Hi, I’m your host Caleb Lawrence in sunny Santa Cruz, California
The major averages couldn’t hold their early gains on another round of disastrous economic data. Total initial claims for unemployment exceeded a shocking 41 million last week. Put another way and for every confirmed death Covid-19 has destroyed 438 jobs per the latest data from John Hopkins. The job loss figure to date is nearly double the total number of jobs created since 2010, and next week almost certainly will be. Despite the depression era and worse economic data the major averages have surged off their March lows, and have nearly recovered all of their Covid-19 losses.