Another 640K Americans Lost Their Jobs
US weekly initial jobless claims up 27K to 640K
That is 640K American Families that were not unemployed last week.
That is 640K American Families that might lose health coverage if they can't find replacement work.
That is 640K American Families infected with the FU virus.
And for those of you Fools that don't really think it is a BIG number, think if America was in a war and we were getting reports of 600-650K casualties each and every week, week after week, month after month.......how long do you think it would take before we reached 30,000,000 casualties???
And there were some Fools claiming that things were looking better last week because INITIAL claims dropped slighly from the week before but still OVER 600K. Do the math my friends, at this rate, it will likely not be too much longer before many Fools will be unemployed.
US 4-wk avg ongoing claims up 143K to record 5.94M
The only reason this number is only at around 6 million is because each week hundreds of thousands are dropped off the rolls because they have been unemployed for so long. Mathematically, U3 is a terrible indicator of unemployment because it fails to pick up millions of Americans who are still unemployed buy no longer counted due to the duration of their unemployment.....especially during a period of declining job openings when the liklihood of rehire is even less!!!!!!!!!!!!!!!!!!!
We are seeing significant enrollment declines in health insurance due to the layoffs. Just look at the quarterly earnings reports of health insurers. Guess who is going to have to pick up those costs.....that is right my friends.....you and me as healthcare costs are spread over a pool of fewer and fewer people.
It is not that many of you Fools are not intelligent, most of you are much smarter than me, but many of you seem to want to insulate yourselves from the FACTS. In life, when you do that long enough, and your head is buried in the ground with your backside in the air, if conditions are deteriorating fast enough, inevitably the FACTS come back to bite you in the backside.