An Unprecedented Time
Data this week began to show just how large the coronavirus related impact on the economy will be. Efforts to contain the virus are leading to millions of job losses and it’s likely only a matter of time before a majority of economic data reveal unprecedented declines.
Employers reported payrolls declined by 701K workers in March. This decline comes before the worst of the coronavirus related impacts on the once-strong labor market and only hints at what’s in store. Job losses will be in the millions in April.
President Trump tweeted favorable comments of Russia and Saudi Arabia’s relationship, but it’s unclear if coordinated production cuts will occur. Oil prices remain exceptionally low.