Jobless Claims Unexpectedly Jump Higher Again
New weekly jobless claims jumped to 885,000 in the week that ended December 12, the Department of Labor said Thursday.
The prior week’s initial claims number was revised up to 862,000 from the initial estimate of 853,000.
Economists had forecast a decline in claims to 806,000, according to Econoday.
Jobless claims can be volatile week to week so many economists prefer to look at the four-week average. This rose to 812,500 from 778,225.
Jobless claims—which are a proxy for layoffs—remain at extremely high levels. Prior to the pandemic, the highest level of claims was 695,000 hit in October of 1982. In March of 2009, at the depths of the financial crisis recession, jobless claims peaked at 665,000.
Even when the economy is creating a lot of demand for workers, many businesses will shed employees as they adjust to market conditions. But in a high-pressure labor market, those employees quickly find jobs and many never show up on the employment rolls. What appears to be happening now is that many workers who lose their jobs cannot quickly find replacement work and are forced to apply for benefits.
Claims hit a record 6.87 million for the week of March 27, more than ten times the previous record. Through spring and early summer, each subsequent week had seen claims decline. But in late July, the labor market appeared to stall and claims hovered around one million throughout August, a level so high it was never recorded before the pandemic struck. Claims moved down again in September and hade made slow, if steady, progress until the election.
New restrictions on businesses aimed at stemming the resurgence of coronavirus are likely contributing to layoffs now. Some states and cities have imposed new curfews and discouraged people from leaving home for non-essential reasons. Businesses faced with this suppressed demand will likely be forced to cut their payrolls to reflect lower sales.
The monthly jobs report released on the first Friday of December showed that hiring had slowed in November. Some sectors hardest hit by limits on capacity and social distancing, including restaurants, pared down their payrolls. Retailers expanded their payrolls by hundreds of thousands of workers to prepare for the holiday shopping season. But because they hired fewer workers than Department of Labor economists expected, this showed up as a contraction in the seasonally adjusted figures. Some of the traditional retail jobs also appear to have migrated into shipping and warehousing as shoppers moved online.
Continuing claims, those made after the first filing for benefits, get reported with a week’s lag from initial claims. For the week ended December 5, continuing claims fell 273,000 to 5,508,000. The four-week average of continuing claims was 5,726,250, a decrease of 215,500 from the previous week.
In addition to regular state unemployment benefits, the federal government this spring launched two new programs aimed at delivering benefits to workers who ordinarily would not qualify, including gig workers and the self-employed. During the week ending November 28, 51 states reported 9,244,556 continued weekly claims for Pandemic Unemployment Assistance benefits and 51 states reported 4,801,408 continued claims for Pandemic Emergency Unemployment Compensation benefits.
The total number of continued weeks claimed for benefits in all programs for the week ending November 28 was 20,646,779, an increase of 1,603,281 from the previous week. There were 1,782,260 weekly claims filed for benefits in all programs in the comparable week in 2019.
The highest unemployment rates in the week ending November 28 were in California (7.0), New Mexico (6.7), Alaska (6.6), Hawaii (6.5), Nevada (6.1), Illinois (5.6), Puerto Rico (5.6), Pennsylvania (5.5), Massachusetts (5.4), and the Virgin Islands (5.4).
The biggest increases in initial claims were in California (+48,341), Illinois (+33,485), Texas (+22,729), Pennsylvania (+16,955), and New York (+16,814).
https://mexicanoccupation.blogspot.com/2020/12/joe-bidens-open-borders-mexican-hordes.html
WHO BENEFITS FROM JOE BIDEN AND THE GLOBALIST DEMOCRATS’ AGENDA OF OPEN BORDERS?
Start with the Mexican drug cartels which now operate in all major American cities. Their drug proceeds are laundered by some of the biggest banksters on Wall Street, all cronies of Joe Biden!
https://mexicanoccupation.blogspot.com/2020/12/joe-biden-and-la-raza-mexican-drug.html
BIDEN’S GLOBALIST DEMOCRAT PARTY AGENDA OF WIDER OPEN BORDERS and no Legal need apply!
https://mexicanoccupation.blogspot.com/2020/12/bidens-open-borders-for-hordes-of-cheap.html
As this won't be done all at once, Biden will do his best to try to hide the politically explosive consequences from public view. The new administration will likely fail to mask the fallout of Biden's immigration pledges, but he has the Top Men in the anti-borders brain trust working on the problem.
JOE BIDEN’S BILLIONAIRES FOR OPEN BORDERS OLIGARCHY.... Is old Joe finished performing his ‘populist’ gig?
https://mexicanoccupation.blogspot.com/2020/12/tucker-carlson-biden-oligarchy-and.html
What matters, Joe Biden wants you to know is that this is a democracy, always has been, always will be and by electing Biden and the small secretive group of billionaires who choreograph his every move, this country has become even more democratic, small seat, democratic, of course. And that’s reassuring to hear honestly because some of us were starting to get other impressions, non-democratic ones.
Pretty much the same way retired hedge fund operator, Tom Styer gets to tell you what to think about the weather, or how 78-year-old Mike Bloomberg decides which guns you can buy, or how George Soros can choose your prosecutors or how Tim Cook of Apple runs our trade policy, or how Mark Zuckerberg of Facebook can keep America’s borders open just because he feels like it, but nobody says anything because his friend, fellow billionaire, Jeff Bezos owns Washington, D.C.’s hometown newspaper, and may soon buy CNN. TUCKER CARLSON
Never Trump Bill Kristol Offers to Help Joe Biden Win Amnesty
Former Republican foreign-policy hawk and Never Trump die-hard Bill Kristol told Politico that he wants to help Democrats win a Capitol Hill battle over immigration.
“Never-Trump Republicans are a small but potentially important part of the overall Biden governing coalition,” Kristol said in December 17 article.
If Biden tries to pass an immigration bill, for instance, they could help by touting provisions popular with Republicans and moderates.
“It could be ads. It could be private meetings. It could be talking to business leaders or to … members of Congress,” he said. “Never-Trumpers can help the Biden administration govern successfully.”
President-elect Joe Biden has announced he wants an amnesty for the population of at least 11 million illegal aliens. Once amnestied, the vast majority of the illegal aliens will vote for big-government Democrats — and against Kristol’s goals of an aggressive foreign policy and high military spending.
Yet Kristol and his backers have a long history of supporting mass migration, supposedly to help boost the United States’ military clout.
In November 2018, Kristol posted a cheap labor plan for his New Center think tank: “Unauthorized immigrants living the U.S. should be brought out of the shadows.”
Kristol’s report also suggested that employers be allowed to freely import workers, just as President George W. Bush sought with his 2004 “Any Willing Worker” plan that would have washed away Americans’ ability to bargain for higher wages:
Immigrants can currently obtain only permanent and temporary visas, with employers often forced to fill long-term positions with temporary workers who are really de facto permanent residents. A new provisional visa would align with current economic needs by creating visas for immigrants of all skill levels who have offers of employment. The provisional visa program would increase these employees’ freedom by not tying them to their employers, and would enable them to eventually transition to lawful permanent residence. Provisional immigrants would be sponsored for threeyear visas, but could change their employer after one year. They could apply for a second three-year visa, and afterward, could adjust to lawful permanent residence.
In February 2017, Kristol, then the editor-at-large of the now-defunct Weekly Standard magazine, deemed Americans to be disposable and declared that population replacement would be best for national power:
Look, to be totally honest, if things are so bad as you say with the white working class, don’t you want to get new Americans in? [I hope] this thing isn’t being videotaped or ever shown anywhere. Whatever tiny, pathetic future I have is going to totally collapse. You can make a case that America has been great because every — I think John Adams said this — basically if you are in free society, a capitalist society, after two or three generations of hard work everyone becomes kind of decadent, lazy, spoiled — whatever. Then, luckily, you have these waves of people coming in from Italy, Ireland, Russia, and now Mexico.
During the campaign, Biden promised an amnesty, more skilled white-collar workers for the Fortune 500, plus more refugees to fill out low-wage jobs at retail stores and meatpacking plants.
If implemented, these pro-corporate labor policies will prove extremely unpopular among voters, according to numerous polls.
In 2020, President Donald Trump increased his vote total by offering a better deal for the back row, non-elite Americans — including whites, Latinos, and blacks — partly by reducing the inflow of blue-collar migrants. Those policies helped raise household media income by seven percent in 2019.
Overall, open-ended legal migration is praised by business and progressives partly because migrants’ arrivals help transfer wealth from wage-earners to stockholders.
Migration moves money from employees to employers, from families to investors, from young to old, from children to their parents, from homebuyers to real estate investors, and from the central states to the coastal states.
Migration also allows investors and CEOs to skimp on labor-saving technology, sideline U.S. minorities, ignore disabled people, exploit stoop labor in the fields, short-change labor in the cities, impose tight control and pay cuts on American professionals, corral technological innovation by minimizing the employment of American grads, undermine labor rights, and even get many progressive journalists to cheerlead for Wall Street’s priorities.
Hispanics are the most supportive of immigration shutdown, says WashPo poll
Polling quirk shows the obvious: Immigs want opportunities & their kids to be full Americans.
You can't get either if 'the land of opportunity' is just a 'nation of immigrants.'https://t.co/Ad05lnaYNP— Neil Munro (@NeilMunroDC) April 29, 2020
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