SMLL - U.S. Business Cycle Risk Report | 17 April 2020

The economic data is catching up with reality, although the gap between the formal reports and what's unfolding in the real world remains huge. For the high-frequency numbers that capture the blowback from the coronavirus in close to real time, the results are painfully clear. In particular, the soaring applications for jobless claims in recent weeks speak volumes about the economic rampage that's unfolding across America. In the past four weeks, more than 22 million workers have lost jobs - a loss that reverses all the employment gains in the past decade.

This week's retail

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