Increasing Global Economic Collapse and ‘Distress of Nations’; Another 1 million Americans filed for unemployment insurance benefits last week. This is getting dangerously repetitive.
By Anneken Tappe, CNN Business Updated 10:17 AM ET, Thu August 27, 2020
New York (CNN Business) Another 1 million American workers filed for first-time unemployment benefits last week on a seasonally adjusted basis, the Labor Department reported Thursday.
The report met economists’ expectations, and was a small decline from the prior week, but the report was still somewhat of a disappointment. So far, we’ve only seen one week — at the start of August — with fewer than a million claims since March, when the pandemic started to take its toll on America’s job market.
Continued jobless claims, which count people filing at least two weeks in a row, stood at 14.5 million on a seasonally adjusted basis. The on-going decline in continued claims is a good sign that some people who lost their jobs in this crisis are returning to work.
Without the seasonal adjustments, which smooth out the data in normal times but are a distortion during the pandemic, the picture looks slightly different but not necessarily better: initial unadjusted claims stood at 821,591 last week. But, on top of that, 607,806 Americans — more than in the prior week — filed claims for pandemic unemployment assistance, one of the programs Congress devised to help workers who don’t have access to the regular government programs, such as the self-employed. That brings the total of unadjusted first-time claims to 1.4 million.
All in all, 27 million American workers filed for some form of jobless assistance under various government programs during the week ending August 8, representing a decrease of around 1 million claims — but still highlighting that this jobs crisis remains in full force.
Congress’ weekly supplemental $600 in jobless aid expired at the end of July, and lawmakers haven’t been able to agree another round since. Meanwhile President Donald Trump signed an executive order, diverting funding from the Federal Emergency Management Agency to pay for additional weekly benefits worth $300. States can add another $100 for a total $400 supplement, but many have said they can’t afford that.
The Trump administration and some Republican lawmakers have claimed that the $600-a-week benefits have paid many Americans more than they would have made on their jobs. The supplemental benefit has kept people from rejoining the labor force, they argued.
“So far there is no indication yet that the expiration of an extra $600 per week in UI benefits at the end of July 31 has led to a big drop in unemployment,” said PNC’s chief economist Gus Faucher in emailed comments.
Deep economic dive
In addition to the Labor Department report, the Bureau of Economic Analysis also published its second estimate of second-quarter US gross domestic product — the broadest measure of the economy.
GDP registered its worst collapse on record between April and June as the effect from the pandemic lockdown was in full force. The revised drop is an annualized 31.7% economic contraction, compared with the initial estimate 32.9%. Even with this tiny improvement, the second quarter was still the worst one on record for America’s economy.
The GDP update included corporate profits, which decreased by $227 billion in the quarter. That was a significant decline, but it was less than in the first three months of the year. The pandemic lockdown straddled the first and second quarters, beginning in March with restrictions starting to loosen in April.
In the current, third quarter, GDP growth is expected to roar back. The Federal Reserve Bank of Atlanta predicts the economy to grow at an annual rate of 25.6% between July and September. That’s good news, no doubt. But against the backdrop of millions of people still relying on government aid to make ends meet, it leaves a bitter aftertaste.
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