2024 UPDATE!! Altman: prepare for AI to be "uncomfortable" 33% US jobs gone..SKYNET, AI medical advances? BASIC INCOME? 1st AI MOVIE! AI MAYOR!!
- Thread starter GnauzBookOfRhymes
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Lyft Says Demand Picking Up as Covid-19 Restrictions Ease
Been reading the business wires and it seems like the first/primary economic "shock" related to Covid-19 has passed. Even at my company, we've seen a bottom in terms of revenue decline and have actually started to see business pick back up.
I wonder when the secondary shocks will start to manifest more broadly in the economy.
I don't think it'll be until the start of Q4 that the conversation around the economy will change. By then, we'll "officially" be in a recession (2 consecutive quarters of GDP decline - Covid started to crush the buildings mid March essentially end of Q1).
Summer will be interesting to watch as it concerns business activity. Many establishments will definitely be running at 50-60% capacity for a long time.
SN: Australia just entered its first recession in about 30 years.
Been reading the business wires and it seems like the first/primary economic "shock" related to Covid-19 has passed. Even at my company, we've seen a bottom in terms of revenue decline and have actually started to see business pick back up.
I wonder when the secondary shocks will start to manifest more broadly in the economy.
I don't think it'll be until the start of Q4 that the conversation around the economy will change. By then, we'll "officially" be in a recession (2 consecutive quarters of GDP decline - Covid started to crush the buildings mid March essentially end of Q1).
Summer will be interesting to watch as it concerns business activity. Many establishments will definitely be running at 50-60% capacity for a long time.
SN: Australia just entered its first recession in about 30 years.
GnauzBookOfRhymes
Superstar
We have two economies. Never forget that. Many industries/companies will keep on humming. But the poor/working class/lower middle class are going to keep getting squeezed. Eventually something will be needed in order to increase demand among these groups. Otherwise you're going to have a lot of social/political/economic instability (more protests, possible work stoppages/general strikes etc).
Lyft has been very unreliable for about 3 weeks, it wasn't like that in March, it seemed to bottom out in early/mid May, I had wait times of like 20-30 minutes, sometimes, hours. So, I see that valley/peak of economic shock, mixed with pandemic fear, and economic collapse, now with reopenings and businesses back, it will probably rise and even out a bit.
On the subject of protests, a lot of those out there are probably disenfranchised specifically by the pandemic, and my guess is the ones (In San Diego) that were rampaging (slightly) at night fit even higher in that group. Before everyone had jobs and economic stress, now it's all been removed, at least for now. People see the futility and desperation, but also the vastness of it, in something like wide spread civil unrest.
On the subject of protests, a lot of those out there are probably disenfranchised specifically by the pandemic, and my guess is the ones (In San Diego) that were rampaging (slightly) at night fit even higher in that group. Before everyone had jobs and economic stress, now it's all been removed, at least for now. People see the futility and desperation, but also the vastness of it, in something like wide spread civil unrest.
GnauzBookOfRhymes
Superstar
Trump Team Envisions Up to $1 Trillion for Next Stimulus Round
This is just opening negotiations. I'm guessing final bill will include:
1. Infrastructure (1 trillion)
2. Extend unemployment benefits (250 Billion)
3. State/local government bail out (1 trillion)
4. Business incentive/bailout provisions (1.5 trillion)
So appx 4 trillion seems about right.
Entropy Fan
Superstar
GnauzBookOfRhymes
Superstar
May jobs report: America's unemployment rate falls to 13.3% as economy posts surprise job gains - CNN
Bit of surprise in today's job report. Economy added 2.5 million jobs in May. UE rate fell to 13.3% compared to 14.7% the month prior. It's some good news but I still feel there worst is yet to come, and not even from a Covid-19 standpoint, but from a fundamental economics standpoint (too much debt in the market).
We'll just have to see how summer pans out.
Bit of surprise in today's job report. Economy added 2.5 million jobs in May. UE rate fell to 13.3% compared to 14.7% the month prior. It's some good news but I still feel there worst is yet to come, and not even from a Covid-19 standpoint, but from a fundamental economics standpoint (too much debt in the market).
We'll just have to see how summer pans out.
GnauzBookOfRhymes
Superstar
Labor Statistics fukkd it up. Most likely on purpose.
GnauzBookOfRhymes
Superstar
Greatest transfer of wealth...
THINK ABOUUITTT IT!!!
I’m telling you, mfers struggling can only take so much before they really start testing the system.
All this shyt the police are doing. They’re probing.
Jim Cramer: The pandemic led to 'one of the greatest wealth transfers in history'
THINK ABOUUITTT IT!!!
I’m telling you, mfers struggling can only take so much before they really start testing the system.
All this shyt the police are doing. They’re probing.
Jim Cramer: The pandemic led to 'one of the greatest wealth transfers in history'
It's been confirmed. We're officially in a recession.
Pandemic pushes US into official recession
NPR Choice page
Pandemic pushes US into official recession
NPR Choice page
I thought the numbers were inflated with people that would be returning to work when the economy opened back up?
GnauzBookOfRhymes
Superstar