The Hill reports today: The U.S. lost a staggering 701,000 jobs in March as the growing coronavirus pandemic devastated the American economy and ended more than a decade of uninterrupted employment growth, according to data released Friday by the Labor Department.
From Jeff Bezos WP:
U.S. jobless rate climbed to 4.4 percent in March, capturing start of economic collapse that has gotten worse as coronavirus spreads
The U.S. has not lost any jobs. 90+% of them will return when the coronavirus is under control.
Not if those self checkout counters at Costco are here to stay. There’ll be a bigger push for automation after this fiasco.
| Table 2.1 Employment by major industry sector | |
|---|---|
| Industry Sector | Thousands of job |
| 2018 | |
| Total(1)(2) | 161,037.7 |
| . | |
| Nonagriculture wage and salary(3) | 149,803.7 |
| . | |
| Goods-producing, excluding agriculture | 20,661.3 |
| Mining | 683.3 |
| Construction | 7,289.3 |
| Manufacturing | 12,688.7 |
| Services-providing excluding special industries | 129,142.4 |
| Utilities | 554.6 |
| Wholesale trade | 5,852.5 |
| Retail trade | 15,833.1 |
| Transportation and warehousing | 5,419.1 |
| Information | 2,828.1 |
| Financial activities | 8,568.8 |
| Professional and business services | 20,999.5 |
| Educational services | 3,727.5 |
| Health care and social assistance | 19,939.3 |
| Leisure and hospitality | 16,348.5 |
| Other services | 6,622.4 |
| Federal government | 2,796.0 |
| State and local government | 19,653.0 |
| Agriculture, forestry, fishing, and hunting(4) | 2,310.0 |
| Agriculture wage and salary | 1,547.2 |
| Agriculture self-employed | 762.8 |
| Nonagriculture self-employed | 8,924.0 |
Nice words. Use extensively by analysts in their reports.
Billionaire investor Bill Ackman, founder of Pershing Square Capital Management, said in a series of tweets he is “beginning to get optimistic.” He said cases in New York, a hot spot for the coronavirus in the U.S., “appear to be peaking” while some treatments “appear to help.”
All in?
No, if that was the bottom you already missed the reaction off of it. No need to go all in. Futures haven’t meant much since the big move down.
fake rally or real rally?
Depends on whether it is fake or real peak cases🤗 From the press conference, I sense cautious optimism that peak is in this month.
Did you say peak in this month or bottom in this month?
Peak
I’m optimistic. I wish VIX was lower to do more January calls.
Is Cramer still waiting for a retest?
“This year has been a lot different. Holding equities outside of regular trading hours has actually resulted in a decline of 28% while holding during the trading session has resulted in a gain of about 6%,” he told CNBC’s “Trading Nation” on Monday.
Can we believe this?
‘The worst is behind us’ — the most attractive risk-reward in years means it is time to buy stocks, Morgan Stanley says
Did you fall for the trap?