Cases continue to run way above Italy’s +14 day pace. However, there is some good news on the graph today.
The good news is that FINALLY testing is catching up. For the first time we have positive cases less than 5% of total tests. And testing is going up and cases are going down.
The next question is will this trend continue as states try to reopen.
New Jobless claims were “only” 3.17 million today. That sounds great because it’s half the number 5 weeks ago. Of course, it’s **5** times the maximum number before this recession started.
In total now, there have been 33 million claims in 7 weeks. It took almost 75 weeks – 10 times longer – to hit the number of claims during the last two recessions.
The question is now how long until claims slow down to “normal” levels and employment begins to increase again.