WTF Just Happened Today

Thursday, May 7, 2020

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• ???? Daily Damage Report.

• ???? Global: Total confirmed cases ~3,809,000; Total deaths: ~267,000; Total recoveries: ~1,266,000. (Johns Hopkins University)

• ???????? U.S.: Total confirmed cases ~1,243,000; Total deaths: ~74,200; Total recoveries: ~190,000

• ???? Markets: Dow ????; S&P 500 ????; Nasdaq ????

• ???? Live Blog: New York Times / Washington Post / The Guardian / CNN / NBC News / ABC News / Wall Street Journal / NPR / CNBC

1/ An additional 3.2 million Americans filed unemployment claims last week, down slightly from 3.8 million the previous week. More than 33.5 million have filed for unemployment over the last seven weeks and the seasonally adjusted unemployment rate for the week ending April 25 was 15.5%. Continuing claims – the number of people receiving ongoing benefits – is now at more than 22 million, surpassing the recessionary peak of 6.6 million. (Bloomberg / Wall Street Journal / Politico / ABC News / NBC News / The Guardian)

• Friday’s job report is expected to be “the single worst jobs report in history.” Forecasters expect the nation’s jobless rate, which was at 4.4% in March, to jump to an annualized unemployment rate of 15% to 20% for the April period. (CBS News)

• The Economic Injury Disaster Loan program limited the size of loans it issues without publicly announcing the change. After initially telling businesses that individual disaster loans could be as high as $2 million, SBA has now imposed a $150,000 limit. Additionally, the agency will only accept applications from agricultural businesses “due to limitations in funding availability and the unprecedented submission of applications already received. (Washington Post)

• Treasury Secretary Steven Mnuc...

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