Weekly Economic and Financial Commentary: Global Economic Downturn Intensifies
U.S. Review April Employment Plummets April nonfarm payrolls confirmed what we already knew—the labor market is collapsing. By the survey week of April 12, net employment had fallen by 20,500,000 jobs. The unemployment rate jumped 10.3 percentage points to 14.7%,...
The Weekly Bottom Line: Pandemic Wipes Out Nearly All Job Gains Of Past Decade
U.S. Highlights The start of May ushered in a barrage of sour data reports. The list included a plunge in April vehicle sales and service-sector activity falling into deep contractionary territory as indicated by the ISM non-manufacturing index. The most-anticipated...
Forward Guidance: Shifting Focus to the Recovery
Economic numbers are confirming the atrocious-looking decline in economic activity in April – the first full month of social/physical distancing restrictions in a wide swath of advanced economies, including Canada and the US. Yet, as the extent of damage to...
Week Ahead: Coronavirus Continues to Dominate
Aside from cautious reopenings around the world because of the coronavirus, the main economic focus entering last week was the US Non-Farm Payroll data. Although the staggering number of jobs lost was 20,500,000, the markets seemed to take the numbers...
Week Ahead – Reopening Economies Appear to be the Only Trade in Town
It seems financial markets continue to ignore the terrible economic data and focus on hopes that the economy will see a rapid turnaround. With over 85% of companies in the S&P 500 done with earnings season, Wall Street will remain...
Stock market live Friday: Record job losses, investors focused on reopening, Dow gains 450
A man wears a mask as he passes the New York Stock Exchange. Mark Lennihan | AP U.S. equities rallied on Friday, despite a historic jobs report showing more than 20 million Americans lost their jobs in April, bringing the...
Why the stock market is up even with historic job losses
A record number of Americans just lost their job, and yet stocks are moving higher. This seems paradoxical given the economic toll — to say nothing of the emotional toll — on millions of people across the country without a...
Week Ahead – RBNZ May Increase QE; Aussie, UK and US Data to Deepen that Sinking Feeling
There can be no hiding from the awful economic data that is now pouring in from all angles as we move well into the second quarter. Australian jobs, UK Q1 GDP, and US retail sales and inflation numbers will be...
Nasty NFP Numbers
The headline Nonfarm Payrolls number was -20,500,000 vs an expected -21,000,000 and a revised -870,000 for March. At any other point in time a 500,000 difference between the estimated and actual would have been a huge difference. However, these days,...
USD/JPY Outlook: Better than Feared US Labor Data Inflate Dollar
Dollar rose across the board after US jobs data showed better than markets feared results in April. Non-farm payrolls and unemployment came below horrific forecasts (which showed expectations for the worst situation in jobs sector since Great Depression) and average...
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