32 Million People on State & Federal Unemployment, 2nd Highest Ever: Week 17 of U.S. Labor Market Collapse by Wolf Richter • Jul 16, 2020 • 219 Comments Torrent of 2.4 million new claims under state & federal programs. PUA claims by gig workers now 45% of total unemployment. Many people are hired back, but many are newly laid off. Labor market recovery remains hard to discern.
Work-from-Home & Covid Resurgence Maul Office Occupancy by Wolf Richter • Jul 15, 2020 • 132 Comments There is no recovery for office space. The number of people going to the office has declined over the past four weeks.
It Starts: Mortgage Delinquencies Suddenly Soar at Record Pace by Wolf Richter • Jul 14, 2020 • 249 Comments And this is just for the very beginning of the Pandemic’s impact on housing.
Delta’s Passenger Revenue -94%. How it Plans to Stay Alive till “Demand Returns.” Confirms United’s Warning About Newly Waning Demand by Wolf Richter • Jul 14, 2020 • 90 Comments Shrinkage in survival mode instead of V-shaped recovery. “It will be more than two years before we see a sustainable recovery”: CEO.
Subprime Auto-Loan Delinquencies, After April Fiasco, Miraculously Healed by “Forbearance” & Stimulus Money by Wolf Richter • Jul 13, 2020 • 119 Comments “Extend and pretend” works wonders for a little while. But with auto loans, it gets dicey in a hurry. And then what?
Moving the Iron amid Sagging Demand: Tesla Cuts Price of Model Y, after Cutting Prices of Model 3, S & X, as Other Automakers Offer Record Incentives. by Wolf Richter • Jul 13, 2020 • 163 Comments The time for deals on new vehicles has arrived.
“Wild Ride to Nowhere”: APPL, MSFT, AMZN, GOOG, FB Soar to New High. Rest of Stock Market is a Dud, Has Been for Years by Wolf Richter • Jul 11, 2020 • 220 Comments The market has come to totally depend on the “Giant 5.” A scary out-of-whack weight on the way down.
The Great American Shale Oil & Gas Massacre: Bankruptcies, Defaulted Debts, Worthless Shares, Collapsed Prices of Oil & Gas by Wolf Richter • Jul 10, 2020 • 128 Comments The bankruptcy epicenter is in Texas.
QE Unwind Speeds Up: Fed’s Assets Drop $85 Billion. Four-Week Total -$248 Billion. Big Chunk in a Short Time by Wolf Richter • Jul 9, 2020 • 92 Comments Repos & dollar liquidity swaps on their way out. SPVs declined. Hardly bought any corporate bonds & ETFs. MBS flat. Treasuries ticked up.
Unemployment Claims Hit New Record: 32.9 Million State & Federal. Week 16 of U.S. Labor Market Collapse by Wolf Richter • Jul 9, 2020 • 182 Comments Claims by gig workers under federal PUA program soar, now 44% of total unemployment claims. Where’s the “V-Shaped” recovery of the labor market?
