Increasing Global Economic Collapse and ‘Distress of Nations’; Another 1.2 million Americans filed for first-time unemployment benefits last week
By Anneken Tappe and Tami Luhby, CNN Business Updated 9:56 AM ET, Thu August 6, 2020
New York (CNN Busness) In recent weeks the recovery from America’s jobs crisis seemed to have hit a roadblock, but last week’s claims for first-time unemployment benefits fell more than expected.
That said, another 1.2 million Americans filed for initial jobless benefits in the week ending August 1 on a seasonally adjusted basis, the Department of Labor reported on Thursday. That was down from the prior week’s 1.4 million claims.
It was a reversal of a trend in the past two reports, in which initial claims increased. First-time claims peaked at 6.9 million in the last week of March and then declined for four months. But around mid-July, they reversed directions and rose again.
That’s not a good look for a labor market that desperately needs to recover after millions of workers were displaced by the pandemic. But last week offered hope that claims could head lower once again.
Not adjusting for seasonal factors, just under 1 million people filed initial unemployment claims last week. Normally seasonal adjustments help smooth out the data, but the huge numbers during the pandemic have instead distorted it.
The government’s $600 weekly boost to regular unemployment benefits, which was introduced as part of the first stimulus package to combat the fallout from the pandemic, ran out on July 31.
As a result, the jobless in Oklahoma are seeing cuts of as much as 86%, for instance. Those in Massachusetts are getting 53% less than what they did when the $600 benefit was in effect.
This means millions of laid-off Americans are trying to survive on less than half of what they have received for the last four months.
Lawmakers in Washington continue to bicker over how much federal assistance should be provided. Republicans proposed a $200 weekly enhancement for at least two months before transitioning to replacing 70% of laid-off workers’ former wages through the end of 2020. Democrats, on the other hand, are calling to continue the $600 supplement until early next year.
American workers continue to need help
While Washington is butting heads in negotiations, American workers continue to need help to make ends meet.
Rising Covid-19 infections across the country have stalled the reopening of the economy and have made it harder for people to return to work. In addition, money from government’s paycheck protection program, which allowed companies to hire back workers, is running out.
Continuing claims for benefits, which count people who have applied for government aid for at least two weeks in a row, came in at 16.1 million on a seasonally adjusted basis, more than 800,000 claims lower than the week before. These continued claims trail first-time claims by a week.
And those numbers are only regular jobless benefits and don’t include the pandemic assistance the government rolled out over the past months.
Last week, 656,000 people in 51 states filed initial claims to seek pandemic unemployment assistance, down from 909,000 claims in the week before. Continued claims for pandemic assistance were little changed around 13 million.
Counting all people who claimed benefits under the various government programs up until the week ending July 18, 31.3 million Americans filed claims — up nearly 500,000 from the week before.
The government’s pandemic emergency unemployment compensation program, which provides those who have exhausted their benefits with an additional 13 weeks of payments, had more than 1.1 million claimants — up about 90,000 from the week before. Congress created it in March as part of its historic expansion of the nation’s unemployment program. It expires Dec. 31.
Additionally, more than 413,000 people are participating in the Short-Time Compensation workshare program, which is designed to avoid layoffs by allowing employers to reduce workers’ hours and employees to claim partial unemployment benefits. A year ago, there were fewer than 13,000 people in the program.
To fund all of these unemployment benefits programs, states are borrowing billions of dollars.
Some 18 states have received authorization to borrow a total of $13.8 billion this month. But so far in August, only eight states have drawn down just over $1 billion, according to the Treasury Department.
Among the states that recently joined the list are Georgia, New Jersey, New Mexico, Pennsylvania and Virginia.
Ten states have already borrowed $19.2 billion to fund their share of unemployment benefits, which typically last 26 weeks. California tops the list with a balance of nearly $8.4 billion.
The jobless are guaranteed to receive their payments, regardless of where the money comes from. It’s not unusual for states to turn to the federal government for loans during economic downturns.
In His Service,
Night Watchman Ministries
Make Your Decision for Christ NOW!!!!!!! Time is Up!!!!!!!
Jesus Christ’s Offer of Salvation:
The ABCs of Salvation through Jesus Christ (the Lamb)
A. Admit/Acknowledge/Accept that you are sinner. Ask God’s forgiveness and repent of your sins.
. . . “For all have sinned, and come short of the glory of God.” (Romans 3:23).
. . . “As it is written, There is none righteous, no, not one.” (Romans 3:10).
. . . “If we say that we have no sin, we deceive ourselves, and the truth is not in us.” (1 John 1:8).
B. Believe Jesus is Lord. Believe that Jesus Christ is who He claimed to be; that He was both fully God and fully man and that we are saved through His death, burial, and resurrection. Put your trust in Him as your only hope of salvation. Become a son or daughter of God by receiving Christ.
. . . “That whosoever believeth in him should not perish, but have eternal life. For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life. For God sent not his son into the world to condemn the world; but that the world through him might be saved. (John 3:15-17). For whosoever shall call upon the name of the Lord shall be saved.” (Romans 10:13).
C. Call upon His name, Confess with your heart and with your lips that Jesus is your Lord and Savior.
. . . “That if thou shalt confess with thy mouth the Lord Jesus, and shalt believe in thine heart that God hath raised him from the dead, thou shalt be saved. For with the heart man believeth unto righteousness; and with the mouth confession is made unto salvation.” (Romans 10:9-10).
. . . “If we say that we have no sin, we deceive ourselves, and the truth is not in us. If we confess our sins, he is faithful and just to forgive us our sins, and to cleanse us from all unrighteousness. If we say that we have not sinned, we make him a liar, and his word is not in us.” (John 1:8-10).
. . . “And he is the propitiation for our sins: and not for ours only, but also for the sins of the whole world. (John 2:2).
. . . “In this was manifested the love of god toward us, because that God sent his only begotten Son into the world, that we might live through him. And we have seen and do testify that the Father sent the Son to be the Saviour of the world. Whosoever shall confess that Jesus is the Son of God, God dwelleth in him, and he in God.” (1 John 4:9, 14-15).
. . . “But God commendeth his love toward us, in that, while we were yet sinners, Christ died for us. Much more then, being now justified by his blood, we shall be saved from wrath through him. For if, when we were enemies, we were reconciled to God by the death of his Son, much more, being reconciled, we shall be saved by his life.” (Romans 5:8-10).
. . . “For the wages of sin is death; but the gift of God is eternal life through Jesus Christ our Lord.” (Romans 6:23).
. . . “Jesus saith unto them, I am the way, the truth, and the life, no man cometh unto the Father, but by me.” (John 14:6).
. . . “For I am not ashamed of the gospel of Christ: for it is the power of God unto salvation to everyone that believeth.” (Romans 1:16).
. . . “Neither is there salvation in any other: for there is none other name under heaven given among men, whereby we must be saved.” (Acts: 4:12).
. . . “Who will have all men to be saved, and to come unto the knowledge of the truth for there is one God, and one mediator between God and men, the man Christ Jesus.” (1 Timothy 2:4-6).
. . . “For God did not appoint us to suffer wrath but to receive salvation through our Lord Jesus Christ.” (1 Thessalonians 5:9).
. . . “But as many as received him, to them gave the power to become the sons of God, even to them that believe on his name.” (John 1:12).
True Church / Bride of Christ Spared from God’s Wrath:
Romans 5:8-10. “But God commendeth his love toward us, in that, while we were yet sinners, Christ died for us. Much more then, being now justified by his blood, we shall be saved from wrath through him. For if, when we were enemies, we were reconciled to God by the death of his Son, much more, being reconciled, we shall be saved by his life.”
Romans 12:19. Dearly beloved, avenge not yourselves, but rather give place unto wrath: for it is written, Vengeance is mine; I will repay, saith the Lord.
1 Thessalonians 1:10. And to wait for his Son from heaven, whom he raised from the dead, even Jesus, which delivered us from the wrath to come.
1 Thessalonians 5:9. For God hath not appointed us to wrath, but to obtain salvation by our Lord Jesus Christ,
Romans 8:35. Who shall separate us from the love of Christ? shall tribulation, or distress, or persecution, or famine, or nakedness, or peril, or sword?
Jeremiah 30:7. Alas! for that day is great, so that none is like it: it is even the time of Jacob’s trouble, but he shall be saved out of it.
Revelation 3:10 Because thou hast kept the word of my patience, I also will keep thee from the hour of temptation, which shall come upon all the world, to try them that dwell upon the earth.
Categories: Economic Collapse