"This is an unprecedented event. The great financial crisis happened over a number of years. This is happening in a matter of months - a matter of weeks."
Nationally, there were 6.6 million initial jobless claims for the week ending March 28 on a seasonally adjusted basis. That amounts to a nearly 300-standard-deviation shock to the labor force.
What the CBO expects now is, at least in the short-run, nothing short of a depression, with Q2 GDP expected to plunge to -28% as unemployment soars to 10%
“Due to the unprecedented impact of COVID-19 on the commercial aviation industry, GE Aviation is implementing a temporary reduction in commercial engine assembly and some component manufacturing operations for up to four weeks,”
"States will stop trying for accuracy and rely on estimates. After all, funding will flow based on the number they submit and States need to get funding asap."
Given we don’t have data for the whole month and that the lockdown measures were after the survey, it is likely that job cuts surpassed the previous record of February 2009, at minus 174,000.
"Banks, shareholders, managers and key risk takers should also take part in the rethink of where we are right now and try to preserve as much capital as possible."
...with each new monetary stimulus and round of bail-outs, our society will find itself with fewer and fewer savers who can be squeezed to rescue the economy...
Economic data is likely to become increasingly unreliable as a result of the coronavirus lockdown. We know the global economy will be bad. We will not know, with much accuracy, just how bad.
