There are about
160 million people
160 million people
in the civilian labor force,
according to the Bureau
of Labor Statistics.
31.8 million receive
unemployment
compensation
under state and
federal programs.
31.8 million
means
over 20%
of the
labor force
receives
unemployment
compensation.
So how can the
unemployment rate
be under 20% ?
About 20%
of the labor force
is on unemployment
insurance.
Newly laid-off workers
keep filing for initial
unemployment benefits
week after week.
On top of the people
already unemployed
and receiving benefits.
People who started working
again are not making
a visible dent in the curve.
In the week ended July 18,
31.8 million Americans
(not seasonally adjusted)
were collecting unemployment
insurance, just off the peak.
Source: Department of Labor
The 16.2 million continuing
claims that were reported
by the mainstream media
were only the claims under
state unemployment
programs.
There is a huge difference
between 16.2 million state
continuing claims and
31.8 million total state
and federal continuing
claims !
The federal programs
are new, established by
the CARES Act.
That doesn't mean
they should be
ignored !
The mainstream media
loves to report bad news
about Trump -- they even
make up fake news,
such as the evidence-free
Trump-Russian collusion
fairy tale, since 2016
... but then they
completely miss honest
reporting about how many
Americans are really
collecting unemployment
insurance.
I don't get it.
$4,000 a month unemployment
insurance for each
of two people I know
in Michigan,
at least until the
end of July 2020
-- not bad money
for staying home !
Seasonal
adjustments
make no sense
in the COVID-19 age,
but the
“not seasonally adjusted”
data in the charts is similar.
Example:
For the week ending July 18:
Seasonally adjusted:
+1.42 million new
initial unemployment
claims with state
unemployment offices
Up from +1.30 million
in the prior week,
and the highest
in four weeks.
Not seasonally adjusted:
+1.37 million new
initial unemployment
claims with state
unemployment offices.
Down from +1.51 million
in the prior week,
and the lowest so far in this
18 week crisis.
Federal Pandemic
Unemployment
Assistance
(PUA):
had 13.18 million
continuing claims
for contract workers,
the self-employed,
and other “gig workers”:
During the week,
+974,999 new PUA claims
were added by 48 states.
Two states
seem to be
running late
with processing
those claims.
State and federal programs
combined last week totaled
+2.35 million
( +1.37 million initial
state claims
+974,999 initial
federal PUA claims)
+2.35 million is a huge number
after 18 weeks of this COVID
catastrophe !
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