Unemployment Rate Hits Record 14.7%

14.7%. That’s the U.S. unemployment rate at the end of April.

It’s the highest unemployment rate since the government began tracking this data in 1948.

20.5 million jobs were lost in April. For comparison, 2 million jobs were lost in one month during World War II.

The travel and leisure sector lost 7.65 million jobs. Meanwhile, other sectors including health care, retail and professional services each lost more than 2 million jobs.

The health care sector is focused on tackling the coronavirus. However, many hospitals have also stopped non-essential services. And many people are avoiding doctors’ offices unless it’s an emergency.

In March, spending on healthcare dropped 18%. Meanwhile, outpatient visits plunged more than 25%.

The jobs report shows that the outbreak is causing financial pain and unemployment across all sectors of the economy.

The Big News . . .

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Trump Tested Daily for Virus

President Trump is being tested daily for coronavirus. The increased frequency of testing comes after one of the president’s valets tested positive for Covid-19.

Slowing Demand for Small Business Loans

Two weeks ago, the government opened a second round of funding for small businesses. The Small Business Administration reports that 40% of funds still remain available.

New York City Hires +1,000 Contact Tracers

NYC is hiring over 1,000 people to track the contacts of anyone infected with the virus. The state of New York is also hiring over 17,000 contact tracers. Proactive tracing of those infected is one measure for controlling the spread.

New $1 Trillion Stimulus

Republicans on Capitol Hill are starting work on another stimulus bill. This one is expected to top $1 trillion and include huge spending on infrastructure projects including 5G. Go here for the top All American 5G stocks to BUY NOW.

The Coronavirus Numbers

Here are the numbers from Friday at 11 a.m. ET.

3,950,517 Infected worldwide
271,802 Deaths
1,295,101 Infected in the U.S.
77,059 Deaths in the U.S.

What’s Next

Stocks rallied again on Friday morning – embracing the worst ever job report.

While the report was horrible, the market viewed it as better than expected.

At least 30 states have begun re-opening for business. The markets are optimistic that re-opening states is a first step toward an economic turnaround.

Meanwhile, corporate earnings continue to roll in. These quarterly reports highlight the pain being felt by the vast majority of companies.

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Yours in Health & Wealth,

Ian Wyatt