Unemployment falls as things reopen

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Economy gains 2.5 million jobs and unemployment drops to 13.3% as businesses start to reopen.

The unemployment rate fell from 14.7% to 13.3%, economists surveyed by Bloomberg had reckoned that 8 million jobs had been lost.

The biggest payroll surprise in history,by a gigantic margin,likely is due to a wave of hidden rehiring,says Ian Shepardson an economist of Pantheon Macroeconomics.

Stocks jumped at the news in early trading,the Dow Jones rallied 700 points and S&P climbed 2%,Trump is expected speak at 10 am on this matter.

May's shocking increase in payrolls upended virtually every economist predictions for another month of massive losses.

Construction added 464,000 jobs and manufacturing added 225,000 jobs.

What I am most curious about and what I would like to see some debate on here is,will people get there old jobs back now that they had before.Or will companies to save money hire new people with less experience that they can pay less money.

This is a great opportunity for businesses to trim there payroll significantly by hiring newer less experienced people they can pay less money,will they do this?Or will they hire back old workers who may be more expensive but have more experience,of all these new jobs created how many were hire backs from before the pandemic.

USA TODAY

There has been a lot of speculation on how quickly the economy would recover after the COVID-19 pandemic. Some economist predicted the U.S. Unemployment rate would hit 20% in the May report. The Washington Post even claimed it did.

But it did not. The May numbers are now in and instead of the predicted 20% unemployment rate. The unemployment rate in May was 13.3%. It was 14.7% the month before in April. The Labor Department said in its report that employers added 2.5 million jobs in May -- the biggest increase on record.

So as the quarantines are lifted, people are getting back to work and life is trying to return back to normal.

Source: Washington Post blasted over inaccurate 'grim milestone' tweet on unemployment rate: ‘It’s not true’

I just posted this a couple hours ago.The question I asked in my post was whether previous workers would get there old jobs back or would businesses capitalize on this to hire new less experienced workers who they could pay less money.

Mod note the two threads have been merged

Thank you,much appreciation

I suspect, but time will tell, that businesses will try and rehire their old employees -
But if employees refuse to return back to work, they may look for replacements.

Some of the funding bills passed in Congress actually pays individuals more on unemployment that what they originally earned. So employees are monetarily incentivized to remain home.

The US unemployment rate might just recover quicker than expected with all the law enforcement job openings about to be created.. every time I see another news clip I see another 5-10 cops that ought to be fired for their misconduct, abuse of power, or excessive force.

Ummm, wouldn’t the COVID-19 pandemic have to be over first before you could begin to measure post pandemic economic recovery?

The USA is smack in the middle of a raging viral pandemic. Like.. wtf? Just because it’s not top of the news cycle Today doesn’t mean it’s over and everyone can just put it behind them and carry on.

There are some spikes now from people behaving poorly over Memorials Day weekend, and in T - <2 weeks there will be bigger spikes caused by the mass protest gatherings. And then there could still be a larger second wave in the Fall when the weather turns again.

How exactly can anyone honestly say they’re measuring post pandemic economic & unemployment rate recovery while they’re still in the middle of a viral pandemic? What a bizarrely trumpy thing to say..

The point I was making in the original post was that the news in this case the Washington Post was generating false news. Rather than wait for the actual unemployment numbers, they utilized projected unemployment rates that turned out to be erroneous. Theoretical did not match actual.

This is very common in today's news. Reality is radically distorted. It is almost like the news media is rooting for a major economic depression.

goldfish21 said, "every time I see another news clip I see another 5-10 cops that ought to be fired for their misconduct, abuse of power, or excessive force."

NewsBusters cites an Associated Press report that counted at least 10 deaths that occurred over the past week, several of them were black men.

One of the victims, 77-year-old retired police captain David Dorn was shot and killed in St. Louis while attempting to protect a friend's business. According to NewsBusters, his death received less than one minute of coverage between the three networks.

The deaths of 53-year-old federal security officer David Patrick Underwood, who was shot and killed in Oakland while protecting a courthouse, and 38-year-old "Mr. Indianpolis" Chris Beaty "were glossed over or were ignored outright by the broadcast networks," according to the study.

"Television journalists have made no secret of their support for the nationwide protests over the past week. But perhaps because of that support, they’ve been reluctant to discuss the deaths that have taken place across the country as protests devolved into riots," NewsBusters media editor Bill D'Agostino wrote. "When one considers just how little time the broadcast networks have spared for the victims of these riots, their insistent chorus of “mostly peaceful, mostly peaceful” starts to sound more like damage control than factual reporting."

It wasn't just the broadcast networks that overlooked the riot victims. CNN made no mention of Dorn's death throughout Wednesday following the news of his murder.

The conservative media watchdog group NewsBusters clocked in 710 minutes of protest coverage from the morning and evening programs on ABC, CBS, and NBC between May 28 and June 3. ABC spent 200 minutes of coverage divided between "Good Morning America" and "World News Tonight," CBS spent 201 minutes on "CBS This Morning" and "CBS Evening News," and NBC spent a whopping 309 minutes between "Today" and "NBC Nightly News."

However, between the coverage from the three networks, just 5 minutes were dedicated to the lives taken from the violence that took place in various cities.

Source: Broadcast nets spend over 700 minutes on George Floyd protests, 5 minutes on riot deaths

The main problem is that news organizations today rather than reporting news have become activists and feel their role is to fashion news as they see fit.

Stocks are still booming

So is the coronavirus pandemic.

There is still a long road ahead for sure.

Especially now that there is Zero federal leadership from the trump administration. The coronavirus task force is no longer meeting, Dr. Fauci is no longer being asked for input, basically trump & co. decided they’re done with the pandemic and moving on to their next episode of reality tv governing. Anything that’s done to mitigate the pandemic is now 100% left up to states and individuals.

The economy was never in decline. It was just frozen or paused.

And now demand for all kinds of products and services has been altered by COVID. Hotels/airlines may take years to recover, tourism is dead for a couple years, office space may never be rented at the same rates as people work from home now, many restaurants will close because they can’t make it at max half capacity, night clubs are done for now, stadiums full of people are a thing of the past until there’s a real solution to this, factory slaughter houses can’t safely operate, and people have learned how much useless crap they don’t need to buy in their lives.

Top that all off with the world witnessing the uprisings against a tyrannical government in the USA and American made goods are probably not very sought after around the world right now.

The economy is not bouncing back to full steam over the next few months. Partial recovery, sure.. but any positive spin will be offset by another one or two hundred thousand dead Americans.

As of Monday, an informal tally shows 17 people have died in incidents stemming from the unrest following Floyd’s May 25 death.

DAVID DORN

David Dorn, a 77-year-old retired St. Louis police captain was shot and killed on June 2 by looters who broke into a pawn shop. Dorn went to the pawn shop to check on a burglar alarm.

The shooting apparently was streamed on Facebook Live but has been taken down. It came on a violent night in St. Louis, which saw four officers shot, businesses burned and ransacked, and people pelting officers with rocks hours following a peaceful protest.

Stephan Cannon, 24, was arrested and charged with first-degree murder, first-degree robbery, first-degree burglary, felon in possession of a firearm, St. Louis police said on June 7.

DAVID MCATEE

David McAtee, the 53-year-old owner of a barbecue restaurant was shot and killed on June 1 in Louisville. Police and the National Guard troops were trying to clear a crowd when they heard gunshots and returned fire.

The mayor fired the police chief after finding out officers did not turn on their body-worn cameras. State police and the U.S. attorney also are investigating.

Police say a surveillance camera captured McAtee firing a gun as officers approached.

“This video does not provide all the answers. But we are releasing it to provide transparency. It does not answer every question, including why did he fire and where were police at the time he fired,” acting Police Chief Robert Schroeder said.

CHRIS BEATY

Chris Beaty, 38, who played football for Indiana University and was known as “Mr. Indianapolis,” was shot and killed on the street in downtown Indianapolis on May 30 during a protest.

Cops haven’t released information about Beaty’s death.

Jared Thomas, Beaty's nephew, says the family has been told Beaty was helping two women who were being mugged when he was shot, the Indianapolis Star reported.

DORIAN MURRELL

Dorian Murrell, 18, was fatally shot in Indianapolis the same night as Beaty.

Cops say the man who shot him, Tyler Newby, 29, told police the shooting happened after he and friend found a gas canister on the ground as they were walking around downtown after the protests.

They said after picking it up they were approached by a group of about 10 males who asked them what they found.

According to the court documents, Newby claimed he was pushed to the ground and saw Murrell standing over him, so he shot Murrell one time, Fox 59 Indianapolis reported. Newby has been charged with murder.

ITALIA KELLY

Italia Kelly, 22, was shot and killed June 1 in Davenport, Iowa, as she was leaving a protest outside a Walmart.

Kelly and a friend were getting in a vehicle to leave because a protest had turned unruly when she was struck in the back by a bullet, said her aunt, Amy Hale of Atchison, Kansas. No arrests have been made.

“She was always smiling, always laughing. That’s why it’s so sad that she was taken in such a violent way,” Hale said. “That is not Italia. She was the bright, bubbly big personality in the room.”

MARQUIS TOUSANT

Marquis Tousant, 23, of Rock Island, Ill., was shot and killed in Davenport the same night as Kelly.

He was found dead near where police say one or more persons fired 13 shots at an unmarked police truck investigating a suspicious car in an alley around 3 a.m., the Des Moines Register reported.

An officer driving the truck was shot in the leg during the shootout, the paper reported. Another officer in the truck returned fire.

Six men fled in a car and were arrested after a high-speed chase, the paper reported. Police found numerous guns in their vehicle.

Police later found Tousant lying dead next to a vehicle at the shooting scene. Under his body investigators said they found a semi-automatic handgun, according to the paper.

PATRICK UNDERWOOD

Patrick Underwood, 53, a federal officer, died as he was providing security at a U.S. courthouse in Oakland, Calif., during a protest when someone fired shots from a vehicle. Another officer was critically wounded.

It wasn’t immediately clear if the drive-by shooting was related to the protests, though the federal building’s glass doors were smashed and the front entrance was sprayed with anti-police graffiti. No one has been arrested.

Underwood, who was black, and the other officer were contracted security officers employed by the Department of Homeland Security’s Federal Protective Service. They were monitoring a nearby protest.

CALVIN HORTON JR.

Calvin Horton Jr., a 43-year-old black man was fatally shot outside a Minneapolis pawn shop on May 27, two days after Floyd’s death. The 59-year-old owner was later booked into jail on suspicion of murder and then released as the investigation continues, the Minneapolis Star Tribune reported.

JAMES SCURLOCK

James Scurlock, a 22-year-old black man, was killed Saturday after authorities said he tussled with the owner of two downtown bars. Surveillance video of the strip of bars shows a group of people, including Scurlock, approach white bar owner Jake Gardner.

Two people shoved Gardner to the ground, and he fired shots in the air. Seconds later, Scurlock is seen jumping on Gardner, who then fires the gun over his shoulder, striking Scurlock.

Authorities have declined to press charges in the death, calling the shooting self-defense. But Gardner could still face misdemeanor gun charges because his concealed carry permit for the gun had expired, the police chief said.

JAVAR HARRELL

Javar Harrell, a 21-year-old man, was killed in downtown Detroit on June 5 after someone fired shots into a vehicle during a protest.

According to a police report, Harrell, of Eastpointe, Mich., was sitting in the driver’s seat of a car in a parking lot with two others when someone opened fire and then ran away.

Detroit police have released photos of Harrell’s suspected killer, a man in a surgical mask, and a dark hooded sweater.

BARRY PERKINS III

Barry Perkins III, 29, of St. Louis, was killed May 30 after climbing between two trailers of a FedEx truck during an interstate protest near downtown St. Louis.

Local media reported that the driver had been stopped by protesters and then took off when several people began removing items from one of the trailers.

Lawyers for Perkins family said he was peacefully protesting Floyd’s death and was not looting.

“We offer our sincerest condolences to the family of the individual involved,” FedEx said in a statement. “There is no higher priority for FedEx than safety, and we are cooperating fully with the investigating authorities at this time.”

JORGE GOMEZ

Jorge Gomez, 25, of Las Vegas, was shot fatally shot by officers breaking up a protest in downtown Las Vegas on June 1.

Police said the officers opened fire after Gomez pointed a gun at them.

Gomez had recently shared anti-Donald Trump conspiracies on his Facebook page, and hours before the protest started, he wrote, “Be ready for war. Do not cower in the face of revolution,” the Las Vegas Sun reported.

The paper reported that unlike the other protesters, Gomez was carrying several guns and wearing body armor.

JOSE GUTIERREZ

Jose Gutierrez, 28, of Chicago, was fatally shot during unrest following a protest in Cicero on June 1, according to reports.

He was shot as people were breaking into businesses in the neighborhood and taking whatever they could carry, police said. They said Gutierrez was a bystander, not involved in any looting.

Zion Haygood of Chicago has been charged with first-degree murder in the shooting.

VICTOR CAZARES JR.

Victor Cazares Jr., 27, was fatally shot near a grocery store in Cicero the same night as Gutierrez in a separate incident. Cazares was from Cicero.

MARVIN FRANCOIS

Marvin Francois, 50, was shot and killed May 31 after a protest in Kansas City, Mo., according to reports.

Police said his killers were three carjackers trying to steal his car, Fox 4 KC reported.

“For him to go out that way — it’s hard. It’s really hard,” his son Jayden Francois, 18, told the station. He said his father was a software engineer whose passion was photography.

2 UNIDENTIFIED MALES

A suspected looter was killed Tuesday breaking into a gun shop after protests in Philadelphia, police said.

The man was shot and killed by the owner of the gun shop, Greg Isabella, who said he saw a group of looters on his surveillance video breaking a padlock on his gate with bolt cutters.

“The facts we know and the law are clear that the business owner’s use of force while inside his own property against a burglar accompanied by others who was entering with a gun in his hand was justified,” Philadelphia District Attorney Larry Krasner said. “It is fortunate for the City of Philadelphia that this large cache of guns and ammunitions were not taken and sold on the street.”

On the same night of the looting incident at Isabella’s gun shop, a 24-year-old looter was killed trying to blow up a sidewalk ATM in Philadelphia, police said.

His name has not been released.

Source: Deadly unrest: Here are the people who have died amid George Floyd protests across US

The stock markets are falling, too:

https://www.cnbc.com/2020/06/10/stock-m ... -news.html

And for good reason. Nearly zero of the USA was prepared to reopen based on he trump administration’s own federal guidelines for reopening the economy, so there’s Zero surprise that corona numbers are still getting worse and that it’s going to affect the economy.