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Temp Layoffs Have Become PERMANENT! Middle Class Will Disappear as Economy Falls

MIDDLE CLASS? NOT FOR LONG.

source

The stock market moves fast. With countless interventions taking place over the years, any period of slow growth or falling levels has always been met with more stimulus. This can come from the Fed and their many programs or from the government’s big taxpayer funded bottomless pockets. Either way, it creates ridiculous distortions that are so blatant and yet it only gets worse. Every single cycle.

 

US jobless claims rise to 898,000 with layoffs still high

US jobless claims rise to 898,000 with layoffs still high

WASHINGTON (AP) – The number of Americans seeking unemployment benefits rose last week by the most in two months, to 898,000, a historically high number and evidence that layoffs remain a hindrance to the economy’s recovery from the pandemic recession. Thursday’s report from the Labor Department coincides with other recent data that have signaled a slowdown in hiring.

8 Million Have Slipped Into Poverty Since May as Federal Aid Has Dried Up – The New York Times

8 Million Have Slipped Into Poverty Since May as Federal Aid Has Dried Up

Two new studies show the effect of the emergency $2 trillion package known as the Cares Act and what happened when the money ran out. WASHINGTON – After an ambitious expansion of the safety net in the spring saved millions of people from poverty, the aid is now largely exhausted and poverty has returned to levels higher than before the coronavirus crisis, two new studies have found.

Unemployment is longer and more permanent. Here’s why that’s bad.

Unemployment was supposed to be temporary. Now, it’s permanent for almost 4 million

Millions of Americans have headed back to work since the depths of the coronavirus-induced recession in the spring. But nearly 13 million remain unemployed – about 7 million more workers than pre-pandemic levels. And there are worrying trends emerging among this group.

Wage Statistics for 2019

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Tax Burden Equal to 70% Rate Crushes Americans Unable to Pay

Tax Burden Equal to 70% Rate Crushes Americans Unable to Pay

(Bloomberg) — Millions of low-income Americans are locked into poverty thanks to U.S. tax policy, Federal Reserve Bank of Atlanta researchers say.About a quarter of lower-income workers effectively face marginal tax rates of more than 70% when adjusted for the loss of government benefits, a study led by Atlanta Fed Research Director David Altig found.

New York coronavirus exodus fuels Maine real estate boom

New York coronavirus exodus fuels ‘gangbusters’ Maine real estate boom

When asked if it was COVID-19 that forced him to flee New York for Maine in March, Jordan Cohen doesn’t waffle. “One hundred percent,” the Greenwich Village native, 40, told The Post. “It was when things looked precarious and we didn’t know if we’d get out.”

Greenwich Home Purchases Soar to a Decade High on NYC Exodus – Bloomberg

https://www.bloomberg.com/news/articles/2020-10-15/greenwich-home-purchases-soar-to-a-decade-high-on-nyc-exodus?sref=i4qXzk6d

United Airlines Hunkers Down for Long Air-Travel Drought – WSJ

United Airlines Hunkers Down for Long Air-Travel Drought

United Airlines Holdings Inc. said it is positioning itself to ride out a long downturn in air travel as a result of the coronavirus pandemic. It was a brutal summer for U.S. airlines. Rising infection rates triggered new travel restrictions across the country, keeping passengers at home.

Singapore Air’s A380 Restaurant Tickets Sold in 30 Minutes – Bloomberg

https://www.bloomberg.com/news/articles/2020-10-12/singapore-air-s-a380-restaurant-tickets-sell-out-in-30-minutes

“Daily Cash Burn” to Continue till Further Notice: US Air Travelers Still -65%, Ticket Prices -25%, a Toxic Mix. Delta Q3 Passenger Revenues -83% | Wolf Street

“Daily Cash Burn” to Continue till Further Notice: US Air Travelers Still -65%, Ticket Prices -25%, a Toxic Mix. Delta Q3 Passenger Revenues -83%

US airlines are in the crappiest recovery ever. They’re getting hit in two ways: The number of passengers is still way down, seven months into the pandemic, or actually over eight months into it because for airlines it started at the end of January with flight bans; and on top of it, ticket prices have plunged – the toxic mix of crushed volume and crushed prices.

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Central Banks Say Need to Keep Spending Until Recovery From Virus – Bloomberg

https://www.bloomberg.com/news/articles/2020-10-14/world-monetary-chiefs-say-it-s-too-early-to-stop-virus-spending

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Smead: ‘Nightmare’ U.S. stock valuations driven by ‘young, dumb’ investors

‘Nightmare’ U.S. stock valuations driven by ‘young, dumb’ investors, fund manager says

U.S. equity valuations have become a “total nightmare” fueled by “young and dumb” investors, according to Cole Smead, president and portfolio manager at Smead Capital Management. At present, investors are paying 22 times forward earnings to purchase stocks on the S&P 500, 50% higher than the 10-year average valuations across the index.


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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 economy is very different than the stock market. Many investors are buying tech stocks in 2020 to make money. The financial system has been moving. Bonds, and other debt forms.

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