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Unemployment Rate Rises, Economy Tumbles Amid Fears of Recession

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WASHINGTON – The unemployment rate inched up to 3.9% this month, according to the U.S Labor Department as fears of a coming recession start to sink in.

Job losses in manufacturing, warehousing and transportation were the biggest contributors to the spike. And to make matters worse, inflation does not seem to be slowing as initially predicted.

Americans are spending more but buying less.

And bankruptcies are skyrocketing across the board.

According to the U.S. Court systems filings (ZeroHedge), total bankruptcy filings for the nation rose by 13% in 2023, with 433,658 cases.  Corporate bankruptcies increased by 30% this year with 17,051 cases.  Bankruptcies fell sharply in 2020 as the covid pandemic precipitated the $8 trillion+ stimulus package.  Helicopter money and PPP loans stalled the advance of a growing trend of economic decline in the US, but helped trigger the stagflation crisis as a consequence.  Despite the massive fiat money injection, the bankruptcy train is gaining momentum once again.   

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Many economists believe a recession is looming, if not here.

And some experts believe the latest rise in unemployment has triggered the Sahm Rule which has “proven to be reliable predictor of recessions in the past.”

The rule, hatched by former Federal Reserve economist and now Bloomberg columnist Claudia Sahm, posits the start of a recession when the three-month moving average of the unemployment rate rises by a half-percentage point or more relative to its low during the previous 12 months.

The economy appears to be in a continual freefall and many now question any data coming from the White House.

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Economy

West Virginia Delegation Urges Disaster Declaration from White House, FEMA

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WASHINGTON, D.C. – Today, Representatives Carol Miller (R-WV) and Alex Mooney (R-WV) as well as Senators Joe Manchin (D-WV) and Shelley Moore Capito (R-WV) sent a letter to President Joe Biden and Federal Emergency Management Agency (FEMA) Region III Administrator Maryann Tierney to approve the State of West Virginia’s appeal for a disaster declaration. Residential areas in Boone, Calhoun, Clay, Harrison and Kanawha counties have experienced great damage due to heavy rains and flooding in late August.

On the damage caused by flooding in Boone, Calhoun, Clay, Harrison and Kanawha Counties:

As members of the West Virginia Congressional Delegation, we write in support of Governor Jim Justice’s appeal request for a major disaster declaration for the State of West Virginia after severe and numerous storms washed through our State causing widespread damage. Heavy rains caused damages by flooding, landslides, and mudslides in 5 counties throughout central and southern West Virginia from August 28, 2023 to August 30, 2023.

Persistent rains resulted in major flooding events in Boone, Calhoun, Clay, Harrison and Kanawha Counties. As the heavy downpour of rains fell, areas surrounding rivers, creeks and small streams were unable to absorb the excess precipitation causing flooding and residential damage. 

On a request for a major disaster declaration to access federal disaster aid:

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To access federal disaster aid, West Virginia Governor Jim Justice has made an appeal request for a major disaster declaration for the State of West Virginia, submitted October 25, 2023, under the provisions of Section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act, 42 U.S.C. §§ 5121-5208 (Stafford Act). We respectfully ask that you carefully review the request that specifically outlines Individual Assistance for Boone, Calhoun, Clay, Harrison, and Kanawha Counties as well as Hazard Mitigation statewide.

We applaud the tireless dedication of our State and local first responders, as well as the invaluable contributions of our neighbors and volunteers. Nevertheless, the demand for aid remains substantial, and we urge you to do everything in your power to make sure that our communities have the federal support they need to rebuild and recover. Therefore, we kindly request that you thoroughly consider the State of West Virginia’s appeal for a major disaster declaration to address the enduring challenges our communities are facing.

Read the full press release here.

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Horror Film “Redhead” Premieres in Huntington to Packed House

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HUNTINGTON, WV – On Monday, in the heart of downtown, the horror movie dynamic directorial duo of Sam and Johnna Hodge, unveiled their latest film, “Redhead” to an audience of more than 200 attendees.

The film premiered at Marquee Cinemas and featured a pre-showing red carpet event.

Sam Hodge, a Barboursville native who has directed three feature length films in as many years, stated how thankful he was at the reception Redhead received by fans.

“I couldn’t be more thankful for the love people showed “Redhead”, from hardcore horror fans to people who avoid scary movies. I’ve never heard such a wild and rowdy audience. They were all involved and very vocal,” Hodge said.

“We did have a couple of patrons who got grossed out before the opening credits who left, but that is kind of a compliment,” he said.

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The film stars Sam’s wife, director and actor Johnna Hodge, who plays the lead role of Autumn Blacksmith, a widow who engages in a relentless revenge binge after witnessing the brutal murder of her husband.

Johnna Hodge, who also co-directed the film, stated how exciting it was to hear the audience react to various scenes throughout the movie.

“You could hear cheers of enjoyment all around and even some saying they were going to vomit from the intense gore,” Hodge said.

“It was excellent for so many showing up and being there to support our film that was done by a community as well as the various actors that traveled in to be a part of this,” she added.

Mark Roberts, creator and owner of The Dead Cards, stated the film is a “must see and wild ride” in his Facebook review of the movie.

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“When you’re talking about indie films, people kind of never know how it will be received or if it is cheesy or low quality. That definitely did not happen with “Redhead”. I feel elated that people are seeing the movie as a high-quality throwback to gritty, unapologetic and classic old-school horror,” Hodge said.

West Virginia has seen a rise in independent film productions since the state reinvented the Film Office and passed the Film Tax Credit last year.

The Hodges said they plan to start marketing the movie on the film festival and horror con circuit before the global distribution process begins.

The movie also stars Ashley Stinnett (M30 Oxy, Hope of Escape, The Good Fight), Will Holland (Hazing Hell, The Neighbors Are Watching), Sara Stinnett (Christmas at the Greenbrier, The Good Fight), Justin W. Fox (Phantom-Fun-World), Daniel Lund (The 3rd Channel, River Beauty), and Evan J. Mackey (Not Another Church Movie, The Walking Dead, Reunion from Hell 2).

For more information and updates about the film, check out the official “Redhead” movie fan page on Facebook.

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North Central West Virginia’s Economy Remains “Uncertain” According to Report

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WVU

From WVNews

BRIDGEPORT, W.Va. (WV News) — North Central West Virginia’s economic future is subject to “significant uncertainty” due to fears of a looming “economic slowdown or even an outright recession within the next year,” according to a recently published report from experts at West Virginia University.

Dr. John Deskins, director of the WVU Bureau of Business & Economic Research, shared findings from the “North Central West Virginia Economic Outlook 2023-2027” report during the eighth annual North Central West Virginia Bridges Without Boundaries Business Summit in Bridgeport.

“National uncertainty continues to have potential to trigger a new recession, nationally and in West Virginia,” he said. “We still face an elevated probability of a recession in the next year in the nation, which of course has the potential to spill over into the state.”

Overall, “very little growth” is expected in both the nation and the state over the next five years, Deskins said.

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“This isn’t due to anything that we’ve done in the state that is negative or bad,” he said. “It’s because of interest rates. All forecasters across the country are calling for very little to no growth because of this very unusual, very sharp, very aggressive series of interest rate increases that we’ve seen over the last year and a half.”

North Central West Virginia, which the report defines as Harrison, Marion, Preston and Monongalia counties, has been one of the state’s “healthiest economic regions over the long-term” but has faced challenges in recent years.

In addition to the impacts of the COVID-19 pandemic, the region has had to weather the closure of the Mylan pharmaceutical plant in Morgantown and the loss of about 1,400 jobs, according to the report.

Harrison County has “endured the most economic volatility over the past several years, including a period prior to the pandemic,” the report said.

Although Harrison County was once flush with jobs from various pipeline projects, these jobs have “vanished from employment data” as the projects have been completed, delayed or canceled.

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Read more of the story here: ‘Significant uncertainty’ forecast for North Central West Virginia economy | WV News | wvnews.com

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