America Divided Cut

The New Normal, Worldwide Economic Collapse; US layoffs remain elevated as incomes and spending weaken

The New Normal, Worldwide Economic Collapse; US layoffs remain elevated as incomes and spending weaken

CHRISTOPHER RUGABER Associated Press•October 1, 2020

WASHINGTON (AP) — The number of Americans seeking unemployment benefits declined last week to a still-high 837,000, evidence that the economy is struggling to sustain a tentative recovery that began this summer.

The Labor Department’s report, released Thursday, suggests that companies are still cutting a historically high number of jobs, though the weekly numbers have become less reliable as states have increased their efforts to root out fraudulent claims and process earlier applications that have piled up.

California, for example, which accounts for more than one-quarter of the nation’s aid applications, this week simply provided the same figure it did the previous week. That’s because the state has stopped accepting new jobless claims for two weeks so it can implement anti-fraud technology and address a backlog of 600,000 (6) applications that are more than three weeks old.

Overall jobless aid has shrunk in recent weeks even as roughly 25 (5×5) million people rely upon it. The loss of that income is likely to weaken spending and the economy in the coming months.

A $600-a-week federal check that Congress provided in last spring’s economic aid package was available to the unemployed in addition to each state’s jobless benefit. But the $600 benefit expired at the end of July. A $300 weekly benefit that President Donald Trump offered through an executive order lasted only through mid-September, although some states are still working to send out checks for that period.

A result is that Americans’ incomes and spending are declining or slowing. Total paid unemployment benefits plunged by more than half in August, according to the Commerce Department. That pulled down Americans’ incomes for the month by 2.7% — a trend that, if it continues, could weaken economic growth.

Consumer spending did rise 1% that month, down from 1.5% in July. But that increase relied in part on consumers drawing upon their savings.

“Unless employment growth picks up, or additional (government) aid is extended, consumer spending is at risk of slowing dramatically during the second phase of the recovery,” said Gregory Daco, an economist at Oxford Economics.

Other measures of the U.S. economy have been sending mixed signals. Consumer confidence jumped in September, fueled by optimism among higher-income households, though it remains below pre-pandemic levels. And a measure of pending home sales rose in August to a record high, lifted by ultra-low mortgage rates.

Yet some real-time measures indicate that growth has lost momentum with the viral pandemic still squeezing many employers, especially small retailers, hotels, restaurants and airlines, nearly seven months after it paralyzed the economy. An economic index compiled by the Federal Reserve Bank of New York grew in September at a weaker pace than during the summer months.

In its report on jobless claims Thursday, the Labor Department said the number of people who are continuing to receive benefits fell to 11.8 million, extending a steady decline since spring. That suggests that many of the unemployed are being recalled to their old jobs. Another 12 million people are receiving aid under the Pandemic Unemployment Assistance program, which has made the self-employed and gig workers eligible for benefits for the first time.

But the decline in the number of those receiving aid also reflects the fact that tens of thousands of jobless Americans have exhausted their regular state unemployment benefits. Most of them are transitioning to an extended jobless aid program that provides benefits for an additional three months.

Weekly applications for unemployment benefits are typically watched as a proxy for layoffs, although the data has become muddied in recent months. The flood of laid-off workers during the pandemic recession overwhelmed state agencies.

The states’ efforts to clear backlogs and uncover fraud in the new program have made it harder to interpret the government’s report on unemployment benefits. Many economists no longer consider it a clear sign of the pace of layoffs.

Initial jobless claims are stuck above the highest levels reached in the 2008-2009 Great Recession. But last week, economists at Goldman Sachs noted that according to other government data, layoffs have fallen below the peaks of a decade ago.

Still, many large companies are announcing further layoffs.

Disney said this week that it’s cutting 28,000 jobs in California and Florida, a consequence of the damage it’s suffered from the viral outbreak and the shutdowns and attendance limits that were imposed in response. Allstate said it will shed 3,800 jobs — 7.5% of its workforce.

And U.S. airlines on Thursday began furloughing more than 32,000 employees, among the many who will likely lose jobs this month as federal aid to the airlines expires. The airlines were barred from cutting jobs as long as they were receiving government assistance. American and United had said they would begin the 32,000 furloughs after lawmakers and the White House failed to agree on a pandemic relief package that would extend the aid to airlines.

On Friday, the government will issue the jobs report for September, the final such report before Election Day, Nov. 3. Analysts have forecast that it will show a gain of 850,000, which would mark the third straight monthly slowdown in job growth. It would mean that the economy has regained just over half the 22 million jobs that were lost to the pandemic.

The unemployment rate is expected to decline from 8.4% to 8.2%, according to data provider FactSet.

John 13:19 Now I tell you before it come, that, when it is come to pass, ye may believe that I am he.

John 14:29 And now I have told you before it come to pass, that, when it is come to pass, ye might believe.

Luke 21:31 So likewise ye, when ye see these things come to pass, know ye that the kingdom of God is nigh at hand.

Mark 13:29 So ye in like manner, when ye shall see these things come to pass, know that it is nigh, even at the doors.

Luke 21:28 And when these things begin to come to pass, then look up, and lift up your heads; for your redemption draweth nigh.

Revelation 1:1 The Revelation of Jesus Christ, which God gave unto him, to shew unto his servants things which must shortly come to pass; and he sent and signified it by his angel unto his servant John:

‘Increasing Like Labor Pains.’ ‘Fearful Sights.’ ‘Perilous Times.’ ‘Men’s hearts failing with fear.’ Great Convergence of Signs.’ REDEMPTION IMMINENT.

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.

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