Nothing good

Friday’s headlines:

Now that more data is out, looks like GDP will be down by over 1/3 for the quarter, as the negative labor supply shock continues. While fiscal policy works to support incomes and spending (GDP) obviously spending is still falling short, and with it private sector income (GDP=sales=income).

This story doesn’t change much until people start returning to work which restores incomes, output, and spending. Until then business has to make due with that much less total spending. And while some will do well, the majority will necessarily do that much worse.

https://www.calculatedriskblog.com/2020/05/census-household-pulse-survey-shows-475.html

Oil related capital expenditure has collapsed, and likely won’t come back until investors have confidence prices will stay high enough long enough:

Mortgage applications for home purchases have bounced back a bit but remain depressed, even with ultra low mortgage rates:

Down 50% and only about one month was due to the virus:

The stats continue to be all like this, or worse, so I won’t bore you with them:

Like most other indicators, oil investment had been decelerating well before the virus hit:

I haven’t been posting because all the charts look pretty much like this:

h