States are reopening. Memorial Day is typically a day with many gatherings. Are we seeing that in the data? Here’s the data from AZ.
You can see a huge spike in cases in June. Some of this is from more testing, but hospitalizations have followed.
At this point, Banner Health is saying that are running out of ICU space.
The question is…. do they stay open in AZ if they do reach capacity?
A very surprising jobs report this morning. The economy added 2.5mm jobs last month!
Why is this so surprising? All the other data says the economy lost jobs last month. This graph shows the number of new jobless claims, the change in continuing claims, and then the change in jobs reported by the employment report.
The May Job’s number looks very odd compared to the rest of the data. It could just be some “rounding error” from the huge numbers last month.
Please note this survey was completed the week of May 12th. That means this was finish BEFORE ANY REOPENING. This is not about a recovery. This is about something else. I have a theory which I’ll discuss on Monday.