United States: Let’s begin with the April payrolls report. Job losses have been unprecedented in recent history.
The job market carnage was even worse than the headline figures indicate. The data on labor flows show a record number of Americans leaving the labor force. These workers are not reported as unemployed.
Adjusting for misclassifications, Pantheon Macroeconomics estimates that the unemployment rate is closer to 20% vs. the 14.7% official figure.
Energy: The number of active oil rigs in the US hit the lowest level since 2009.
Equities: VIX dipped below 30, and the VIX curve has flattened (the front end is now in contango).
Credit: The Fed has stabilized the US funding markets.
Global Developments: Short-term rates are collapsing around the world.
Food for Thought: Views on social distancing:
Edited by Daniel Moskovits
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