Data Point to Size of Economic Challenge
This week’s employment report was an eye opener. The 701k of March job losses reported on Friday all occurred in the first seven days of the month. In the following two weeks, 10 million more managed to file unemployment claims and millions more likely tried and failed as systems crashed nationwide. We knew this was going to happen — it pretty much confirms our GDP forecast last week. It was still shocking to see, though nowhere near as shocking as April will be. This week, we review the March data and what it implies going forward.Plus "The Week Ahead," a preview of next week’s potentially market-moving events.