San José, CA – On Thursday, June 11, reality finally caught up with Wall Street. For weeks there was a huge gap between the economy, where millions upon millions of people had lost their jobs and livelihood, and the soaring stock market which had turned positive for the year. But today reality seems to have sunk in, sending the headline Dow Jones Industrial Average down more than 1800 points, or almost 7%. The broad S&P 500 index fell almost 6%, and the technology-heavy NASDAQ fell more than 5%. Stock market from Asia to Europe also fell.
San José, CA – Corporate-owned media is blaring that the unemployment rate unexpectedly fell in May to 13.3%, from 14.7% in April. This was far better than even the most optimistic economist expected and even led to at least one to declare that “the recession is over.” Well, when something is too good to be true, it usually isn’t true.
Nearly three times as high as the pre-pandemic record
San José, CA – On Thursday, June 4 the federal Department of Labor reported that 1.9 million new claims for state unemployment insurance or UI benefits were filed in the week ending May 30. This was down by 250,000 claims from the previous week, continuing the slow decline in new applications. However, this was still more than two and a half times higher than the previous pre-pandemic record of almost 700,000 claims made during the deep 1981-82 recession.
Initial wave of layoffs ebbs even as new job cuts grow
San José, CA – On Thursday, May 28, the U.S. Department of Labor reported that there were 2.1 million new claims for state unemployment insurance in the previous week ending May 23. This was down from 2.4 million new claims the week before, showing that the wave of layoffs from the pandemic and efforts to control it is going down. At the same time this is still more than ten times the pre-recession level and brings the total number of new applications to 40 million in the last ten weeks.
Workers and Communist Parties Against Blockades and Imperialist Wars
Fight Back News Service is circulating the following appeal that was initiated by the German Communist Party (DKP), Communist Party Of Peoples Of Spain (CPPS), and the Communist Party Of Venezuela (CPV). Freedom Road Socialist Organization is among the signers.
Minneapolis, MN – Political Secretary of Freedom Road Socialist Organization Steff Yorek stated on May 26, “The United States has just reached a grim milestone, 100,000 deaths from COVID-19 with no end in sight, earning this country the dubious distinction of edging into the top ten for deaths per person, with 30.46 deaths per 100,000.”
Nevada, Michigan and Hawai’i see unemployment rates above 20% in April
San José, CA – On Friday, May 22, the monthly report on state-level labor markets saw the – unemployment rate for three states – Nevada, Michigan and Hawai’i – all soar to more than 20%, levels unseen since the worst of the Great Depression of the 1930s. Actual job losses, reported by business, came to almost 20% between March and April in Vermont and New York, along with Hawai’i.
Milwaukee, WI—The Coalition to March on the Democratic National Convention met with officials from the city of Milwaukee on May 21 to discuss the coalition’s permit and plan to protest. The goals of the coalition are to defeat President Trump and to advance a progressive people’s agenda, thus building stronger movements to challenge the Democratic Party. Lawyers for the Wisconsin ACLU arranged the meeting and led the discussions.
San José, CA – On Thursday, May 21, the U.S. Department of Labor reported that 2.4 million more people have applied for state unemployment insurance, or UI, in the week ending May 16. In addition, about 1.2 million people applied for the Federal Pandemic Unemployment Assistance, or PUA, set up by the recent CARES act for the self-employed. This increase of 3.6 million applications for unemployment benefits means that a total of more than 47 million people have lost their livelihood in the last eight weeks.
Part of effort to place the burden of the economic crisis on workers
San José, CA – On May 14, Democrat Governor Gavin Newsom laid out his plan to deal with a projected $54 billion budget deficit for the state of California. Included in the plan was to save almost $3 billion by cutting state workers’ pay by 10%.
