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Better, But Still More Than 14M Americans Depend on Big Gov't

lower expectations of government
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EDITOR NOTE: Despite the general downtrend in weekly jobless claims, and despite the supposed “stellar” jobs report that showed a surge in (mostly lower-wage) jobs, we still have 14 million Americans out of work and dependent on government dole, not aiming to find a spot in one of the record-high job openings available to them, and receiving handouts from the government. That’s soon to end. Another frightening prospect is that we don’t know how many of those 14 million may even be qualified to take on the job openings that have yet to be filled (employers are saying they’re having a difficult time filling positions with qualified candidates). What happens when the benefits run out? We’re not implying anything here, nor are we forecasting an outcome. What’s virtually guaranteed, however, is that “uncertainty” will escalate. And for that very “certainty” (of uncertainty), minus any prognostication, safe-haven assets like non-CUSIP gold and silver find their purpose and function. To keep your wealth sheltered from the storm, or from the clouds that merely threaten one.

Initial jobless claims hovered at post-COVID-lockdown lows but were disappointing at 373k - well above the 200k-ish norms of pre-COVID

Source: Bloomberg

Notably, California and Virginia 'estimated' their jobless claims last week and Pennsylvania continues to swing wildly from week to week...

But, while the picture is improving overall, we should still remember that there are over 14 million Americans still on some of government dole...

Government Dole

Source: Bloomberg

 

We do note that 460k Americans dropped off the pandemic emergency aid rolls...

Government Dole

Finally, we remind readers of the gaping chasm between those still claiming some form of pandemic-related unemployment benefit and the record number of job openings in America currently...

Government Dole

Source: Bloomberg

Tick-tock on those benefits.

Original post from Zero Hedge

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