This is the biggest spike in unemployment in all of U.S. history by a very wide margin, and analysts are expecting another huge number once again next week.
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Reminds me of Al Gore standing on a chair to reach the top of his CO2 emissions graph.
I âpredictedâ unemployment here topping out at around 8% when most others were saying around 13% +. Weâre at around 6% at the moment. The wage subsidies have been very expensive but effective.
The 13 percenters could still be right, but the good news is that past two weeks unemployment âgrowthâ has slowed here in NZ to around 250/day. (though Fletchers dropping 1000 wonât help!) Locally, most businesses except air travel, tourism and hospitality are getting back towards normal quickly despite distancing and level 2 restrictionsâ most shops are not full most of the time anyway.
My own feeling is that the government has been pessimistic on the economy from the start, presumably so that in the run-up to the election they can say âweâve done much better than anyone thought possibleâ !
Cheers
Lowell
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