Economic Collapse

In just the past five (5) days, increasing Global Economic Collapse and ‘Distress of Nations’; American initial jobless claims rocket above 1 million again

Revelation 13:16-17 And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.

In just the past five (5) days, increasing Global Economic Collapse and ‘Distress of Nations’; American initial jobless claims rocket above 1 million again

By Anneken Tappe, CNN Business Updated 11:07 AM ET, Thu August 20, 2020

New York (CNN Business) Another 1.1 million Americans filed initial claims for unemployment benefits on a seasonally adjusted basis last week, dashing economists’ hopes for a second-straight week with fewer than 1 million claims.

Economists were optimistic that the US jobs market would be on a steady trajectory toward recovery. But last week’s claims exceeded forecasts after the previous week’s report was the first below 1 million since March, the Department of Labor reported Thursday.

Without seasonal adjustments, 891,510 people filed regular first-time claims for benefits. On top of that, claims for Pandemic Unemployment Assistance program, which Congress introduced during the coronavirus pandemic, also rose to 542,797. Adding these numbers together, unadjusted first-time claims stood at 1.4 million last week.

That suggests the jobs recovery slowed down this month. Because the survey for the Bureau of Labor Statistics’ August jobs report also wrapped last week, that could dampen economists’ forecasts for the jobs report early next month.

But the disappointment from the initial claims number was offset by a larger-than-expected decrease in continued jobless claims, which count people who have filed regular claims for at least two weeks in a row. That number decreased to 14.8 million — still staggeringly high but also at the lowest level since the first week of April.

Looking at the numbers, “it’s clear that what is keeping people unemployed is not overly generous benefits, but a lack of job openings,” said Andrew Stettner, senior fellow at The Century Foundation, a think tank, in emailed comments.

All in all, nearly 28.1 million Americans were claiming benefits under the various government programs available in the week ending August 1, only about 200,000 fewer than in the previous week.

After months of shocking economic data, these eyewatering big numbers might not seem as shocking anymore as they really are. But the road to recovery remains long and arduous.

The Federal Reserve said in its July meeting minutes Wednesday that any rebound of the jobs market depends on a reopening and businesses, which in turn depends on the path of the virus and what we do to contain it.

Meanwhile, those filing for benefits are no longer receiving the $600 weekly boost Washington put in place as part of the CARES Act, which expired at the end of July. Instead, benefits have dwindled to their regular amount, which is commonly less than workers made on their salaries.

“Every day that passes without an extension of supplemental unemployment benefits brings greater and greater pain for tens of millions of families,” Stettner said.

Since Congress has been unable to agree a new stimulus deal so far, President Donald Trump signed an executive action to boost jobless benefits by $300 per week by diverting disaster relief money from the Federal Emergency Management Agency.

So far only seven states — Iowa, Arizona, New Mexico, Louisiana, Utah, Colorado, and Missouri — have applied for the federal funding to pay out the additional benefits Trump signed off on.

But it might still take a while until this money makes its way to people’s wallets. States will have to create a new system to pay out the executive action benefits because the money comes from a different pot of money and is subject to different rules. And that could take weeks.

One way or another, states are struggling to foot the bill for the millions of unemployment claims that they have to pay out and are borrowing from the Treasury to make ends meet. California, New York and Texas continue to be the biggest borrowers.

In His Service,

Night Watchman

Paul Rolland

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 12:19Dearly 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

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