Will The US Lose Jobs In December For The First Time In 7 Months?
When the pandemic began in March 2020, we saw job losses at a historically unprecedented level.
In total 22 million jobs were cut in the first two months of the pandemic alone.
And an estimated 51 million jobs were lost in total.
This led to massive unemployment… Which led to bankruptcies, pay cuts, trouble paying mortgages and bills, and led to an almost complete stop of the world economy.
Things were so bad in the early stages of this pandemic that 4 in 10 US adults said either they or someone in their household lost a job or had to take lower pay at their job due to the pandemic.
And this led almost half of US adults in the “lower income” bracket to “having trouble paying their bills.”
A full third of American adults said they had to use money from savings or a retirement account just to pay their bills during the pandemic… Which puts people into an even tougher spot.
This led food bank usage to be at its highest level since The Great Depression.
We then began to slowly recover in the late Summer to early Fall… But then coronavirus cases began exploding… And are still exploding as of this writing.
I’ve talked about this in recent weeks as you can read in the following articles…
- What To Do This Week As The Economy Crumbles
- The Economy Continues Faltering Going Into Christmas – What It Means For You?
- When Will The Politicians Do What’s Right For Americans?
Fortunately, the stimulus checks have begun arriving in American’s bank accounts. And this brings much needed relief for many of us.
But our lords and ladies in Congress deemed fit to only give each American $600… While better than nothing its peanuts compared to the hardships many faced due to the pandemic.
An amount that will barely cover half of someone’s normal monthly expenses… If they don’t have kids.
To make things worse, economists and analysts are now projecting that on Thursday January 7th and Friday January 8th when the latest unemployment and job loss data is released that the US could see its first monthly job losses in 7 months.
Combine this with Covid cases still exploding, deaths still in the thousands per day, and more lock downs, business closures, and job losses enacted by our cities and states, and things are getting worse economically.
This is what I’m watching this week.
On January 7th and 8th – the unemployment and job loss data.
Because if this continues to get worse… The $600 in “peanuts” our overlords gave us won’t help for long if the economy keeps crumbling.
If you’re looking for the best way to protect your portfolio and the economy hangs in the balance…
Make sure you’re in great stocks that have the following traits…
- They’re cheap
- They have little to no debt compared to a lot of cash
- They produce large profits and cash flows.
- And make sure they aren’t in industries that could be hammered by more closures.
You can see stocks we recommend that fit these criteria at the end of this article.
Until then, use the following links to some of our recent articles to learn other ways to protect yourself and your investments in these uncertain times.
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- Should You Buy Cisco Before Earnings?
Disclosure – Jason Rivera is a 13+ year veteran value investor who now spends much of his time helping other investors earn higher than average investment returns safely. He does not have any holdings in any securities mentioned above and the article expresses his own opinions. He has no business relationship with any company mentioned above