Another 3.8 million people filed unemployment claims last week, bringing the total number of unemployed to 30 million. Still, the blue states feel no sense of urgency to re-open the government.
Consumer spending is down 7.5%, the biggest drop on record. Consumer spending, the engine of the U.S. economy, plunged by 7.5 percent in March as the coronavirus pandemic forced businesses to close and triggered a massive surge of job losses.
The Commerce Department’s report said the biggest monthly decline recorded came as “consumers canceled, restricted, or redirected their spending.”
Consumer spending accounts for nearly two-thirds of U.S. GDP and has been a key driver of the economy in recent years.
The eurozone economy, something else we must worry about, is shrinking at a record rate.
A first estimate of the U.S. GDP between January and March showed a contraction of 3.8%, worse than during the financial crisis.
Separate figures revealed a steep fall in economic activity in France and Spain over the same period. In Germany, unemployment has increased though it remains relatively low compared with other nations.
The U.S. economy is also shrinking at the fastest rate since 2008. That will accelerate each day. It’s shrinking now at 4.8%.
U.S. manufacturing is shrinking for the first time in three years.
U.S. equity markets also slid Thursday.
While this goes on, Governor Newsom is worrying about beaches opened to the masses. Whitmer and other extreme blue state governors are flexing their muscles. They like this level of control way too much.
Watch this, especially wait for the fascist Maine governor who is willfully destroying the state:
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