Over 62 Million People Had No Pay Last Week

Mish

Over 62 million not-retired people reported having no pay last week.

Household Pulse Charts

I created the above chart from Household Pulse Surveys by the Census Bureau.

This is week #12. Data were collected between July 16, 2020 to July 21, 2020.

Here are more charts I made from the survey data.

No Pay 

Household Pulse Survey - No Pay Jul 21

Nearly 100 million people reported no pay in the reference week. Of them 37,744,514 were retired. 

62.173 million people were not retired and received no pay. 4.293 million said they did not want to work. 

Those with no pay but were not retired bottomed on June 23 at 55.780 million. 

Some people who are retired still want to work at least some hours. 

Number Employed

Household Pulse Survey - Number Employed  Jul 21

130.003 million people received pay in the reference week. The number of people employed peaked at  134.855 million for the survey ending June 16.

Did Not Work

Household Pulse Survey - Did Not Work  Jul 21

117.952 million people did not work in the reference week.

Some people who are retired still want to work at least some hours. 

Expect Income Loss

Household Pulse Survey - Expect Income Loss Jul 21

87.333 million people expect an income loss in the next four weeks. Income loss is by household, not individually.

Clock Ran Out 

As noted on Sunday the Clock Just Ran Out on $600 in Weekly Unemployment Benefits.

Roughly 130 million people are receiving some form of pandemic aid. 

Those with no pay or little pay will be hammered this week.

"So Far Apart on Covid Deal That We Don't Really Care"

These are huge numbers, especially the 62 million who received no pay at all.

Nonetheless, Trump says "We are So Far Apart on a Covid Deal That We Don't Really Care"

Mish

Comments (63)
No. 1-19
Curious-Cat
Curious-Cat

This is heartbreaking.

TimeToTest
TimeToTest

For those that said lives matter more than economics. Well lives = economics.

Jojo
Jojo

I watched McConnell on NPR Newshour tonight get interviewed. Didn't sound like that $600 was going to make it into any agreement. Which is a good thing. The more people are hurting, the more clamor we get to reopen the economy and resume business as usual.

Paying People Not to Work Is Not an Economic Stimulus
By Stephen Moore
July 28, 2020

rafterman
rafterman

Don't forget to subtract the 10 million receiving Social Security Disability.

channelstuffing
channelstuffing

Fed is hell bent on propping up this rotting basket case of an economy just enough to buy a few more months to get past the election,if there is one,after that well let's just say DC might be a free fire zone!

Russell J
Russell J

At some point it will become clear to all this heavy handed approach is not necessary and is going to cause more heartache, misery and death than this virus.

Which is usually the case with government policies, they make things worse.

anoop
anoop

focus on the positive. how many had pay?

inonothing
inonothing

When is Trump going to send China a bill for our lost wages, like he promised? I want a 4K TV for Christmas.

nlightn
nlightn

It's shameful and sickening and out right criminal. Along with these facts of 62 million,..there is also the fact that the Republicans were attempting , via the Trump administration, to stick it to the American citizen by funding the FBI building with $1.75 billion,..merely to protect a Trump property.

Absolutely unbelievable.

When asked about this funding McConnell said "I wasn't aware of it." Ah,...dude it is your bill you were attempting to present ! McConnell has lying down with Pythagorean accuracy,...'cept he got caught.!

“More than 150,000 Americans have died from coronavirus, millions are unemployed, state and local governments are struggling to stay afloat, and Mitch McConnell and Donald Trump are more concerned about protecting Trump Hotel,” Rep. Gerry Connolly, D-Va., chairman of the House Oversight and Reform Subcommittee on Government Operations, told Government Executive on Tuesday. “That is shameful.”

ReadyKilowatt
ReadyKilowatt

"Nearly 100 million people reported no pay in the reference week. Of them 37,744,514 were retired. "

How many of those 62.173 million people are over 55 and could conceivably live out the next few years (until they hit 62 years old) on unemployment/disability scam money and spousal income? Or just spousal income? How many of those people will demand early access to their SS benefit? How quickly will the congress cave and destroy the "trust fund" even faster?

When the times get tough, the Keynesians start printing!

Tony Bennett
Tony Bennett

The numbers for those not paying / delaying rent / mortgage are abysmal.

Any shortfall will have to be made up ... and likely sooner rather later to avoid the naughty list.

The delinquency / default rocket ship has already left the launch pad.

Credit will tighten.

Bad credit - due to the process - takes months to play out. But when it does ...

Meanwhile, the fish are flapping in the receding waters ... "investors" are gleefully running to scoop them up ...

njbr
njbr

We're all in this together ?

Dodge Demon
Dodge Demon

Since the mortgages, HELOC, car loans, student loans and credit card lines were all funded with money conjured out of thin air, then they should all be paid back with same - nothing.

Got gold?

tokidoki
tokidoki

No pay but can afford video games and all sorts of digital entertainment. Do you trust AMD, TSMC, etc or these people?

Cut off all aids and throw muppets to the wall!!!

CA2020
CA2020

The central valley in California is out of normal ICU bed capacity, and are now starting to use surge capacity. This is now, before the fall surge of the regular flu. If we don't significantly lower the infection rates there will be mass deaths.

This will start to become evident in more parts of the country. We will run out of doctors and nurses to treat patients. You will be sent home to die.

When the beds are full I will stop going in to my critical job, it is not worth the risk. I help run a large portion of the power grid. If we get outbreaks in control centers the grid will eventually collapse. Food supply chains will start breaking down, water operations, all the things that most of you believe just work. Flick the switch and your lights come on, open the faucet your water runs, until it doesn't.

Plan accordingly!

Casual_Observer
Casual_Observer

And Trump floats delaying the election ..I predicted he would try to delay the election several weeks ago.

Tony Bennett
Tony Bennett

Recent survey on small business. NFIB:

"Most borrowers (71%) have now used their entire loan. The 29% still using their loan are likely not far behind."

"Sales levels are still more than 50% or less than this time last year
for about one-in-five (21%) small businesses still in operation with another 32% at sales level of 50-74% from last year. Almost half (46%) are nearly back to where they were with some exceeding pre-Covid sales levels."

"About 23% of small business owners report that they will have
to close their doors if current economic conditions do not improve over the next six months. Another 22% of owners anticipate they will be able to operate no longer than 7-12 months under current economic conditions"

Mike71
Mike71

Dems have nothing to lose. Republicans have everything to lose. $600 is too much in some states, but $200 is ridiculous. These are human beings. Let’s treat them as such.


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