20 Million Jobs Lost

The first Friday of each month is typically when the jobs report comes out. This month, it will actually be the second Friday since the first Friday was May 1.

There are two key events ahead of the jobs report. On Wednesday, ADP, the private payroll company, releases its report. Of course, this is unofficial, but it gives some PR to the company.

This morning, ADP said the U.S. economy lost 20,236,000 private sector jobs last month. That’s 24 times the previous record. In other words, we nearly averaged the previous monthly record each day.

The second key event is the jobless claims report which comes out each Thursday. I’m expecting more bad news.

Despite its poor earnings report, shares of Disney (DIS) are higher today. I suppose expectations were for less than expectations.

Posted by on May 6th, 2020 at 10:38 am


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