The economic crisis of 2020 is still going. The global economy is expected to shrink by -3.0% during 2020, in a stunning coronavirus-driven collapse of activity, that will mark the steepest downturn since the Great Depression of the 1930’s. The IMF predicts a partial rebound in 2021, with the world economy growing at a +5.8% rate.
Oil prices were crashing Tuesday after a full collapse Monday that saw U.S. crude futures plunge below zero, for the 1st time in history. The May contract, which expired on April 21st, finished regular trading Monday at -$37.63 falling $55.90, or 306% a barrel, down over 500% at one point.
Over 4.4M Americans filed 1st claims for unemployment last week, fell by roughly 800K from a revised total of 5.237M jobless claims in prior week. Over 26M Americans have applied for 1st round of unemployment insurance since March. Millions more are expected to have lost their jobs, but have been unable to apply for or are disqualified from receiving jobless benefits.
The combined wealth of America’s billionaires, including Amazon founder Jeff Bezos & Tesla’s Elon Musk, have increased nearly 10% during the ongoing COVID-19 pandemic. The wealth surge of America’s richest men happened during a period that has seen over 26 million Americans file for unemployment. In the last decade, wealth of U.S. billionaires jumped over 80.6% adjusted for inflation.
Three U.S. retail chains may be casualties from the coronavirus pandemic. Lord & Taylor, is exploring bankruptcy protection after temporarily shutting all of its 38 U.S. department stores. Neiman Marcus already announced plans to file for bankruptcy as soon as this week, while J.C. Penney is considering a similar move. All 3 store chains were already struggling before the government ordered shutdowns.
Argentina’s money supply is surging with the central bank sending $5.2B to the government, as the country deals with the economic fallout of the coronavirus pandemic, fueling inflation fears & increasing the chances of a chaotic debt default next month, since it can no longer borrow money.
Trump will temporarily suspend immigration to the U. S.; More than one million people in Europe infected with COVID-19; 1st Iranian military satellite in orbit; Google will use a new verification process for advertisers; U.S. business activity fell to record lows; U. S. House of Representatives passes 4th Coronavirus Relief Bill.