economy Markets

Waking Nightmare: A Walk Through The Worst Jobs Report In American History

A funeral for America's labor market.

It's not immediately clear if there's much utility in sifting through the smoldering ashes of the worst jobs report in the history of modern economic statistics. "Today’s report is horrible", ING said, flatly, in a quick postmortem. Start there (i.e., with "horrible"), open your thesaurus, and select from the synonyms. Any of them will be applicable. Read more: Great Depression II - 20.5 Million Jobs Lost In Worst Ever Payrolls Report And yet, given that this is history in the making, and, more importantly, considering these aren't merely numbers, but are in fact people whose lives have been turned upside down overnight, it's incumbent upon us all to at least say a little something at what amounts to a funeral for America's labor market. The simplest way to go about this given the across-the-board nature of the carnage, is simply to go category by category. Retail was devastated, as shops closed and consumers were homebound. 2.1 million jobs were lost in the sector. Clothing and accessories was wiped out. The lone bright spot was "general merchandise", which benefited from a rush to warehouse stores and supercenters, as Americans stocked up for the viral apocalypse. In
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2 comments on “Waking Nightmare: A Walk Through The Worst Jobs Report In American History

  1. Oh but the comparisons are gonna’ look fabulous for a long time to come when all this data finally turns around… Same game Rosy Scenario lives !!!! Call all this graveyard humor for want of a better term….

  2. Not sure if we are witnessing a short squeeze today but the market is clearly overlooking the likelihood of extended social distancing which will unfortunately result in permanent job losses. City centers like New York and L.A. are not going to be the same anytime soon as the white collar crowd opts to work remotely, likely through the end of this year. And don’t forget about all of those deferred event/airline/cruise/etc. tickets that are not being refunded but will be transferrable to future use. No credit card refunds = even higher delinquency rates from those unable to pay bills due to furloughs turning into permanent job losses. Oh, and some are still trying to file for unemployment after weeks of trying. What an unmitigated disaster.

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