Friday, April 3, 2020

Ponder News Bytes for April 3, 2020

  • Listen to the latest Coronavirus COVID-19 Press Conference from the White House (April 1).

  • Trump Administration is doubling down on efforts to stop terrorists and drug cartels amid the COVID-19 epidemic.

  • In the week ending March 28, the advance figure for seasonally adjusted initial claims was 6,648,000, an increase of 3,341,000 from the previous week's revised level. This marks the highest level of seasonally adjusted initial claims in the history of the seasonally adjusted series. The previous week's level was revised up by 24,000 from 3,283,000 to 3,307,000. The 4-week moving average was 2,612,000, an increase of 1,607,750 from the previous week's revised average. The previous week's average was revised up by 6,000 from 998,250 to 1,004,250.

    The advance seasonally adjusted insured unemployment rate was 2.1 percent for the week ending March 21, an increase of 0.9 percentage point from the previous week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending March 21 was 3,029,000, an increase of 1,245,000 from the previous week's revised level. This is the highest level for insured unemployment since July 6, 2013 when it was 3,079,000. The previous week's level was revised down by 19,000 from 1,803,000 to 1,784,000. The 4-week moving average was 2,053,500, an increase of 327,250 from the previous week's revised average. This is the highest level for this average since January 14, 2017 when it was 2,062,000. The previous week's average was revised down by 4,750 from 1,731,000 to 1,726,250

    Secretary of Labor Eugene Scalia issued the following statement regarding Unemployment Insurance claims:

    "Similar to last week’s unemployment claims numbers, today’s report reflects the sacrifices American workers are making for their families, neighbors, and country in order to ‘slow the spread.’ The Administration continues to act quickly to address this impact on American workers. That includes a rule the Labor Department adopted yesterday to implement the paid leave provisions of the Families First Coronavirus Response Act, and the Department’s work with the States to make available the enhanced unemployment benefits provided in the CARES Act, which the President signed last week. That legislation also contains significant incentives for businesses to retain workers and continue paying them, which will put businesses and workers in a better position to resume work and re-boot the economy once the virus is contained.

  • California Governor Gavin Newsome says that the Coronavirus is an opportunity to usher in a new progressive era. He says, "We see this as an opportunity to reshape the way we do business and how we govern."

  • House Democrats are launching an investigation in the President's response to COVID-19. U.S. Representative Ralph Abraham (R-LA, 5th) has tweeted, "House Democrats have started yet another partisan witch hunt to investigate @realDonaldTrump’s execution of the CARES Act after the Dems diverted millions from Americans in crisis. Her thought processes are both delusional & reckless. I once again call for her removal as Speaker."

    Nancy Pelosi claimed on Twitter, "Either the Administration didn’t know how to respond to the coming crisis, or they refused to accept the threat that it posed. Anything else is just an excuse. #AMR"

    I guess she forgot that she ripped up the speech in which he told of his response.