Unemployment

[GRG55]

Anybody want to wager how high it goes before it peaks in the various economies? The stats are mind boggling.

https://www.ctvnews.ca/business/cana...pril-1.4930397

The Canadian PressStaff
Published Friday, May 8, 2020 4:49AM EDT
Last Updated Friday, May 8, 2020 9:33AM EDT

Canada's jobless rate soars to 13 per cent in April

OTTAWA -- The Canadian economy lost almost two million jobs in April, a record high, as the closure of non-essential services to slow the spread of COVID-19 forced businesses to shutter temporarily.

The loss of 1,993,800 comes on top of more than one million jobs lost in March, and millions more having their hours and incomes slashed.
The unemployment rate soared to 13.0 per cent, Statistics Canada reported, as the full force of the pandemic hit compared with 7.8 per cent in March...




https://www.washingtonpost.com/busin...0-jobs-report/

May 8, 2020 at 7:10 a.m. MDT
U.S. unemployment rate soars to 14.7 percent, the worst since the Depression era
20.5 million people lost their jobs in April, the Labor Department said Friday. Many analysts believe it could take years to recover.

The U.S. unemployment rate jumped to 14.7 percent in April, the highest level since the Great Depression, as most businesses shut down or severely curtailed operations to try and limit the spread of the deadly coronavirus.

The jobless rate was pushed higher because 20.5 million people lost their jobs last month, the Labor Department said Friday, wiping out a decade of job gains in a single month. The staggering losses are roughly double what the nation experienced during the 2007-09 crisis, which used to be described as the harshest economic contraction most people ever endured...




https://www.theguardian.com/business...nd-coronavirus

First published on Thu 7 May 2020 07.53 BST

UK unemployment to double and economy to shrink by 14%, warns Bank of England

The Bank of England has warned the British economy could shrink by 14% this year and unemployment more than double by spring as the coronavirus causes the deepest recession in modern history...

...In a warning over the mounting damage to the economy, the Bank said gross domestic product (GDP) could plunge by 25% in the second quarter. For 2020 as a whole, the economy could shrink by 14%, marking the deepest recession for more than three centuries.

Historical Bank estimates for GDP dating back to the 18th century show the economy only shrank more in 1706, by 15%, a year before the treaty of union between England and Scotland and only a dozen years since the Bank’s foundation in 1694...

[Mega]

Re: Unemployment

I think GDP will fall massively then a dead cat bonce & so on like a sea/saw Up/down....up/down from a very low level.
The BOE expect house price fall of 16%, most think 30% at lest....negative wealth factor!

[Down Under]

Re: Unemployment

And, the stock market is rallying like nothing else. Talk about a disconnect between Main Street & Wall Street. The mind boggles, at least, mine does.

It's like gravity has been suspended or something. At some point, one would like to think, that reality would set in.

[shiny!]

Re: Unemployment

And, the stock market is rallying like nothing else. Talk about a disconnect between Main Street & Wall Street. The mind boggles, at least, mine does.

It's like gravity has been suspended or something. At some point, one would like to think, that reality would set in.

Wall Street's reality is different than our reality, or so it appears.

[Mega]

Re: Unemployment

https://www.bbc.co.uk/news/business-52580291

[jk]

Re: Unemployment

And, the stock market is rallying like nothing else. Talk about a disconnect between Main Street & Wall Street. The mind boggles, at least, mine does.

It's like gravity has been suspended or something. At some point, one would like to think, that reality would set in.

the fed jawboned the market up by promising to backstop corporate bonds, including rating-cut former investment grades, and buying junk bond etf's. it actually hasn't done any of those things yet, it hasn't had to. just the promise was enough. everyone knew there was a disaster buried in the corporate bond market, but the fed has now said it will print whatever is necessary to avoid that disaster. meanwhile it's buying 90% of treasury issuance. just look at what the boj has done and realize we're 8-10 years behind.