Fewer Americans filed first time unemployment insurance claims last week, the Department of Labor reported this morning.
The seasonally adjusted estimate was 623,000, down from 636,000 the prior week.
For the week ending May 16, it appears that layoffs are beginning to slow down. Thirteen states saw decreases of more than 1,000 in their unemployment claims for that week. The Department of Labor attributes that to fewer layoffs in the auto, construction and manufacturing industries.
Hopefully this means that fewer companies are cutting jobs. I personally think that Americans will begin spending money on items other than necessities again when they feel that their jobs are safe.
May 28, 2009
Remember not everyone qualifies for unemployment. Self employed cannot collect unemployment. 1099 workers cannot file fore unemployment. Small business owners cannot file for unemployment. People who are fired for cause cannot file for unemployment. It is trivial to manipulate this number, but notice that Employment is not increasing.
If Unemployment filings are down, but Employment is not up, that means many people are being forced to get by without any government support. That means bankruptcies, food stamp, tent cities and homelessness should all be increasing.
This is not a recession, this is a depression, despite the statistical manipulation by the government, my eyes and my wallet tell me this is a depression. I have never seen so many bank failures, foreclosures, bankruptcies, closed businesses and tent cities.
Don’t let the currency collapse take you by surprise, if you have the means invest in items that will hold their value when the dollar is devalued or new currency is issued.
High quality gold and silver jewelry is a traditional investment for storing wealth during a collapsing economy.
Good luck and keep your eyes open.