Written by Gary
June 2020 BLS Jobs Situation – Employment Grew 4,800,000 But Still Down 12,558,000 Year-over-Year (SPY +0.6%). US COVID cases are soaring… (just don’t mention the low death rates).
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Bar owners reckon with costly stop and starts as states close them down againGovernors in Michigan, Florida, Texas, California, Colorado and Arizona are closing thousands of bars again ahead of the Fourth of July weekend as Covid-19 cases in those states surge. |
| Moderna stock falls by as much as 9.4% after report says late-stage coronavirus vaccine trial delayedThe company is making changes to its trial plan, which has pushed back the expected start date, according to health-care publication STAT News. |
| Fiat Chrysler unveils Dodge Durango Hellcat as ‘most powerful SUV ever’The automaker unveiled a new “Hellcat” model of the 2021 Durango SUV, which it is calling “the most powerful SUV ever.” |
| Dr. Scott Gottlieb says he thinks the worst of the U.S. coronavirus epidemic ‘will be over by January’“This will be over by January one way or the other,” former FDA Commissioner Dr. Scott Gottlieb said on “Squawk Box.” |
| Researchers find neurological damage in four children with coronavirus inflammatory syndromeChildren diagnosed with Covid-19 pediatric multisystem inflammatory syndrome, or PMIS, may develop new-onset neurological symptoms in the absence of respiratory manifestations, according to a study published Wednesday in JAMA Neurology. |
| Casinos are seeing strong sales despite social distancing, Circa Resort CEO saysLas Vegas casino owner Derek Stevens said Thursday that although social distancing protocols are limiting the amount of people inside his casinos, sales in June were higher than a year ago. |
| American Airlines says it’s overstaffed by 20,000 employees for fall scheduleAmerican Airlines told staff that it expects to be overstaffed by more than 20,000 people this fall. |
| Loop Capital CEO says diversifying his workforce has been easy: ‘I focus on talent’“It was always a struggle for Wall Street to hire African Americans,” Loop Capital Chairman and CEO Jim Reynolds told CNBC. |
| Don’t ‘balance lives against the economy’ in unprecedented pandemic, Dr. Anthony Fauci warns“You don’t want to balance lives against the economy,” Dr. Anthony Fauci said during an interview with the JAMA Network. |
| The Rolling Stones and Paul McCartney urge government to support Britain’s live music industryThe Rolling Stones and Paul McCartney are among more than 1,500 musicians who have signed a letter to the British government, asking for it to help save the live music industry amid the coronavirus pandemic. |
| NIH says rapid coronavirus testing will allow Americans to attend sporting events this fall“We want to see Americans have a chance to have some normal experiences of enjoying life,” National Institutes of Health Director Dr. Francis Collins says. |
| U.S. coronavirus cases soar by more than 50,600 in record single-day jumpThe U.S. reported more than 50,600 additional coronavirus cases on Wednesday, the largest single-day increase since the beginning of the outbreak. |
| Ford sales fall 33.3% in the second quarter due to coronavirusFord said its U.S. vehicle sales in the second quarter were down 33.3%, in line with expectations as the coronavirus caused consumers to stay at home and dealerships and factories to shutter. |
| Stocks Soar To Best Week In 3 Months As COVID-Comeback Concerns MountStocks Soar To Best Week In 3 Months As COVID-Comeback Concerns Mount Tyler Durden Thu, 07/02/2020 – 16:01 Perhaps the market is seeing the scaremongering from health officials for what it is is and calling locking-down-politicians’ bluffs? US COVID cases are soaring… (just don’t mention the low death rates)… |
| Elon Musk Tweets Obscene Taunts At SEC, Short SellersElon Musk Tweets Obscene Taunts At SEC, Short Sellers Tyler Durden Thu, 07/02/2020 – 15:48 No sooner did we report that Tesla “beat” its delivery estimates on Thursday morning by producing 4.8% less cars than last year, even with the addition of Shanghai and the Model Y – and no sooner did another block of $1500 September 2020 calls totaling more than $5 million go off, helping ramp Tesla’s stock higher – than outspoken CEO Elon Musk himself took to Twitter for a victory lap. |
| This Pandemic Is A Politician’s Dream Come TrueThis Pandemic Is A Politician’s Dream Come True Tyler Durden Thu, 07/02/2020 – 15:45 Authored by Simon Black via SovereignMan.com, By the mid-1990s, the economy of Zimbabwe was in serious trouble. The national government under its dictator Robert Mugabe had spent years confiscating private property ” real estate, businesses, factories, bank deposits, etc. And unsurprisingly, this had a disastrous effect on the economy. Productive citizens and talented entrepreneurs left Zimbabwe in droves ” after all, who would want to keep operating under such awful conditions? So within a few years, everything from food production to mining output to manufacturing had plummeted. The banking sector collapsed. Unemployment soared. Tax revenue dried up. So Mugabe did what most politicians would do in that position: he started printing money. |
| Jobs Data Officially Broken? More People Getting Unemployment Benefits Than There Are Unemployed WorkersJobs Data Officially Broken? More People Getting Unemployment Benefits Than There Are Unemployed Workers Tyler Durden Thu, 07/02/2020 – 15:15 It’s official: “data” released from the Bureau of Labor Statistics has just crossed the streams and has given birth to the Stay Puft marshmallow man jumping the shark. Alas, it also means that jobs “data” is now completely meaningless. For all the analysis of today’s job report, is it good, is it bad, is this data series too hot, and does it mean that the Fed will soon be forced to hike, we have just one response. None of it matters. Why? Because a simple sanity check reveals that as of this moment the jobs report no longer makes logical sense. Consider the continuing jobless claims time series, also also referred to as “insured unemployment”, and represents the number of people who have already filed an initial claim and who have experienced a week of unemployment and then filed a continued claim to claim benefits for that week of unemployment By its very definition, insured unemployment is a subset of all Americans who are unemployed. In a Venn diagram, the Continuing Claims circle would fit entirely inside the “Unemployed” circle, which also includes Initial Claims, Continuing Claims, and countless other unemployed Americans who are no longer eligible for any benefits. … |
| Cafà Rouge and Bella Italia owner falls into administrationNinety-one sites will close immediately with the loss of around 1,900 jobs. |
| The Rock ranks as Instagram’s ‘most valuable star’Film star Dwayne ‘The Rock’ Johnson can charge more than $1m for a sponsored post, analysts say. |
| US firms create record 4.8 million jobs in JuneThe reopening of businesses has spurred job growth but a rise in Covid-19 cases may hamper recovery. |
| Forget app ban, India has more data security time bombs to defuseForget app ban, India has more data security time bombs to defuseWhile ‘josh’ from ‘digital strike’ runs high, the need for data protection law should now come under spotlight. |
| TechM boss isn’t worried about virus, visa banTechM boss isn’t worried about virus, visa banGurnani said clients will invest in tech in Covid times while H-1B suspension will increase offshoring. |
| Somanathan on why fiscal stimulus won’t helpSomanathan on why fiscal stimulus won’t helpThe expenditure secretary said simply pumping money into the system was not a solution to revive the economy. |
| June 2020 BLS Jobs Situation – Employment Grew 4,800,000 But Still Down 12,558,000 Year-over-Year
The headline seasonally adjusted BLS job growth showed the best ever job gain ever with the unemployment rate improving from 13.3% to 11.1 %. |
| What’s Worth Streaming: ‘Hamilton,’ ‘Umbrella Academy’ and more: Here’s what’s worth streaming in July 2020Netflix is bringing ‘The Baby-Sitters Club’ and a ton of teen shows, while most other streaming services take a summer break. |
| An instant chat app promising criminals ‘worry free secure communication’ was hacked by U.K. police ” here’s how 746 gangsters were arrested.British police hacked into a WhatsApp-style chat for gangsters and spied on drug dealers, weapons traffickers, and crime lords plotting to execute rivals. |
| Market Extra: Is the stock market closed Friday? For 4th of July, here’s everything investors need to know about trading hours and closuresIndependence Day falls on Saturday this year, meaning that U.S. financial markets will be closed on Friday. |
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