On Thursday, the U.S. Labor Department released the latest round of jobless claims.
Though the amount of people filing first-time unemployment claims lowered, they still came in at a reported 326,000.
This equates to just shy of three fully-packed University of Michigan football stadiums.
And as noted by ZeroHedge, continuing benefits also dropped from 2.811 million a week ago to 2.714 million. The author notes that the emergency benefits related to Covid measures and restrictions are now expiring, leaving many with no more extra stimulus to spend. This may mean that the jobs report will probably see an increase for this month, as more people will essentially be forced back to work – especially now that we have entered the holiday season.
John William’s ShadowStats – an alternative economic source – recently updated his unemployment statistics, and reports that the real unemployment numbers in America are around 25.1%.
Trade Deficit Expands Even Further
The trade deficit has expanded once again, to another record high for August.
$73.3 billion was spent in August. The Wall Street Journal said that imports of pharmaceuticals, clothing, and toys, saw a notable increase.
We are witnessing unprecedented disruptions and global delays and shortages on essential goods including electronics, food, fuel and medical supplies. Consumer demand is rising and the delays look set to worsen ahead of Christmas and continue into 2022.
The International Chamber of Shipping and other transportation industry groups wrote in a joint letter to the United Nations General Assembly
The last time The WinePress reported on the trade deficit, The WP cited a report from the Trends Journal that reported that deficit was even higher in July than what the WSJ is reporting.
Lackluster Job Creation
Mainstream media is increasingly presenting data that the economy is nowhere near as good as they have been saying it is: as the narrative has been America is in a “boom” and roaring back. And while this narrative still holds true, more people are starting to see that it is not the case.
In the month of September, only a reported 194,000 were created. However, as noted in the beginning of this report, the U.S. lost a little less than double that in a single week, plus the prior weeks throughout the month where the approximate median number was around 350K each week.
ZeroHedge provided a breakdown of who was firing and firing:
- Professional and business services added 60,000 jobs in September. Employment continued to increase in architectural and engineering services (+15,000), management and technical consulting services (+15,000), and computer systems design and related services (+9,000). Employment in professional and business services is 385,000 below its level in February 2020.
- Employment in retail trade rose by 56,000, following 2 months of little change. Over the month, employment gains occurred in clothing and clothing accessories stores (+27,000), general merchandise stores (+16,000), and building material and garden supply stores (+16,000). These gains were partially offset by a loss in food and beverage stores (-12,000). Retail trade employment is 202,000 lower than its level in February 2020.
- Employment in transportation and warehousing increased by 47,000 in September, in line with gains in the prior 2 months. In September, job gains continued in warehousing and storage (+16,000), couriers and messengers (+13,000), and air transportation (+10,000). Employment in transportation and warehousing is 72,000 above its pre-pandemic level in February 2020.
- Employment in the information industry increased by 32,000 in September. Gains occurred in motion picture and sound recording industries (+14,000); in publishing industries, except Internet (+11,000); and in data processing, hosting, and related services (+6,000). Employment in information is down by 108,000 since February 2020.
- In September, social assistance added 30,000 jobs, led by a gain in child day care services (+18,000). Employment in social assistance is 204,000 lower than in February 2020.
- Employment in manufacturing increased by 26,000 in September, with gains in fabricated metal products (+8,000), machinery (+6,000), and printing and related support activities (+4,000). These gains were partially offset by a decline of 6,000 in motor vehicles and parts. Manufacturing employment is down by 353,000 since February 2020.
- Construction employment rose by 22,000 in September but has shown little net change thus far this year. Employment in construction is 201,000 below its February 2020 level.
- In September, employment in wholesale trade increased by 17,000, almost entirely in the durable goods component (+16,000). Employment in wholesale trade is down by 159,000 since February 2020.
- Mining employment continued to trend up in September (+5,000), reflecting growth in support activities for mining (+4,000). Mining employment has risen by 59,000 since a trough in August 2020 but is 93,000 below a peak in January 2019.
- Employment in local government education decreased by 144,000 and by 17,000 in state government education. Employment changed little in private education (-19,000). Most back-to-school hiring typically occurs in September. Hiring this September was lower than usual, resulting in a decline after seasonal adjustment. Recent employment changes are challenging to interpret, as pandemic- related staffing fluctuations in public and private education have distorted the normal seasonal hiring and layoff patterns. Since February 2020, employment is down by 310,000 in local government education, by 194,000 in state government education, and by 172,000 in private education.
- Employment in health care changed little in September (-18,000). Job losses occurred in nursing and residential care facilities (-38,000) and hospitals (-8,000), while ambulatory health care services added jobs (+28,000). Employment in health care is down by 524,000 since February 2020, with nursing and residential care facilities accounting for about four-fifths of the loss.
Business Insider also noted that a continuing increase of women are dropping out of the workforce – a trend that steadily increased since the onset of the lockdowns and restrictions starting in 2020.
If you look in the economy, women are not coming back into the workforce in as strong of a way as we would want, or as the economy needs in order to continue to expand. And it’s clear that the number one reason for that is that women are still struggling to find high quality, stable, affordable childcare.
Commerce Secretary Gina Raimondo told Insider
AUTHOR COMMENTARY
[1] This know also, that in the last days perilous times shall come. [2] For men shall be lovers of their own selves, covetous, boasters, proud, blasphemers, disobedient to parents, unthankful, unholy, [3] Without natural affection, trucebreakers, false accusers, incontinent, fierce, despisers of those that are good, [4] Traitors, heady, highminded, lovers of pleasures more than lovers of God; [5] Having a form of godliness, but denying the power thereof: from such turn away.2 Timothy 3:1-5
The evidence speaks for itself. This country, from the politicians down to the people, have no capacity to stop spending. Even right now in the Senate and Congress, there is not a single word about tightening up spending: it’s all about how can we increase the debt even MORE.
The WinePress quite literally has said from day one the economy is not dying, it’s dead. And yet, only now are some of the conservative and Republican outlets telling viewers that the economy is not great and could get worse. You can’t make this stuff up. The truth is, those people are already finished and tapped out: they just don’t know it yet.
Do what you can to make your money – fairly and legally in the sight of God and man – but you need to be in a survival-type of mindset, because it will getting more dire as time goes on.
However, also remember that if you are born again the Lord will provide and protect you. Don’t get lackadaisical and complacent, but remember the Lord will help you with all that you need.
The name of the LORD is a strong tower: the righteous runneth into it, and is safe.
Proverbs 18:10
[5] Let your conversation be without covetousness; and be content with such things as ye have: for he hath said, I will never leave thee, nor forsake thee. [6] So that we may boldly say, The Lord is my helper, and I will not fear what man shall do unto me.Hebrews 13:5-6
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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