4.4 million Americans filed for unemployment last week. That’s on top of the 22 million from the past 4 weeks. All the job gains for the last decade have been wiped out. Poof, gone in 5 weeks.
The chart below is lagged by one week, so it’ll be much worse when a new chart is generated. States in the South and the MidWest States East of the Mississippi River are getting slammed. No wonder all those states WANT to reopen but we either bite the bullet now or deal with slow economic death, IMHO.
These folks are definitely not buying new cars, houses, or discretionary items for the foreseeable future. The only think keeping the markets at these levels is quantitative manipulations by the Fed. Might be time to buy some Bitcoin again.