I know very few people that have lost their jobs and to be honest they were low-wage low-skilled jobs. I know many people still working and raking very good money.
And even those low skill jobs will be filled up again sooner than later I think.
Polls show many Americans have money they are waiting to spend.
Just give them the chance
You cannot white wash the unemployment numbers...
Trying to say it’s just the clods out of work is nonsense.
After Katrina, the New Orleans area lost 1/3 of it’s population. In 14 months, the economic output of the area again reached pre-Katrina levels. Just say’n.
Are they buying cars? Are they building bridges? Are they ordering big turbines?
The big issue is going to be getting the world wide supply chain up and running again. Opening a restaraunt or local service industry will look good for a couple of weeks. But there is such a disruption around the world, it will be difficult to get started again.
The reason people haven’t “lost” their jobs is because the PPP is paying them through October. So BiG manufacturing layoffs won’t happen until AFTER October. You know, right after the election.
The big banks are basing their stock projection prices on 2022/23. Earnings are not coming back soon. And finally, the Fed is buying Bond ETFs directly.
None of this supports a 700 point swing. Hope—which is what this rally is about—is not a strategy.
Same here. In fact, my "retired" wife has been enlisted for remote work, mostly bookkeeping for a small seasonal business whose owner is a friend our ours and now she's being asked to process orders and schedule deliveries as well. So lately she's putting in more hours than even I am!
I've been accumulating much more savings lately because there's not much to do except buy groceries and liquor. When this nonsense shutdown ends, I'm ready to hit those restaurants and bars, go see some concerts, hang out at the beach and maybe even some local casinos. My wife wants to buy some clothes and unlike me, she refuses to shop online at LL Bean. I have the money and I'm just waiting for things to open back up!
As for low-skilled workers, who lost their job, I have news for them. Every grocery store I've been to have HELP WANTED signs. They are starved for workers right now and doing bang-up business. Also, landscapers are everywhere and I'm sure they need people to help cut grass, clear brush and whatnot. Once things open up, their old jobs are likely to come racing back.
Anyway, I really hate ruining the day of folks who were counting on being ruined. Sorry guys.
“Polls show many Americans have money they are waiting to spend.”
That’s right. Money hasn’t been destroyed, it has just been stopped from flowing. Once things open up the spending will resume.