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Ouch! The U.S. economy lost 2.1 million jobs last week.
That brings the total jobless claims to 41 million since the outbreak shut down the U.S. economy.
Those jobless claims numbers are horrible. Yet there were a couple positive signs.
First, the number of NEW weekly jobless claims continues to drop. This week showed a 323,000 decline in new jobless claims versus last week. And this is a continuation of a trend that we’ve seen for the last eight weeks.
Second, the number of continuing jobless claims also dropped by 3.86 million. Continuing jobless claims tracks the number of claims that have been made for at least two consecutive weeks. As of this week, that number was 21 million.
This suggests that companies are re-hiring employees as America reopens. And it shows that perhaps as many as one-third of previously laid off people have found employment.
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2.1 Million New Unemployment Claims
The weekly jobs report shows 2.1 million new jobless claims last week. That brings the total number of claims to more than 41 million.
WHO: Healthy People Do NOT Always Need to Wear Masks
The World Health Organization says that only sick people and those caring for sick people need to wear masks. The guidance is in stark contrast with the Centers for Disease Control which says everyone should wear a mask.
New Jersey Budget Crisis: 200K Job Cuts
The state of New Jersey is facing major budget issues, due to the coronavirus outbreak. Gov. Phil Murphy says that the state may have to cut 200,000 public employee jobs. Positions at risk include police officers and firefighters. The state is lobbying the federal government for funding to avoid the cuts.
50% of Washington State Cases Are Under 40 Years Old
One-half of new Covid-19 cases in Washington State are people under the age of 40. The shift may reflect less social distancing among younger people. Washington has over 20,000 confirmed cases.
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The Coronavirus Numbers
Here are the numbers from Friday 1:30 p.m. ET:
- 5,971,028 Infected worldwide
- Deaths: 364,293
- 1,777,722 Infected in the U.S.
- 103,813 Deaths in the U.S.
What’s Next
The S&P 500 dropped 1% on Friday. The decline was due to the rising tensions between the U.S. and China.
China is clamping down on protects in Hong Kong. And there’s concern that the country may impose national security laws on the city.
President Trump is expected to hold a news conference to share his concerns. There is concern that this situation may derail progress with the trade war and tariffs.
The S&P 500 is currently trading approximately 10% below its all-time high. And that means the bull market for stocks may be temporarily running out of steam.
Yet you can collect huge income – even when stocks are treading water. In fact, you could be collecting checks for $395 from Apple, $232 from Caterpillar and $310 from IBM.
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Yours in Health & Wealth,
Ian Wyatt