Topic: Joblessness

A critique of jobless claims reporting by Krystal Ball and Saagar Enjeti notes their surprise at rising numbers, which the hosts argue is a logical result of renewed lockdowns in states like California. The episode concludes with a reminder of the value-for-value model and a preview of the upcoming Thursday show.

The Netherlands is reportedly facing high levels of depression and joblessness, particularly within the publishing sector where layoffs are frequent. In contrast, blogger Andrew Sullivan has successfully transitioned to a self-sustaining subscription model, earning over $700,000 independently.

The number 33 is appearing frequently in economic headlines, which the hosts track as a potential code. Recent examples include a 33% increase in Chinese gasoline prices, a 33% jump in GM sales expectations, and U.S. jobless claims hitting a "33-month low." They suggest these specific figures are chosen for symbolic rather than purely statistical reasons.

The official unemployment rate's drop from 9.5% to 9.4% is questioned, as the U.S. still lost 250,000 jobs in the same period. The hosts explain that the number decreased because long-term unemployed individuals "fell off the rolls" and are no longer counted. They compare these misleading statistics to the corporate use of "EBITDA" to mask financial losses.

The official U.S. unemployment rate of 9.5% is challenged by the U6 data, which provides a more comprehensive measure of labor underutilization. The U6 figure, which includes discouraged workers and those in involuntary part-time positions, has reached 16.5%. This level of economic distress is compared to the Great Depression, which saw peak unemployment between 25% and 33%.