FAST FIVE: Worst Unemployment Spike In History – 1 In 4 American Workers Has Filed For Unemployment Benefits In 2020
After my father got out of the US Navy, he worked as a math teacher for many years, and throughout my life I have always had a deep appreciation for numbers.
The data includes both homeowners past due on mortgage payments who aren't in forbearance, along with those in forbearance plans and who didn't make a mortgage payment in April.
At this point, the entire commercial real estate industry is on the precipice of a meltdown as rent payments and mortgage payments are being “skipped” all over the nation on a widespread basis. On Thursday, we learned that even the owners of The Mall of America have been skipping their mortgage payments- The biggest shopping center in the country, The Mall of America, has missed two months of payments on its $1.4 billion mortgage, a sign of just how much retail real estate owners are reeling during the coronavirus pandemic.
Of course similar things can be said about the economy as a whole. At this point, Bank of America is projecting that US GDP will fall 40 percent on an annualized basis during the second quarter of this year- Now that banks have had a chance to evaluate the collapse in the economy in the post-covid world, a new round of GDP forecast revisions is coming, and it's a doozy, with Bank of America spearheading the latest effort by slashing its Q2 GDP forecast from -30% to -40%.
Not without a trace of irony, BofA's chief economist Michelle Meyer writes that “words cannot describe” the loss in economic output, which is “unlike anything we have seen in modern history.” When Bank of America starts sounding like The Economic Collapse Blog, that is a clear sign that things are really starting to fall apart in a major way.