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Stunning Jobs Report Shows 701,000 Lost Jobs. And The ‘Horror Show’ Is Yet To Come
The March jobs report is just an appetizer. Understand that.
The reference week for the figures out Friday doesn't capture most of the lockdowns, business closures and various other mandatory coronavirus containment measures which brought the US economy to a halt late last month, precipitating the largest spike in weekly jobless claims in the history of modern US economic statistics.
Those stunning claims figures are a window into the future - and the future promises to be a dreary place indee
Bullish.
Markets trying to boil down an impossible-to-analyse brew of catastrophic temporary factoids, never-happened-before events and “trends”, novel and non-trivial chains of social and economic effects and implications…good luck with that! I pity poor Mr Market. Vix is now below 50. Perhaps that means markets have just given up trying to figure out which way to go next. Or is the downward “trend” in Vix “good” news? I’ll give it the good ol’ college bemused smile…
I will say, regarding the jobs report, that the media, CNBC in this case, should take on some responsibility for staying level-headed in a crisis. The 1st weekly hit in March was 3M new-files. The March household survey today comes out 3M down. Why is CNBC calling this a “stunning” development needing an “It’s even worse than you think!!!” headline? Come on guys, don’t click-bait the pandemic! Can we mandate that the media must channel Huntley-Brinkley for the duration? Isn’t there a DPA clause for that (procuring objectivity?)
cnbc cmon crappy business channel, fox business crappy business channel…. bloomberg is above average, that is it
I love Bloomberg however the Audio from the TV studio is awful. They need to warm it up a little bit. Put some tubes in the circuit or something ; ) they do could do it slowly over time and nobody would notice. Just one day they would wake up and realize they enjoy it more. The real world is real enough we do not need an audio feed that promotes urgency in the listener.
Bloomburg radio is just fine.
I have read reports that estimate the daily drop in oil demand is between 20-26 million barrels- so even if Opec+ agrees to a daily cut of 10M barrels, first they have to actually do what they say, then there is still a huge gap. I do not know how long it would take to fill global “storage”, but as with everything in the world- it all hinges on a vaccine.
Multi- generational households are forming, as I type.