The economy is not sound. The stock market isn’t. But with the economy, despite multiple avenues of stimulus, it hasn’t been moving. It’s like clogged plumbing. Pushing through more garbage only compounds the problem. That’s what we’re dealing with today. Governments around the works are just digging themselves deeper into a hole they absolutely know they can’t get out of and are in fact doing a disservice to the people. Oh well…
Weekly jobless claims rise unexpectedly as stimulus boost fades
The number of first-time filers for unemployment benefits were slightly higher than expected last week as the labor market continues its sluggish recovery from the coronavirus pandemic. The Labor Department reported Thursday that initial jobless claims for the week ending Sept. 19 came in at 870,000, adjusted for seasonal fluctuations.
Jobless claims at 870,000 as fraud and backlogs cloud data
WASHINGTON (AP) – Many American workers applying for unemployment benefits after being thrown out of a job by the coronavirus face a new complication: States’ efforts to prevent fraud have delayed or disrupted their payments.
Coronavirus stimulus: Democrats prepare new relief bill
House Democrats are preparing a new, smaller coronavirus relief package expected to cost about $2.4 trillion as they try to forge ahead with talks with the Trump administration, a person familiar with the plans said Thursday. The bill would include enhanced unemployment insurance, direct payments to Americans, Paycheck Protection Program small-business loan funding and aid to airlines, among other provisions, the person said.
BCBS of Michigan offers buyouts to 8,500+ employees
BCBS of Michigan offers buyouts to 8,500+ employees: Blue Cross Blue Shield of Michigan is giving more than 8,500 employees voluntary separation offers to help manage its administrative costs, the insurer said in a statement to Becker’s Hospital Review.
Blue Cross Blue Shield of Michigan is giving more than 8,500 employees voluntary separation offers to help manage its administrative costs, the insurer said in a statement to Becker’s Hospital Review. The buyout offers, announced to employees Sept. 21, are available to all 8,650 non-bargaining unit employees at BCBS of Michigan and many of its subsidiaries.
Brookfield Properties’ retail arm is laying off 20% of its workforce
One of the biggest retail real estate owners in the country, Brookfield Properties, is going through a major round of job cuts, CNBC has learned, as the coronavirus pandemic takes a toll on its business and new leasing activity at its malls dries up.
Ralph Lauren Reorganizes Business, Cuts Workforce by 15 Percent
Ralph Lauren is taking steps to accelerate its Next Great Chapter plan to deliver long-term growth and value creation. Among them is a 15 percent reduction in its 24,000-member workforce in an effort to establish a simpler global organizational structure and the rolling out of enhanced technology platforms. As reported last month, the $6.2 billion company began a strategic review to support future growth and profitability and create a sustainable cost structure.
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(21) Sven Henrich on Twitter:
“Incidentally in the furious run up to the March 2000 top Nasdaq had an initial 14% correction off of all time highs which was bought for a new high & then the bottom fell out. Just observing as $NDX has just dropped nearly 14% in Sept. following a furious rally to all time highs” / Twitter
Incidentally in the furious run up to the March 2000 top Nasdaq had an initial 14% correction off of all time highs which was bought for a new high & then the bottom fell out.Just observing as $NDX has just dropped nearly 14% in Sept.
U.S. faces dollar crash, high double-dip recession odds: Stephen Roach
Economist Stephen Roach warns next year will be brutal for the dollar. Not only does he see growing odds of a double-dip recession, the Yale University senior fellow believes his “seemingly crazed idea” that the dollar would crash shouldn’t be so crazy anymore.
ECB Hands Banks $203 Billion in Cheap Cash to Boost Lending – Bloomberg
Retail boom drives ‘crazy’ rally in Chinese brokerage stocks | Financial Times
A surge in internet trading by China’s retail investors has boosted the country’s brokers, awarding some of them a valuation in line with the world’s best-known banks. Average daily turnover on China’s stock market has hit Rmb874bn ($129bn) this year, according to data from Goldman Sachs, up nearly 60 per cent from the average of the past five years, as the coronavirus crisis has driven interest in online equity trading.
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The Money GPS is the most active, most informative channel in the financial world. Day after day, breaking down the data and making it easy to understand. This channel is not here to help build a portfolio, give stock picks, or financial advice. It’s simply data that is generally not found through conventional means.
The stock market is rising considerably in 2020. Equities can increase dramatically as interest rates remain very low. The economy is in a different situation.
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