Bleak skies for Americans filing for unemployment. The number of Americans filing for unemployment benefits increased dramatically according to a recent government report. The amount of people now seeking unemployment checks is the biggest gain in over a year.
According to the Department of Labor, first time claims for unemployment benefits grew by 17,000 to 274,000 people for the week ending April 30, 2016.
A separate report illustrated a 35 percent surge in planned layoffs by U.S. employers last month. A large amount of the announced job cuts were concentrated in the energy sector, which is still reeling from low oil prices that strongly cut into corporate profits.
Global outplacement firm, Challenger, Gray & Christmas, said “U.S.-based companies announced 65,141 job cuts last month, up 35 percent from March”. The energy sector announced 19,759 job cuts in April, bringing its total layoffs this year to 72,660. Layoffs in Computer and Information technology (33,925), financial services, and retail sectors all saw job losses.
Although these numbers look bad, the government reports do not include, or even discuss, the significant amount of people who have given up on finding a job and completely opted out of the job market. Some have been forced into early retirement, and others reliant on various government subsidies.
Additionally, the Labor Department statistics ignore the vast amount of individuals who are underemployed or pushed into work outside their chosen specialty due to the jobs being offshored or industries in retraction mode.
Just think of the people you know, whether a recent college graduate with a liberal arts degree and 100s of thousands in debt working as a barista in Starbucks, former white collar professionals now working at Home Depot, and other who just feel off the map.
This, in our opinion, is one of the major reasons for the immense popularity of Donald Trump and Bernie Sanders. Both candidates, while on opposite sides of the political spectrum, are vocalizing the discontentment of the average person. The supporters of both candidates feel as if their future is bleak, the stock markets and economy rigged by the ultra wealthy and powerful, and unless the status quo changes, life will keep getting worse.
They also feel insulted when rosy reports come out of the government that does not jive with the average person’s perspective of reality.
Either way, someone will not be content with the presidential candidate. We have Trump who wants to get rid of regulators, so bye-bye compliance people. Wall Street is happy, because as we know, Wall Street and Compliance people don’t get along. Then we have Hillary, who won’t bite the hand that feeds her and by not releasing the Goldman transcripts, we know what side she favors.
All in all, if Anonymous has their way and takes down the whole financial system, it won’t even matter who wins because there will be total chaos anyway…Comforting.