“Unemployment is spiraling toward 20%. Retail sales just dropped the most on record. Global economists predict the worst recession in eight decades. And stock investors have made peace with it all”

Fed Beige Book: Economy Contracted ‘Sharply & Abruptly’ Due to Covid19

Economic activity has fallen sharply due to measures taken during the coronavirus scare, with leisure and hospitality as well as retail the hardest-hit so far, according to the Federal Reserve’s latest Beige Book report.

Far Worse to Come: Covid 19 Collapse of State and Local Governments

Cutting taxes and eliminating nonessential spending now is the only way state and local governments can stop a coming downward spiral.

The economic data is even worse than Wall Street feared: ‘The economy is clearly in ruins here’

  • Consumer and manufacturing reports for March showed the hit to the economy from the coronavirus was deeper in the early weeks of the shutdown than expected.
  • March retail sales fell 8.7%, the most ever in government data, and New York regional manufacturing activity hit an all-time low, declining to a shocking negative 78.2%.
  • “The economy is clearly in ruins here,” said Chris Rupkey, chief financial economist at MUFG Union Bank.