08May2020 Midday Update: For The First Time Ever, More Than Half Of The US Population Is Not Working, DOW Up 360 Points At 12:30 ET, Why Are The Markets Shruging Off Dismal US Jobs Data

Here is the current market situation from CNN Money

North and South American markets are sharply higher today with shares in Brazil leading the region. The Bovespa is up 2.37% while Mexico’s IPC is up 1.94% and U.S.’s S&P 500 is up 1.42%.

Wall Street rises on better-than-feared jobs report, easing Sino-U.S. tension

U.S. stock markets gained on Friday after data showed the economy lost fewer jobs in April than feared due to the coronavirus crisis, adding to optimism from an easing in tensions between Washington and Beijing.

Exclusive: J.C. Penney to file for bankruptcy as soon as next week, sources say

J.C. Penney Co Inc is preparing to file for bankruptcy protection as soon as next week with plans to permanently close about a quarter of its roughly 850 stores, becoming the latest major U.S. retailer to succumb to fallout from the coronavirus outbreak, according to people familiar with the matter.

Still hiring! Walmart, other superstores buck U.S. employment trend

Amid the carnage of the U.S. employment report for April was one bright spot: superstores led by Walmart Inc , the world’s largest retailer, added more than 90,000 jobs.

U.S. post office loss doubles as it warns COVID-19 will hit its finances

The U.S. Postal Service on Friday said it lost $4.5 billion in the quarter ending in March, more than double its loss over the same period last year, and warned COVID-19 could severely hurt its finances over the next 18 months.

Wall Street weekahead: U.S. data deluge to underscore divide between roaring market, plunging economy

A week packed with U.S. economic data is likely to provide investors with more evidence of the extent to which the coronavirus pandemic has hit growth, sharpening the debate on whether a rebound in stocks has been justified amid an unprecedented slowdown.

Stocks hit weekly highs as markets shrug off dismal U.S. jobs data

Global share markets rallied on Friday, hitting weekly highs, and oil prices gained as more governments around the world began gradually reopening their economies and Sino-American trade tensions eased.

U.S. labor market shatters post World War 2 records as coronavirus lockdowns bite

The U.S. economy lost a staggering 20.5 million jobs in April, the steepest plunge in payrolls since the Great Depression and the starkest sign yet of how the novel coronavirus pandemic is battering the world’s biggest economy.

U.S. wholesale inventories revised up in March

U.S. wholesale inventories fell in March, albeit less than initially estimated, and further decreases are likely as the novel coronavirus outbreak continues to weigh on imports of goods.

Explainer: Why 14.7% unemployment rate doesn’t capture the true state of the coronavirus economy

The U.S. economy shed 20.5 million jobs in April, and the unemployment rate rose to 14.7%, a government report Friday showed.

America’s Colleges Awarded $12.5 Billion In COVID-19 Bailout – Who Got It And How Much?

America’s Colleges Awarded $12.5 Billion In COVID-19 Bailout ” Who Got It And How Much?

Submitted by Adam Andzejewski, first published in Forbes,

Harvard decided not to apply for their $9 million share of the $2.2 trillion CARES Act – the Coronavirus Aid, Relief, and Economic Security Act, after President Donald Trump brought the issue into the national limelight. Princeton followed suit.

The other Ivies are still deciding whether to accept up to $62.9 million in CARES money ” despite their collective endowment of $140 billion. However, our auditors at OpenTheBooks.com discovered that these funds are just the tip of the iceberg.

We scoured the backend of the U.S. Department of Education website and found the full database: 5,137 colleges and universities that were awarded $12.5 billion in coronavirus relief. None of it has to be paid back.

Italy Becomes Third Country To Top 30k Coronavirus Deaths: Live Updates

Italy Becomes Third Country To Top 30k Coronavirus Deaths: Live Updates

Summary:

UK reports 626 new deaths

NY reports 216 more deaths

Italy passes 30k COVID-19 deaths

Spanish gov’t rejects Madrid’s request to reopen

Larry Kudlow says 3/4ths of job losses will be ‘temporary’

NYC announces ‘test and trace corps’

Architect of Sweden’s lockdown response defends strategy

Editor of Global Times says China needs more nukes

Global COVID-19 cases near 4mil, deaths near 2,75k

UK warns don’t expect reopening to start next week

South Korea warns of new ‘super spreader’

Australia PM says next phase of reopening begins today, releases 3-step plan

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Update (1150ET): Italy on Friday became just the third country to pass 30k coronavirus deaths (after the US and the UK) after reporting 243 fatalities Friday (data are reported with a 24-hour delay), bringing the country’s death toll to 30,291. Newly confirmed cases fell slightly to 1,327, down from 1,401 on Thursday, taking the total # of confirmed cases since the epidemic began to 217,185, the third-highest tally behind the US and Spain.

The number of patients currently carrying the virus in Italy fell to 87,961 from 89,624 the day before, while the long-running trend of falling hospitalizations and patients moved to the ICU continued, with just 1,168 people moved to the I …

A Tragic Record: For The First Time Ever, More Than Half Of The US Population Is Not Working

A Tragic Record: For The First Time Ever, More Than Half Of The US Population Is Not Working

Today’s jobs report was, as expected and as previously discussed, absolutely horrific, although as Bank of America points out there was one silver lining which Larry Kudlow quickly latched on to: with 72% of jobs lost being reflected as temporary layoffs, workers should be able to be more seamlessly rehired as the economy reopens. However, the longer this pandemic goes on, the more likely that what was temporary becomes permanent, and as we pointed out in a previous post, even baseline cases see unemployment not returning back to normal until 2022 or later.

Offsetting this “good news”, however, there was one especially scary aspect of today’s jobs report that has not gotten enough publicity, namely that as BofA writes, the employment to population ratio plunged to a record low, with only 51.3% of the population working. Inversely, this means that in April, 49% of the US population was not working.

Aide To Mike Pence Tests Positive For COVID-19

Aide To Mike Pence Tests Positive For COVID-19

One day ago, the White House confirmed that President Trump’s “valet” had tested positive for COVID-19, though it swiftly added that both Trump and VP Pence had both tested negative shortly after.

‘Unstoppable’ Mukesh Ambani cannot be cowed down by Covid

‘Unstoppable’ Mukesh Ambani cannot be cowed down by CovidMukesh Ambani just sealed three deals in as many weeks to raise a combined $8 billion. And he isn’t done yet.

India to borrow Rs 12L cr to cushion virus blow

India to borrow Rs 12L cr to cushion virus blowGovt will borrow Rs 6L cr from the market via gilts through the remaining part of the first half of the year.

Will India do enough to lead new world order?

Will India do enough to lead new world order?Taking the tough road could ensure India gains a more powerful role in the post-pandemic global stage.

April 2020 BLS Jobs Situation – Worst Report Ever

Written by Steven Hansen

The headline seasonally adjusted BLS job growth showed the worst ever job loss ever with the U-6 unemployment rate at 22.8% (headline unemployment was 14.7 %).

Older workers have been clobbered by the coronavirus unemployment crisis

The jobless rate for workers 55+ jumped to 13.6% in April

Outside the Box: Destroying the ad-and-marketing budget is the worst thing a company could do to its brand during the pandemic

Now’s a time for renewed creativity to prevent companies from withering.

CityWatch: All hail New York City’s taxi drivers

It takes a savvy driver to eke out even a tiny living at a time like this.