San José, CA – on Friday, January 8 the U.S. Department of Labor released its monthly report on the state of the job market. While mainstream economists expected economic growth to continue to slow with only 50,000 new jobs, down from a gain of 330,000 jobs in November, the reality was much worse. In December, 140,000 jobs were lost, the first month of losses since the dark days of April. The year ended with 9.8 million fewer jobs than before the recession began, a record high going back to 1939, and almost twice as bad as the previous recession year of 2009. President Trump became the first president since Republican Herbert Hoover set to leave office with a net job loss.
Tallahassee, FL – If you are like me, you have probably checked your bank account dozens of times throughout the day waiting for the recent round of $600 stimulus checks.
San José, CA – Republicans in the House and Senate have blocked an effort by Democrats to increase the amount of individual payments in the new pandemic aid act from $600 to $2000. Many progressive Democrats including Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez had tried to increase the amount during the negotiations over the new aid package. These payments have been very popular, and at the last minute, President Trump chimed in, saying that he would refuse to sign the bill unless the larger amount was included.
San José, CA – Last week the U.S. economy showed more signs of weakness as retail sales in November fell for the second month in a row and new claims for regular state unemployment insurance and the federal Pandemic Unemployment Assistance rose for the second week in a row. These are more signs of a weaker economy that point to a ‘double-dip’ recession.
San José, CA – On Thursday, December 10, the U.S. Department of Labor reported that new claims for regular state unemployment went up by 137,000, or 19.1% for the week ending December 5. This is the biggest increase in applications for unemployment since the first week of April. In addition, new claims for the federal Pandemic Unemployment Assistance or PUA also increased by almost 140,000. The total of almost 280,000 applications by jobless Americans in a week was the second largest jump during the entire recession, raising the danger of a ‘double-dip’ recession, where the economy goes downhill a second time.
As of December 1, 2020, the coronavirus pandemic is in an uncontrollable spread in 49 out of 50 states. Our country has over 10 million confirmed cases and over 270,000 deaths. With more than 100,000 new cases a day, hospitalizations and deaths will grow exponentially. Today over 1000 deaths are happening each day. The death rate, even with improved treatments since March, will likely grow significantly as hospitals and health care workers are already becoming overwhelmed. That is the best-case scenario in the large cities. Rural areas are entirely unprepared, lacking equipment and knowledge of the most up-to-date treatment protocols. Our country’s political and economic system has failed, and it has failed working people the most. While the wealthy and powerful ride stock market gains, secure in country homes and in the knowledge that they will be able to buy access to ICUs and limited and expensive experimental medications.
San José, CA – On Friday, December 4, the U.S. Department of Labor released its report on the jobs market in November. Their monthly survey of businesses reported a gain of only 245,000 new jobs, about half of what economists expected and less than half of October’s job gain of 600,000 jobs. For the first time since the beginning of the recession, job losses have spread from the government, which lost almost 100,000 jobs, to retail, which lost almost 35,000 jobs. Job growth in other areas slowed from October, with the exception of transportation and warehousing, showing the continuing growth of online shopping. November’s gain barely put a small dent in the almost 10 million jobs still missing from the plunge in March and April.
San José, CA – On Friday, December 4, the U.S. Department of Labor released its report on the jobs market in November. Their monthly survey of businesses reported a gain of only 245,000 new jobs, about half of what economists expected and less than half of October’s job gain of 600,000 jobs. For the first time since the beginning of the recession, job losses have spread from the government, which lost almost 100,000 jobs, to retail, which lost almost 35,000 jobs. Job growth in other areas slowed from October, with the exception of transportation and warehousing, showing the continuing growth of online shopping. November’s gain barely put a small dent in the almost 10 million jobs still missing from the plunge in March and April.
San José, CA – On Wednesday, November 25, the U.S. Department of Labor reported that new claims for regular state unemployment benefits increased for the second week in a row, up 30,000 to 778,000. This is the highest level in five weeks and the first time since July with back-to-back increases. Adding in the weekly new claims for the federal Pandemic Unemployment Assistance or PUA for the self-employed and gig workers, almost 1.1 million people sought government aid in the recession.
San José, CA – Within a week of the election, the pandemic in the United States has turned the corner, just as President Trump said. But instead of fading away, there has been a surge in new infections. For five straight days there has been more than 100,000 cases a day, the latest being more than 145,000 – another record high. Trump has been uncharacteristically quiet on the pandemic, instead focusing on spreading lies and filing lawsuits to try to throw out people’s votes in a losing attempt to overturn President-elect Biden’s election victory.
