The Labor Department released the jobless claims numbers from last week, and America saw another reported 547,000.
WinePress readers already know what the mainstream media is going to say: ‘it’s good news.’ The media is calling this a new “pandemic low” – which it is, but they are spinning it to make it sound far more positive than it is. They weren’t this giddy during the Great Recession.
As more and more states lift restrictions and more people begin to travel, the jobless claims will start to lower gradually. But I say this to remind readers to not buy into the narrative that somehow the economy is getting better. If you read our reports you know the state of the economy and why it is doing what it is doing.
Interestingly enough, the AP report I read that provided the jobless claims numbers has a picture of a McDonalds with a sign that says “Now Hiring: Managers & Crews.” The implicit meaning of this demonstrates where this new “job creation” is at: people picking up low-paying junk jobs and people returning to the old jobs that were lost in the service and hospitality sectors.
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