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Initial unemployment claims spiked to 3,283,000. That's nearly 5 times the previous high.

Employers added jobs for a record 113 months through February but that streak will end with a bang in the March as a Record 3.28 Million File for U.S. Jobless Benefits.

We haven’t seen this big of a free fall before,” said Keith Hall, former director of the Congressional Budget Office and adviser to President George W. Bush. “Not even during the Depression…It’s really like an instant Great Recession.

Northern Trust Chief Economist Carl Tannenbaum said if half the workers in hard-hit industries, such as restaurants, retail and personal services, are laid off the unemployment rate could rise 10 percentage points, to more than 13%. That is well above the post World War II record high of 10.8% at the end of the 1981-82 recession.

Retail Grinds to a Halt as 47,000 Stores Close

Yesterday I reported Retail Grinds to a Halt as 47,000 Stores Close

Walmart and Amazon are hiring, but must most industries are hit hard.

Dental assistants, massage workers, physical therapists, house cleaners, airlines and hotel industries are decimated.

US Output Drops at Fastest Rate in a Decade

Markit reports US Output Drops at Fastest Rate in a Decade

Europe is in worse shape with the Largest Collapse in Eurozone Business Activity Ever

Nothing is Working Now: What's Next for America?

For a 20-point discussion of how things are likely to unfold, please see Nothing is Working Now: What's Next for America?

This material is based upon information that Sitka Pacific Capital Management considers reliable and endeavors to keep current, Sitka Pacific Capital Management does not assure that this material is accurate, current or complete, and it should not be relied upon as such.

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EUR/USD extends slump after NFP shows massive job loss

EUR/USD is trading below 1.08, down on the day. The Non-Farm Payrolls report has shown a loss of 701,000 jobs, worse than expected. The ISM Non-Manufacturing PMI surprised to the upside with 52.5 points. 

EUR/USD News

GBP/USD drops below 1.23 amid sour mood, after UK data

GBP/USD has dropped below 1.23 as the market mood sours. Final UK Services PMI dropped to 34.5 points, worse than expected.  

GBP/USD News

NFP Quick Analysis: 701K jobs lost only be tip of the iceberg, why King Dollar is ready for coronation

The US lost 701,000 jobs in March, the worst in 11 years. The Non-Farm Payrolls figures are lagging the fast-moving events. Wage growth is also skewed and should be ignored. The safe-haven dollar has room to rise. 

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WTI trades in three-week’s highs near $26.50 a barrel

WTI is jumping from multi-year lows following the US President Trump’s tweet of yesterday (Thursday) suggesting a Saudi-Russian deal was on the pipeline.

Oil News

Gold remains confined in a range, moves little post-NFP

Gold extended its sideways consolidative price action around the $1615 region and had a rather muted reaction to the US monthly employment details

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