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The world’s top soybean importer intends to step up buying of everything from soybeans to corn and ethanol after purchases fell behind due to coronavirus disruptions.

All 27 EU member states posted double digit declines in new car sales, with the U.K. falling an astounding 89%. 

"This is only half of the line of people waiting to have unemployment claims resolved..."

Too many people who should know better are taking a big bounce in retail sales as a sign that an economic recovery is well underway...

... the rebound "unfolded slower than we anticipated... We do not believe we will reach 2019 freight activity levels until 2021 (at the earliest)..."

" The strains on household and business balance sheets from the economic and financial shocks since March will likely create persistent fragilities. "

...this is the weakest annual growth in industrial production since 1946.

The speed and severity of the decline demonstrates just how quickly any V-shaped recovery can collapse under its own weight if enough people become convinced that the pandemic is making a comeback.

Foreign holdings of U.S. government debt fell to a four-month low in April, as the COVID-19 pandemic shut down most of the global economy.

"...we're going to be in this [economic] hole for a long time... and that will have repurcussions on our political system... and ultimately the 'fourth turning' is a political process."

Adult leisure bike sales tripled in April and overall U.S. bike sales doubled from the year before...
 

No wonder Jay Powell learned so quickly to be a damned liar...

...we suspect today’s numbers will be overshadowed by fears of a resurgence of the pandemic in Beijing (and Guangzhou)

"It is going to be a long, slow climb back."

...we are already witnessing two dangerous collateral effects. The rise of zombie companies and the collapse of small businesses and start-ups.

The pigs are flown almost 6,500 miles in wooden crates and are being used to restore livestock levels in China...
 

MMT is an ephemeral macroeconomic cult which tells us much about the psychological condition of a wider belief system running out of road. It is perhaps symptomatic of peak macroeconomics...

"The negative early-stage impacts on minority- and immigrant-owned businesses..." 

"Look, I get it. Survivor’s euphoria combined with deep ignorance..."

North America sales plunged 36% on a rolling three-month basis, the most since January 2010 and far worse than the 27% drop posted in April.