3.8 million: That’s how many new unemployment claims were filed last week. And it brings the total to more than 30 million unemployed in just six weeks.
Many states are unable to process the flood of unemployment claims. That means the true number could be far higher.
The Economic Policy Institute says that actual unemployment numbers may be 50% higher.
The bleak unemployment picture indicates the current economic destruction.
First-quarter GDP fell by 4.8%, marking the first decline since 2014.
Meanwhile, consumer spending plunged 7.5% in March. That was the steepest drop since tracking began in 1959.
The decline in spending didn’t really begin until mid-March. So, you can expect that the April number will be considerably worse.
The Big News…
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Los Angeles: Everyone Can Get Tested
The mayor of Los Angeles says that local hospitals can test every resident who wants a test. The city is now able to run 18,000 tests per day.
More States Open for Business
Alabama, Maine, Tennessee and Texas plan to allow stay-at-home orders to expire today. This will allow certain businesses to re-open. Some 90% of Americans have been ordered to stay at home for over a month.
California Closing All Beaches
Gov. Gavin Newsom is considering a new order that will close all of the state beaches. The order would take effect on Friday. Some beaches have been open in the state and particularly crowded on the weekend.
New $1 Trillion Stimulus
Republicans on Capitol Hill are starting work on another stimulus bill. This one is expected to top $1 trillion and will propose huge spending on infrastructure projects including 5G. Go here for the top All American 5G stocks to BUY NOW.
The Coronavirus Numbers
Here are the numbers from Wednesday at 12:30 p.m. ET.
- 3,261,476 Infected worldwide
- 230,381 Deaths
- 1,073,463 Infected in the U.S.
- 62,257 Deaths in the U.S.
Stocks pulled back in Thursday’s trading session. The S&P 500 was down nearly 2% by mid-day.
The higher number of jobless claims and weak economic data weighed on stocks. The decline also comes after stocks surged on Wednesday.
The S&P 500 is now up more than 30% from the late March lows.
However, there’s still lots of uncertainty related to earning season.
Yet a small group of traders have had a chance to profitably trade stocks during earnings season. And some are even WINNING 100% of these “Overnight Trades.”
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Yours in Health & Wealth,