The increasing need and demand within the populous for economic stimulus, especially during the middle of the pandemic and lock-downs that we've seen across the world for months now has been evident. With more and more people unable to find work at the moment, many have turned to Unemployment Insurance as a means to get by financially and now according to the Labor Department, the number of first-time fillings for Unemployment Insurance has reached 884,000.
Earlier today (link to cited articles will be down below), 884,000 first-time filings for Unemployment Insurance were made as reported by the Labor Department, this is notable because this is much higher than the 850,000 filing number that was expected from the department.
There has overall been a increase of 92,000 filings for Unemployment Insurance since last week's report from the Labor Department.
When evaluating the data at a state level, the state that has been seeing the greatest amount of increase has been California with an increase of filings of 17,953. Florida on the other hand, reported a decline of 9,049 according to unadjusted numbers.
A Potential Job Bounce Back?
As a result of many of the ongoing shutdowns, many potential job openings have been stagnant, but with that being said, we did see job openings see a high of 6.6 million. This is higher than the 6 million job openings that was expected by various economists by FactSet.
With growing resentment of the current shutdowns and the consequences of them being very obvious at this point, there will most likely be a stronger push for more liberalization of various state economies and once that happens, we may expect to see a strong bounce back in the job market, especially among small-businesses (or at least the ones that are still standing) who many have had to stay closed during much of the economic turmoil.
Vigiliance and Self-Improvement is Key
As I've been personally advocating for awhile now, it is vitally important that no matter what the potential outlook of the economy may look (keep in mind that while it may look your state economy may reopen, all it takes is for a couple of bureaucrats to declare that another shutdown is necessary and the economy goes back to a halt again) that you always work to improve your human capital and self-worth.
More than ever, I'm seeing positive news of people that are taking personal incentive to take their time while quarantining to learn a new skill or even improve on a skill that they already know and become a much better and more efficient person at such a skill. Those that take time now to learn or improve on a high-demand will be in a much better financial and successful state than someone that decides to spend time like this to just binge watch shows.
Whatever path you decide to take, it's up to you.
For me, even during quarantine, I'll stay hustling 💪.
You have any additional takes or feedback? Let me know down below.
Cited Articles: https://www.cnbc.com/2020/09/10/us-weekly-jobless-claims-total-884000-vs-850000-expected.html