Another 4.4 million Americans filed for unemployment last week.
That brings the total to 26 million new claims in the last five weeks.
Some observers viewed this week’s report positively. That’s because the number of new claims this week was lower than last week.
Prior to the outbreak, an estimated 157 million Americans were in the labor force. That suggests that unemployment has risen by 16.5% in the last five weeks.
The April unemployment report could show a staggering unemployment rate around 20%.
That’s a sharp reversal from the record low levels of unemployment in January and February.
The spread of the virus is being contained – thanks to social distancing. Yet it’s clear that the economic pain is very real for millions of Americans.
The Big News…
WARNING: Shocking Earnings Season News. America’s biggest companies are reporting earnings. The results will reveal the huge impact of the outbreak. And it will shock investors.
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Trump Says Disinfectant Can Stop the Virus
President Trump on Thursday suggested that an injection of disinfectant could kill the virus and clean the lungs. One doctor and NBC contributor responded by saying “This notion of injecting or ingesting any type of cleansing product into the body is irresponsible and it’s dangerous. It’s a common method that people utilize when they want to kill themselves.”
California’s Deadliest Day
California reported 115 deaths on Wednesday. This marks the single deadliest day in the state. California has now recorded a total of 38,000 confirmed cases and 1,500 deaths.
ExxonMobil Making Hand Sanitizer
America’s biggest oil company is helping fight the coronavirus outbreak. Exxon will begin making hand sanitizer at a facility in Louisiana.
National Store Chains Delay Reopening
In George and South Carolina, state officials are allowing businesses to reopen. However, national chains including Macy’s, Gap and TGI Fridays say they will not reopen immediately. The businesses are doing their own analysis on whether it makes sense to open. If store traffic is light, it may not be profitable to operate locations.
New $1 Trillion Stimulus
Republicans on Capitol Hill are starting work on another stimulus bill. This one is expected to top $1 trillion and include 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 Friday at 10:30 a.m. ET.
- 2,754,506 Infected worldwide
- 192,377 Deaths
- 888,881 Infected in the U.S.
- 50,369 Deaths in the U.S.
The coronavirus outbreak will crush U.S. corporations and their earnings. Reports are coming in every day.
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Stocks posted sharp declines earlier this week. The weakness in oil prices sent markets down by 5% earlier this week. However, stocks have rebounded in recent days. And the market is essentially flat for the week.
Last week’s optimism was driven by hopes that Gilead Sciences (NASDAQ: GILD) had a promising drug to fight the virus. However, those hopes were dashed this week when a report from China showed inconclusive results.
Earnings season results continue to be weak. Yet the market is largely brushing off 2020 as a one-time event.
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Yours in Health & Wealth,