Pandemic Causes Loss of 20,500,000 Jobs, Unemployment at 14.7 Percent
Temporary layoffs make up 78.3 percent of unemployment.
As expected, the April jobs report showed a catastrophic hit to the labor market stemming from the pandemic. The economy lost another 20,500,000 jobs in April after losing 870,000 jobs in March. This is an order of magnitude higher than any previous two-month decline on record. The unemployment rate jumped to 14.7 percent, up 11.2 percentage points from what had been a 50-year low of 3.5 percent in February. The employment-to-population (EPOP) ratio was down 9.8 percentage points over this period, as 25.4 million fewer people report being employed in April than in February. READ MORE
Why 14.7% unemployment rate doesn’t capture the true state of the coronavirus economy
But these grim numbers — both slightly less horrible than economist expectations – don’t capture the staggering impact of the coronavirus pandemic on the workforce in the world’s largest economy.
The true unemployment rate may be closer to 19.5%, the government said in a note attached to its report.
And that figure does not even count people whose hours were cut sharply due to the virus, or who couldn’t look for work because of stay-at-home orders. Read More
DOW, SP500, OIL & USD TECHNICAL CHARTS
- The global market is indeed weak but many traders are still in denial stage – Finwaze believe the real nightmare is on the way
- 20Million & more than 15% of the entire American have lost their job READ MORE
- Pandemic, employment, unemployment & Manufacturing data numbers don’t lie – we are at present worst than the last depression – Read More
- Second wave is coming we believe; be cautious and remember CASH IS KING.
- OIL issues are still not over yet – U.S. Oil, Gas Rigs Fall Below 400 For The First Time Since 1940 – READ MORE
PSEI TECHNICAL CHART
- DAVAO MARCO POLO have thrown in their white towel – READ MORE
- Sad: Lucio Tan’s fave Chinese resto is closing down – READ MORE
- Aboitiz, Ayala banks have combined P21.5B loan exposure to Lopez in off-air ABS-CBN – READ MORE
- DITO is also cautious as China – US Trade War extends – China Telecom & Dito – READ MORE
FINWAZE can list many more stories & things are not looking good now – as trader be cautious and don’t rush into market even though the price is cheap – you can always catch a better price.