State of Confusion
The U.S. labor market continued its nosedive today, including another two million jobless claims filed, per morning numbers in line with the consensus estimate. That brings the total amount of jobless claims filed to over 40 million, or over a quarter of the U.S. labor force, which far exceeds the total 8.7 million jobs lost during the Great Recession. We also saw the first quarter 2020 GDP contraction revised to -5.0% from -4.8%, indicating the significant depth of the current economic contraction. Sentiment is also growing that a V-shaped recovery is unlikely.