May 11, 2020
“If there is a silver-lining in today’s dismal jobs report, it is in the realization that the economy cannot possibly get any worse than it is right now.”
The participation rate has now dropped 2.5 percentage points since March, and it is the lowest it has been since the 60.0 percent recorded in January 1973.
“When the coronavirus is behind us, we can reengage fully…it won’t be quick; in my opinion, it won’t be ‘V’-shaped, it will be gradual.”
“Employers as a whole have dramatically reduced their recruiting, and it is not clear when this will recover,”
“For a lot of those furloughed workers, a non-trivial number will have no job to go back to, because the company they worked for will have failed or will need fewer workers than they used to,”
“…to get unemployment rates like the ones that we’re about to see … which I think will climb up towards 20% by next month, you have to really go back to the Great Depression…I’m looking for rates north of 20, sadly.”
Mnuchin remains confident in bounce-back later this year, but unemployment will ‘get worse’ before it happens
The reported numbers are probably going to get worse before they get better,” Mnuchin told “Fox News Sunday.”
As lockdowns ease and parts of the world reopen for business, driving has emerged as the socially distant transportation mode of choice.
“There are now as many non-subscribing households (46M) as there were pay TV subscribers in 1988.”
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