Welcome to Animal Spirits, a show about markets, life, and investing.

Join Michael Batnik and Ben Carlson as they talk about what they're reading, writing, and watching.

Michael Batnik and Ben Carlson worked for Ritholz Wealth Management.

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and do not reflect the opinion of Ritholz wealth management.

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It is Thursday morning, weekly jobless claims, 3.839 million, bringing the total up to 30 million, I US personal spending plummeted by a record 7.5% in March

Again this just goes to what we were saying that all these charts are going to be busted forever

They also showed the personal savings rate, which shot up to 7.5% to 13.1%.

That's the highest has been since 1981 as far as savings go.

How do they get these personal servings rates?

Is this a survey conducted via Twitter?

I think it's kind of like a plug-in number.

It's the kind of number I think that can be revised in the future,

so I don't take it for gospel but it kind of

makes sense in a way if spending went down a lot you'd think for some people saving had to go up

a little bit I think again it's probably just a plug number to maybe we'll get revised lower.

The stock market is finally I guess selling off on one of these claim numbers maybe it'll

shoot higher but regardless over the past five weeks the stock market has just been on a tear.

Small caps are up close to 40 percent. I think it was 37 percent as of the close yesterday.

The S&P 500 is up 33 percent. I mean I couldn't find anything that saw a dead cat bounce like this.

Could you? No, hold on I'll come back to that I just want to say so personal spending again

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