45 million people have been furloughed in Germany, the UK, France, Italy, and Spain, but the “unemployment” rate barely budged. Creating government-subsidized zombie companies & zombie jobs?
Some people returned to work, but 1.64 million newly-out-of-work people filed for state or federal unemployment insurance. Labor market at essentially the same level of terribleness for months.
Precisely what’s needed to end the price collapse. But last time, it wasn’t long before Wall Street liquidity surged back into shale, starting the cycle all over again.