U.S. Economy Continues To Reel Under The Coronavirus
PandemicNovember 26. 2020
U.S. House Speaker Nancy Pelosi
The U.S. economy continues to reel under the
coronavirus pandemic, as the unemployment rate has shot up again.
Forbes magazine stated, "Weekly jobless claims ticked up for the
second week in a row to 778,000 (on a seasonally adjusted basis),
significantly more than the 733,000 claims experts were
expecting—the data is a discouraging sign that the record-breaking
surge in Covid-19 cases is beginning to impact the labor market."
The mere fact the unemployment rate during the
coronavirus pandemic surpassed the figures of the Great Depression
is an indication America is in a depression. Over 50% of the
restaurants in America have closed during the pandemic. A number of
retailers have gone out of business. The numbers are pretty bad.
Congress has not done what was needed to save the
economy. However, they callously continue to fight over a $1,200
stimulus check (per eligible person), which at this point in the
game, will do very little to save people from financial ruin. People
have become homeless from Congress' failure to act in the necessary
manner and in a timely fashion.
Many were also waiting to get a stimulus check to
help them over the holidays during this sad pandemic (Thanksgiving
and Christmas), but even that is in doubt, as Congress continues to
argue while people suffer.
STORY SOURCE
Unemployment Claims Are Rising Again Amid Covid-19 Surge
Nov 25, 2020,08:39am EST - Updated Nov 25, 2020,
11:25am EST - Weekly jobless claims ticked up for the second week in
a row to 778,000 (on a seasonally adjusted basis), significantly
more than the 733,000 claims experts were expecting—the data is a
discouraging sign that the record-breaking surge in Covid-19 cases
is beginning to impact the labor market.
Claims have been falling steadily—with the exception
of a few weekly jumps—since March, but the pace of the recovery has
slowed significantly over the last few months as coronavirus relief
provisions from the spring began expiring.
Lawmakers in Washington have so far been unable to
agree on another tranche of federal aid, despite a consensus among
policymakers and experts that more stimulus is necessary to prop up
the economy during the winter months before a coronavirus vaccine
becomes widely available. New weekly claims remain stubbornly above
the prepandemic record of 695,000 claims in 1982...
https://www.forbes.com