Today’s Top Stories: May 8, 2020

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The Lede

The unemployment rate hit 14.7 percent, which is bad–gaining 10.3 percent in a single month.

The number of unemployed soared to 20.5 million people.

HOWEVER, it is somewhat understated at about 10 million people are not actively looking for a job (they were told NOT to as part of their unemployment process).

If those actual unemployed were counted, the unemployment rate would be over 20 percent.

Unemployment rate soars to 14.7% in April

From Axios:

It’s by far the worst jobs report in history.

The U.S. economy shed a record 20.5 million jobs in April as the unemployment rate skyrocketed to 14.7% — more than quadrupling from the rate seen before the coronavirus outbreak — according to government data released Friday.
Why it matters: It’s by far the worst jobs report in history, highlighting the depth of the unprecedented toll the pandemic is having on the labor market.
By the numbers: Not since the Great Depression has the unemployment rate been this high.
The speed with which the job destruction happened is also staggering: the unemployment rate jumped 10.3% in a single month, which has never happened before in history.
Between the lines: You’re only counted as unemployed if you’re actively looking for work, but many Americans aren’t looking for work because of state-imposed lockdowns — effectively warping the rate.
Another 9.9 million people were jobless, but not counted as unemployed because they weren’t actively looking for work.
Labor Department officials also said if certain jobless workers were considered unemployed rather than “absent from work,” then the unemployment rate “would have been almost five percentage points higher,” per the release.

Coronavirus update:

3,866,642 confirmed infections, up from 3,781,896 yesterday.
270,279 confirmed deaths, up from 264,602 yesterday.

US stats:

1,256,972 confirmed infections, up from 1,231,943 yesterday.
75,670 confirmed deaths, up from 73,566 yesterday.

May 8, 2020 COVID-19 pandemic map — Source

Relevant COVID-19 stories:

Politics:

The rule of law is dead. That is all.

Flynn decision cheered by Trump and the right, as critics decry it as an attack on the rule of law

Relevant Politics stories:

Economy Update:

See above in “The Lede”

The Dow is up about 300 points, getting into the 24k range.

Upcoming economic reports this week:

Tuesday – Trade deficit – $44.4 billion (March), slightly up from $39.8 billion in February.
Wednesday – ADP employment report – down 20.2 million jobs. It’s even worse than this report suggests. This is a lagging indicator. Wait until next month…
Thursday – Jobless claims – another 3.17 million down, productivity – down 2.5 percent (bright side: estimates were at 5.5 percent down)
Friday – Unemployment rate – 14.7 percent, official unemployed number of workers is at 20.5 million

Source: https://www.marketwatch.com/tools/calendars/economic

Relevant Economy stories:

Your job may never come back. It’s high-time you learned how to create your own revenue-generating work. Check out Gig Economics to learn how.

Offbeat Story of the Day:

“Drug Free” Montana Man Is Arrested On Drug Charge, Cops Report | The Smoking Gun

Meet Ronald Joseph Gallagher.
The Montana man, 50, was arrested yesterday afternoon on several charges, including marijuana possession, resisting arrest, and disorderly conduct.
He was released this morning from the Missoula County jail after posting bond on the three misdemeanor counts.
As seen in the above booking photo, Gallagher, who is something of a frequent flyer at the local lockup, was wearing a “DRUG FREE” t-shirt when collared. The shirt’s full kicker–“Just ran out yesterday”–was cropped out by the jailhouse photographer.

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