Apparently 860,000 people filing for unemployment in a single week is considered good economic news now.
Just look at how this news is being spun. It’s being sold as a “gradual improvement” in the labor market.
NEW: U.S. jobless claims resumed its decline, signaling a gradual improvement in the battered labor market.
U.S. claims decreased by 33,000 to 860,000 in the week ended Sept. 12 https://t.co/yJywc4j9Cc
— Bloomberg Economics (@economics) September 17, 2020
Business Insider is claiming that this data is “encouraging.”
Dow tumbles 320 points as tech sell-off outweighs encouraging jobless-claims data https://t.co/G21WpRn5uk
— Business Insider (@businessinsider) September 17, 2020
I don’t see anything encouraging about this news. We’ve had around six months of these types of horrific unemployment numbers. The fact that 860,000 is on the low end is simply an illustration of the economic devastation that has taken place in this country.
The economy is fucked. If you are lucky you might be able to get a slave job working for Jeff Bezos at Amazon.
