This type of sudden, previously unimaginable fall-off-the-cliff data about the lockdown-economy is gut-wrenching.
Services account for 70% of the US economy. Here’s what’s happening to services and retail in economic powerhouse Texas.
Economic powerhouse Texas first got hit by the Oil Bust then by the Coronavirus. Expect similar confluence of unrelated factors in other regions.
No one has ever seen anything like this.
During the last crisis, Madrid ramped up the tax burden on the self-employed to historic highs while wasting vast sums on corporations and banks. Same thing on an even bigger scale is now in the offing.
These days, markets forgive and forget anything except the suspension of share buybacks. Shares dive.
Down 15% from a year ago. Employment lags job openings by a few months. It hit the usual suspects but also the services industries, including finance & insurance, tech, and healthcare.
“Does Everyone Who Wants a Job Have a Job?”
How out-of-whack is the discrepancy in growth between incomes, rents, and house prices?
Wall Street’s fervent hopes and prayers for rate-cut ammo were not fulfilled.