What you need to know about today's job report
This is NP/NR Daily, meant to keep you up to date on what’s happening in the markets and economy, and what you can do about it — if anything.
After this week, I’ll be sending this out on Tuesdays and Thursdays, so expect the next issue to be in your inbox on Tuesday, April 7.
What you need to know about the jobs report
Yesterday, we received the weekly unemployment claims report, showing that 6.6 million people filed for unemployment last week. That doubles the previous week's number of 3.3 million, which obliterated the previous record of less than 700,000, set in the 1980s.
Well, today we’re getting the monthly jobs report for March. In fact, you probably already know what it says if you’re reading this — and it’s probably pretty ugly. Whatever the numbers are, the important thing you need to know is that this report isn’t capturing the full carnage. The true numbers are much worse.
That’s because the survey was conducted earlier in the month, and many people, at that time, hadn’t been laid off, furloughed, or fired yet. So, we probably won’t get a more accurate picture of the jobless situation until the April report comes out in a month. Until then, the weekly numbers are probably a better indicator, if you want to try and keep track.
Some insight from the inside
I talked to an economist at a regional Midwest bank yesterday, and he gave me some insight into what’s happening to small businesses during the outbreak. In short, they’re in trouble, need money, and are desperate to get their hands on it.
The stat he told me that really blew my mind had to do with how many loans his bank was issuing. The latest stimulus package freed up a lot of money to be loaned out to small businesses, and this economist tells me that during a normal month, his bank would process around 25 small business loans.
Over the past few weeks, though, they’re doing roughly 500 per day. So, that should tell you how desperate small businesses are right now.
When will you get your stimulus check?
You’re probably wondering when you’ll be able to get your hands on those stimulus checks, which will be $1,200 per adult, assuming you earn less than $75,000. Well, my colleague Sofia Pitt talked to some people to find out.
If you want your check fast, you’ll need to set up direct deposit through the IRS. Essentially, you’ll receive your money the same way you would a tax refund, assuming you’ve set up direct deposit. If you’re desperate for the money, do that now.
Next, file your 2019 tax return. It sounds like the IRS is bumping those who’ve already filed their returns up the list. Also, if you’re a lower-earner, you’ll probably get your money sooner, too. But if you need that money, the two things you should do now are file this your return ASAP, and set up direct deposit with the IRS.
Until next week,