To date a record 22-M Americans have filed for unemployment benefits over the past month, with millions more filing claims last week, thus wiping out all the job gains since the Great Recession and underscoring the toll on the economy from extraordinary measures to control the COVID-19 coronavirus outbreak.
The Big Q: Did we really need this?
The Big A: If I have the choice between a Great Depression and the 0.002% chance I will die of COVID-19, I will take my chances with COVID-19. Life is not a Bowl of Cherries, Never was, Never will be!
This very deep economic slump was has been amplified by other data Thursday showing manufacturing activity in the mid-Atlantic region plunged to levels last seen since Y 1984 and homebuilding, a Key element of our economy, falling by the most in 36 years in March.
The reports followed grim reports Wednesday of a record fall in retail sales in March and the biggest decline in factory output since Y 1946.
Economists are predicting the economy, which they believe is already in recession, contracted in Q-1 at its sharpest pace since WWII.
The scale of job losses we have had in the past 4 wks is remarkable, all the jobs gained since the 2008 Financial Crisis are now lost, the labor market has imploded.
Stocks on Wall Street were flat to unchanged and the Bull rested from an amazing 4 week run.
Thursday, the major US stock market indexes finished at: DJIA +33.33 at 23537.68, NAS Comp +139.19 at 8532.37, S&P 500 +16.19 at 2799.55
Volume: Trade on the NYSE came in at 1.1-B/shares exchanged
- NAS Comp -4.9% YTD
- S&P 500 -13.4% YTD
- DJIA -17.5% YTD
- Russell 2000 -29.4% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes if Neutral with a Bullish bias, as Key technical indicators are turning Very Bullish.
Looking Ahead: Investors will receive the Conference Board’s Leading Economic Index for March Friday.
Have a healthy day, Keep the Faith!