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Are you encouraged by July 2020 new jobs rate and drop in unemployment   The Consumer You: Marketplace

Started Aug-7 by Showtalk; 493 views.
Showtalk

Poll Question From Showtalk

Aug-7

Are you encouraged by July 2020 new jobs rate and drop in unemployment
  • Yes, the numbers are great3  votes
    33%
  • Yes, I'm cautiously optimistic4  votes
    44%
  • No, I don't believe it0  votes
    0%
  • No, unemployment is still too high1  vote
    11%
  • No, we won't have good recovery for a long time1  vote
    11%
  • I don't know0  votes
    0%
  • Other0  votes
    0%
Yes, the numbers are great 
Yes, I'm cautiously optimistic 
No, I don't believe it 
No, unemployment is still too high 
No, we won't have good recovery for a long time 
I don't know 
Other 
In reply toRe: msg 1
Showtalk
Staff

From: Showtalk 

Aug-7

In reply toRe: msg 2
Showtalk
Staff

From: Showtalk 

Aug-7

  • Edited August 7, 2020 4:19 pm  by  Showtalk
In reply toRe: msg 1
MerlinsDad

From: MerlinsDad 

Aug-16

We're seeing improvements in the numbers of jobs being added, and the unemployment rate at 10.2% is finally below the peak of the Great Recession  "The Great Recession, which officially lasted from December 2007 to June 2009, pushed the unemployment rate to a peak of 10.6% in January 2010 . . . according to a new Pew Research Center analysis of government data [dated June 11, 2020]."    https://www.pewresearch.org/fact-tank/2020/06/11/unemployment-rose-higher-in-three-months-of-covid-19-than-it-did-in-two-years-of-the-great-recession/

Unemployment is still very high.  With the loss of the extra $600 unemployment benefit, millions of people are going to have trouble making ends meet.

Pinning down actual unemployment numbers is tricky because they are counted in a number of different ways, but here's the most recent news release from the DOL (August 13, 2020 https://www.dol.gov/ui/data.pdf)

TOTALS:   (July 25) 28,257,995           (July 18)   31,323,611    (change) -3,065,616           (prior year)  1,690,746

Showtalk
Staff

From: Showtalk 

Aug-16

Employment numbers are artificially low due to so many businesses still closed.  

I think the numbers are artificially low because a lot of businesses are closed and many may never re-open.

Showtalk said:

Leisure and hospitality accounted for the bulk of the hiring, adding 592,000 new positions.

So really, most of the jobs are "McJobs" - low paid, no benefits, hourly positions, not middle class work.

Most leisure and hospitality type jobs are among the lower paid positions in the economy.

Those are the ones also hurt the most with the economic shutdowns, so this does indicate that many restaurants and such are cautiously opening up.

Got to keep the transmission rate below 1.0

Showtalk
Staff

From: Showtalk 

Aug-17

So that is good.  Restaurant jobs where tips are involved often pay very well, but not during a pandemic.  A friend’s son just came home from a city where he was a high end waiter.  He made more in one night in tips than most other servers make in a week of salary. With the restaurant moving to take out, he has no job and no hope of another one for at least a year.  He didn’t intend to become a server. He moved to the city to be an actor.  That happens...

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