DXY was soft Friday night:
The Australian dollar held Friday’s gains:
EM’s did better:
Gold was hit:
Oil firmed:
Base metals were firm:
Miners too:
EM stocks did better:
And junk:
Bonds were sold:
Stocks roared on, Nasdaq anyway:
The US economy has collapsed. Unemployment is staggering:
Total nonfarm payroll employment fell by 20.5 million in April, and the unemployment rate rose to 14.7 percent, the U.S. Bureau of Labor Statistics reported today. The changes in these measures reflect the effects of the coronavirus (COVID-19) pandemic and efforts to contain it. Employment fell sharply in all major industry sectors, with particularly heavy job losses in leisure and hospitality.
…The change in total nonfarm payroll employment for February was revised down by 45,000 from +275,000 to +230,000, and the change for March was revised down by 169,000 from -701,000 to -870,000. With these revisions, employment changes in February and March combined were 214,000 lower than previously reported.
Every measure is disastrous:
I would love to say that the economy is going to roar back. But it’s not. Large parts of the private sector will remain shut as the virus runs riot:
SMEs know it:
Employment will of course turn up sharply from the lows for a bit. But much of the recovery will be a dreadful grind.
The stock market and Australian dollar rally was supposed to be based upon the virus curve flattening and falling away.
