The economy "roaring back" lol
I don't know what sources some of the people of very questionable intellect use,but they should seriously stick to reputable mainstream NEWS sources,
rather than propaganda & conspiracy sites, or .....Facebook.
In some extreme examples, some fools are such ridiculous Trump rah rah brainwashed imbeciles,
that they simply can't see reality.
Here's reality -
Yesterday in The Guardian;
In response to:
Stock markets tumble as another 1.5m Americans file for unemployment
Dow Jones loses more than 1,800 points while S&P down 5% after US coronavirus infections hit 2m
Dominic Rushe and Amanda Holpuch in New York
Thu 11 Jun 2020 12.24 EDT
Stock markets tumbled in the US and Europe on Thursday amid growing fears over the long-term economic impact of the coronavirus pandemic.
The sell off started after the US labor department announced another 1.5 million people had filed for unemployment benefits and the number of coronavirus infections passed 2m even as states across the US continued to relax their quarantine measures.
Stock markets have rallied – some to record highs – in recent weeks as investors have bet that economies would reopen without a surge infections and that the short, sharp shock of quarantine would be followed by a swift economic reversal.
As traders weighed the morning news for signs about how long the pandemic will sap global growth the major markets all turned negative, with the Dow Jones closing down over 1,800 points (7%) the S&P down 6% and the Nasdaq – which recently hit a record high – also losing 5%. In Europe all the markets closed down with the FTSE 100 in London losing 4%.
In just 12 weeks more than 44 million claims have been made for benefits as people lost their jobs. Rehiring appears to have started. Last week the labor department said the unemployment rate had dipped in May to 13.3% from 14.7% in April – although officials said difficulty collecting data meant the figure was probably 3% higher.
Last night the US passed another grim milestone as the number of confirmed cases of Covid-19 passed 2m in the US and more than 115,000 people have died.
Yesterday Jerome Powell, chair of the Federal Reserve, said the coronavirus was the “biggest economic shock” in living memory and warned it would be a long road to recovery. The central bank expects unemployment to dip to 9.3% by the year end, a sharp fall but still nearly three times as high at the 3.5% recorded in February. Powell warned that while the trend was positive it would be “difficult for many people to find work” for “an extended period”.
Last week was the second week in a row that unemployment claims were below 2m, a sign that layoffs are slowing from the peak of 6.6m in April. The numbers, however, remain historically high. In the last recession, the highest number of weekly unemployment claims peaked at 665,000 in March 2009, and the previous all-time mark was 695,000 in October 1982.....
Stock markets tumble as another 1.5m Americans file for unemployment
Dow Jones loses more than 1,800 points while S&P down 5% after US coronavirus infections hit 2m
Dominic Rushe and Amanda Holpuch in New York
Thu 11 Jun 2020 12.24 EDT
Stock markets tumbled in the US and Europe on Thursday amid growing fears over the long-term economic impact of the coronavirus pandemic.
The sell off started after the US labor department announced another 1.5 million people had filed for unemployment benefits and the number of coronavirus infections passed 2m even as states across the US continued to relax their quarantine measures.
Stock markets have rallied – some to record highs – in recent weeks as investors have bet that economies would reopen without a surge infections and that the short, sharp shock of quarantine would be followed by a swift economic reversal.
As traders weighed the morning news for signs about how long the pandemic will sap global growth the major markets all turned negative, with the Dow Jones closing down over 1,800 points (7%) the S&P down 6% and the Nasdaq – which recently hit a record high – also losing 5%. In Europe all the markets closed down with the FTSE 100 in London losing 4%.
In just 12 weeks more than 44 million claims have been made for benefits as people lost their jobs. Rehiring appears to have started. Last week the labor department said the unemployment rate had dipped in May to 13.3% from 14.7% in April – although officials said difficulty collecting data meant the figure was probably 3% higher.
Last night the US passed another grim milestone as the number of confirmed cases of Covid-19 passed 2m in the US and more than 115,000 people have died.
Yesterday Jerome Powell, chair of the Federal Reserve, said the coronavirus was the “biggest economic shock” in living memory and warned it would be a long road to recovery. The central bank expects unemployment to dip to 9.3% by the year end, a sharp fall but still nearly three times as high at the 3.5% recorded in February. Powell warned that while the trend was positive it would be “difficult for many people to find work” for “an extended period”.
Last week was the second week in a row that unemployment claims were below 2m, a sign that layoffs are slowing from the peak of 6.6m in April. The numbers, however, remain historically high. In the last recession, the highest number of weekly unemployment claims peaked at 665,000 in March 2009, and the previous all-time mark was 695,000 in October 1982.....
The important part is NOT what the stock market does day to day. That can overreact in both directions, sometimes even in the same day. The important part is the underlying economic data, which induced the drop.
The stock market itself is NOT the economy. That's been pointed out repeatedly, but some people
seem not to get it at all, which is consistent with how anyone can still be supporting the worst US president in history.
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