The Daily Shot Brief – May 11th, 2020



United States: Let’s begin with the April payrolls report. Job losses have been unprecedented in recent history.

Source: @WSJ; Read full article

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.

Source: The Daily Shot

Adjusting for misclassifications, Pantheon Macroeconomics estimates that the unemployment rate is closer to 20% vs. the 14.7% official figure.

Source: Pantheon Macroeconomics


Energy: The number of active oil rigs in the US hit the lowest level since 2009.

Source: The Daily Shot


Equities: VIX dipped below 30, and the VIX curve has flattened (the front end is now in contango).

Source: The Daily Shot


Credit: The Fed has stabilized the US funding markets.

Source: Liberty Street Economics; Read full article


Global Developments: Short-term rates are collapsing around the world.

Source: @NancyRLazar1


Food for Thought: Views on social distancing:

Source: Gallup; Read full article

Edited by Daniel Moskovits

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