The SARS-CoV-2 economy

POSTED BY: 1KIKI
UPDATED: Friday, June 12, 2020 08:42
VIEWED: 1108
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1KIKI

Friday, June 12, 2020 12:11 AM

The economy has come up in a number of threads but there doesn't seem to be a place devoted to it.

I'll kick this thread off by noting that the good jobs report from a few days ago was due completely to the model being used to calculate existing v new jobs falling apart with extreme data.

In reality, jobless claims are still being filed at historically unprecedented rates. The ginormous spike you see at the very right-hand edge of the chart is near-term data.

https://fred.stlouisfed.org/series/ICSA

6IXSTRINGJACK

Friday, June 12, 2020 8:42 AM

I'll agree that any good numbers coming out right now are bogus. We lost an insane amount of jobs beacuse of the overreaction and the shutdown. If you completely disregard all of those tens of millions of jobless claims in total and added "new" jobs to that, of course it's going to look good.

Wow! A few million jobs gained in a month. Awesome.

Bullshit.

Meanwhile, the stock market is doing just fine, innit? The rich always get richer. Doesn't matter which shit party is running the shitshow, does it?

Do Right, Be Right. :)