Mike “Mish” Shedlock's
Sitka Pacific Capital Management,Llc
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.
Recommended Content
Editors’ Picks
EUR/USD holds above 1.0700 ahead of key US data
EUR/USD trades in a tight range above 1.0700 in the early European session on Friday. The US Dollar struggles to gather strength ahead of key PCE Price Index data, the Fed's preferred gauge of inflation, and helps the pair hold its ground.
USD/JPY stays above 156.00 after BoJ Governor Ueda's comments
USD/JPY holds above 156.00 after surging above this level with the initial reaction to the Bank of Japan's decision to leave the policy settings unchanged. BoJ Governor said weak Yen was not impacting prices but added that they will watch FX developments closely.
Gold price oscillates in a range as the focus remains glued to the US PCE Price Index
Gold price struggles to attract any meaningful buyers amid the emergence of fresh USD buying. Bets that the Fed will keep rates higher for longer amid sticky inflation help revive the USD demand.
Sei Price Prediction: SEI is in the zone of interest after a 10% leap
Sei price has been in recovery mode for almost ten days now, following a fall of almost 65% beginning in mid-March. While the SEI bulls continue to show strength, the uptrend could prove premature as massive bearish sentiment hovers above the altcoin’s price.
US core PCE inflation set to signal firm price pressures as markets delay Federal Reserve rate cut bets
The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.