Welcome to jobs day. t’s going to be another terrible one but perhaps not as terrible as many previously feared. Consensus is for a loss of 7.8 million jobs in May and a jump in the unemployment rate to 19.5 percent.
— Our Megan Cassella: “The economic meltdown that has devastated the country amid the coronavirus pandemic has proven uniquely damaging for black Americans, threatening to exacerbate an already staggering racial wealth gap and fueling“Black workers are more likely to be out of a job, to have lost income or to have left the labor market altogether, economic data and surveys show — and less than half of black adults are now employed.
“In some cities in the U.S., the protests over Floyd’s death descended into violence, with looters setting fire to businesses while police and national guardsmen in riot gear fired tear gas and rubber bullets and clashed with protesters, as well as members of the media covering the demonstrations.”— Reuters’ Stephen Culp: “The S&P 500 lost ground on Thursday as investors took profits in advance of Friday’s jobs report, ending a four-day rally driven by rising economic sentiment.
"Such mini-, ultimately futile rallies were regular occurrences during the Great Depression, and they’ve been recurring in some of the most recent downturns. They’ve happened often enough that Wall Street has a name for them: bear market rallies.”— Bloomberg’s Davide Scigliuzzo: “Bankers have a message for America’s debt-laden companies: raise money now, because things could get a lot worse.
"The ECB measures announced Thursday aim to keep affordable credit flowing to the economy amid uncertainty about the speed of any recovery following the easing of lockdowns across Europe.”— WSJ’s Anne Tergesen and Alice Uribe: “For decades, governments have used the tax code to prod people to set money aside for old age. Faced with a pandemic that has upended businesses and lives, lawmakers are making it easier for people to raid these accounts.
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