Posted on 03/30/2020 12:32:37 PM PDT by rb22982
The coronavirus economic freeze could cost 47 million jobs and send the unemployment rate past 32%, according to St. Louis Fed projections.
There are nearly 67 million Americans working in jobs that are at a high risk of layoffs, according to the analysis.
Economists at the Fed’s St. Louis district project total employment reductions of 47 million, which would translate to a 32.1% unemployment rate, according to a recent analysis of how bad things could get.
(Excerpt) Read more at cnbc.com ...
Oh, I expect there is a very high chance the EU dissolves or shrinks because of this.
Utter bullshit.
During normal times, CNBC and Marketwatch are mostly lies. In bad times, total lies.
Tons of lay offs here in Canada, but we haven’t seen the stats yet. I live in a government town, so we are largely insulated to layoffs to some extent. Its not good. Add to that oil sand crude oil is at a low of $6.00 and that is destroying the Albertan economy.
I’ll bet you $500 it will
What industry are you in?
Yes. At one point 750 million Chinese were restricted.
I am sure Europe is in the crapper too.
I’m a Registered Adviser.
Italy first!
Ever been responsible for a supply chain before or a larger company? Know how many people are involved in it? Then think about their suppliers/vendors supply chains, and the construction crews that build their buildings. Now imagine that 40% of them blow up overnight and consider the cascade effects. Worse, it’s not even new orders blowing up, it’s the orders already placed that you have heavy investments in and no longer have a buyer. Then consider the same impact to state and local governments and what they do. You are literally betting on MMT (print $, which we did with $6T last week) to save the day. I will not take that bet.
Italy, Spain, Greece and others will likely go there own way. It will remain to be seen if Germany can keep France, Belgium, Netherlands, etc in the EU. It’s also possible they cut back on the budget deficit and allow more countries their own currency to keep everyone inside the EU, though.
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