Payne's Perspective: March 30, 2020: Not Your Average Bear
The Chart of the Week (month, year, and millennium)
The 3.28 million Initial Jobless Claims report on Thursday was one for the record books; and yet, the whispers on Wall Street were as high as 10,000,000. Canada posted claims over 900,000, which is the equivalent of ten million U.S. jobs, adjusted for the differences in population. The 3.3 million number was more than 400% higher than the previous one-week tally.
Despite the shocking headline, the stock market posted gains after the news, in part to the notion that Congress would swiftly pass the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) designed to bring relief to businesses and workers. Late in the trading session on Friday, word came out that Bernie Sanders wasn’t happy and might muck up the works.
Initial Jobless Claims
We must brace for more shocking jobless claims numbers, especially from the lowest-paid workers.
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