Unemployment-Data Chaos: Labor Dept. Admits “Seasonal Adjustments” Went Haywire During Pandemic (why I stopped using them in May): Week 23 of U.S. Labor Market Collapse by Wolf Richter • Aug 27, 2020 • 56 Comments 27 million people still on unemployment rolls, or 16.9% of Labor Force. Initial claims under state and federal PUA programs tick up to 1.43 million in the week (not seasonally adjusted).
The Zombie Companies Are Coming by Wolf Richter • Aug 26, 2020 • 84 Comments Easy money is a curse for capitalism (transcript of my podcast).
Airlines, Trying to Dodge Bankruptcy with Air Travel Still Down 70%, Threaten Oct. Jobs Massacre Unless they Get 2nd Bailout by Wolf Richter • Aug 26, 2020 • 130 Comments “Unfortunately, we see few catalysts over the next six months to meaningfully change this trajectory”: Delta.
“Pent-up Supply” in San Francisco Turns into Record Glut of Houses & Condos for Sale. Prices Weaken by Wolf Richter • Aug 25, 2020 • 203 Comments Why is everyone suddenly trying to sell their home?
Jingle Mail for Malls: Even Biggest Landlords Walk from Malls as Stores Go Bankrupt, Refuse to Pay Rent, Mall Values Slashed Brutally. But those Shorting Mall CMBS Made a Killing by Wolf Richter • Aug 24, 2020 • 158 Comments Mall meltdown gets messier. But someone’s making money. Here’s how they shorted malls.
THE WOLF STREET REPORT: The Zombie Companies Are Coming by Wolf Richter • Aug 23, 2020 • 90 Comments “Easy money is a curse for capitalism.”
Haunting Photos of San Francisco’s Desolate Financial District During Morning “Rush Hour”: Visual Effects of Work-from-Home by Wolf Richter • Aug 22, 2020 • 318 Comments I’m standing in the middle of the street to take this photo. Why? Because I can.
Shell’s Colossal Miscalculation in 2011 of Today’s LNG Price: Largest-Ever $12-$17-Billion “Floating Facility” Shut Down, Months After Shipping First LNG. Done in by Long Price Collapse by Wolf Richter • Aug 21, 2020 • 57 Comments Designed to profit from sky-high LNG Prices in Japan. Sunk by surging US LNG Exports, multi-year collapse in LNG prices, global LNG glut.
The Fed’s Asset Purchases: Week 10 Since Peak-QE by Wolf Richter • Aug 20, 2020 • 68 Comments Crazy charts to document our crazy times.
Disconcertingly, Both State & Federal “Initial” Unemployment Claims Jump. 28 Million People on Unemployment Insurance, 17.5% of Labor Force: Week 22 of U.S. Labor Market Collapse by Wolf Richter • Aug 20, 2020 • 105 Comments Number of people who newly lost their work and filed for initial state or federal UI in the week jumped to 1.43 million. A rate of 6 million a month.
