peak of 665,000 in March 2009 and the all-time mark of 695,000 in October 1982. The previous week, which reflected the period before the worst of the coronavirus hit, was 282,000, which was higher than expected at the time.

Consensus estimates from economists surveyed by Dow Jones showed an expectation for 1.5 million new claims, though individual forecasts on Wall Street had been anticipating a much higher number. The surge comes amid a crippling slowdown brought on by the coronavirus crisis.

Despite the news being even worse than expected, the major stock indexes opened more than 2% higher (4.1% as of this writing-bfh), wiping out what had been sharp earlier losses.

“This was way bigger than we thought and the market’s still moving higher,” said Randy Frederick, vice president of trading and derivatives at Charles Schwab. “That’s a very encouraging sign that we may be in a bottoming process.”

“We’ve known this number was coming for a week and a half,” said Tom Gimbel, founder and CEO of the LaSalle Network, a Chicago-based employment agency. “It doesn’t surprise me at all. When you see a city like Las Vegas get shut down, I don’t know what other options there were than seeing a number like this.”

“This is a unique situation. People need to understand, this is not a typical downturn,” Federal Reserve Chairman Jerome Powell said earlier Thursday on NBC’s “TODAY.”

“At a certain point, we will get the spread of the virus under control. At that time, confidence will return, businesses will open again, people will come back to work,” he added.

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16 Comments on Jobless Claims hit all-time high, 3.28 million, after cities shutdown in fear of plague-like death

  1. Off topic; Fox is reporting that some of Nancy’s economy-killing goodies are still in the Senate version of the bill. WTF?

  2. The purpose of media induced coronaphobia is making itself clear for those willing to se it for what it is.

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  3. “They 𝗅̶𝗈̶𝗇̶𝗀̶𝖾̶𝖽̶ ̶𝖿̶𝗈̶𝗋̶ ̶𝗍̶𝗁̶𝖾̶𝗂̶𝗋̶ caused a crisis, they got it.”

    …that’s a lot closer to the truth. This was caused BY Communist, made much WORSE by Communist, and blown up into WAY more than it really IS by Communist, all because Hillary isn’t President.

    …and, if THIS doesn’t work, on to Global Thermonuclear War. Don’t doubt it. The Left is like a very dangerous child, and if THEY can’t own our lives, then NO ONE WILL!!!!

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  4. plague, n — A general name for any malignant disease with which men or beasts are stricken.

    Hey, @BFH — It isn’t “plague-like“, it’s plague.

    As for the unemployment claims, the number is utterly unsurprising given the donk/statist frenzy to make this calamity as panic-inducing as possible.

    Question for the Dems: How many people are you willing to kill or impoverish simply to get President Trump out of the White House? One million? Two? Twenty?

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  5. “At a certain point, we will get the spread of the virus under control.

    You mean like making everyone stay at home?
    For how long?

  6. no one i know ever thought the left would go quietly into the night

    this is just another of the battles being fought in the civil war that we have been fighting since 2008

    remember the tea party!

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  7. @BFH:

    there was never a plague

    You may well be right. I’m quite suspicious about the lack of reporting, heck, lack of mention, of a key epidemiological statistic: excess deaths.

    People die, it’s in our nature not to be immortal. The rate at which people die is pretty well known. What we’re not hearing is how many more people are dying than expected for a given population and area. Why not?

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  8. “At a certain point, we will get the spread of the virus under control.”

    What’s this “we” crap?

    That will only happen when a sufficient percentage of the human population is successfully immunized against the virus and its evolving variants. Until then, the virus will behave like most viruses and spread at will – and slow down on it’s own at the end of what epidemiologists call “Phase I.” We could be in that slowdown in a matter of weeks. What’s needed then are “antibody studies” in every state that will indicate the percentage of the population actually exposed to CoVid-19. Only at that point – and when combined with genetic analysis of the virus’s evolved variants – will we actually know what we’re dealing with.

  9. Gee, who would have thought that trying to shut down the entire global economy over an especially nasty flu bug would cause massive layoffs?

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  10. @Irate Nate March 26, 2020 at 11:40 am

    > Gee, who would have thought that trying to shut down the entire global economy over an especially nasty flu bug would cause massive layoffs?

    And, who would have thought that destroying extant industry, while keeping Legal™ “immigration” and fake money pumping, would be Good™ for the Financial™ Industry™?

  11. Fear is a terrible thing.
    No one should have to live in fear.
    But, sometimes, we take on fear where there isn’t really any cause.
    Call a flu, say, a Wuhan flu, something sinister, like a Corona-Virus and scare the Hell out of billions of people who should know better. There isn’t a people on Earth who haven’t had the flu in some form or another over the past millennium. But do we remember? Oh, Heck NO! Tensions have been so high since the advent of Obola that no one remembers calm – our Legislature has been in a state of turmoil since President Trump’s mid-term losses (everybody seems to have forgotten that the RINOs did ABSOLUTELY FUCKING NOTHING for two years), as have the EU, Central Asia, the Middle East, Africa, Russia, Ukraine, Poland, and China.
    Obola’s destruction of America cannot begin to compare to the hysterical destruction induced by the media-maggots over a flu. They vaulted a simple flu into the Stratosphere of Plaguery and stampeded the world into paroxysms of insanity over nothing – OVER FUCKING NOTHING!
    Yeah, it’s a flu. So fucking what? Get a grip. Wash your hands. Don’t sneeze into the wind. Don’t pull the mask off some old lone stranger …

    izlamo delenda est …

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  12. ^^^ …and you don’t mess around with…Trump?

    …doesn’t rhyme with “Wind” very well…

    …and as I recall, it didn’t end well for Jim, either…cool song reference, tho…

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  13. Tim
    MARCH 26, 2020 AT 3:51 PM

    …I ALWAYS read you, @Tim, all the way to “izlamo delenda est”, “Islam must be Destroyed”.

    You make good points and have a unique way of doing so.

    …you could curse less, but then, so could I…

    Keep posting, I’ll keep reading…

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