The good, the bad, and the ugly

  • Latest PMI figures were awful. With the US at 27, other nations like Spain and India stood at a single digit recording.
  • Unemployment stands at an all-time high of 14.7% in the US and many jobs are being lost worldwide.
  • GDP contractions worldwide are shocking: The UK is set to contract 14% in 2020, the EU by 13% and the US 4.8% in just Q1 2020.
  • Lastly, I want to remark that US household debt increased to a record $14.3 trillion in the first quarter of 2020.

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