Private payrolls fell by over 2 million after the PPP was in place to keep workers on the payroll. This is a forecast for Friday’s employment release:

After a large contraction the rate of contraction naturally slows down, but it’s still contracting:

If this turns out to be the case, it’s a drop of some $3 trillion of sales/income which is a larger drop than the increase in federal deficit spending:

Below 50 is contraction:

This increase will show up as an increase in headline consumer prices, and will also be an increased expense for consumers vs the prior two months: