Welcome to the Jill on Money Coronovirus Market Update. We are recording this at

3.12 p.m. on Wednesday, April 29th. You will be seeing it in your feed Thursday morning.

It's been an interesting day. We had our first estimate of U.S. economic growth in the first quarter and it was not

good gang it was down 4.8% on an annualized basis. Essentially, think of it this way. January was probably a pretty good month.

February was probably a pretty good month. The first week of March was pretty good.

And then boom, almost like the last two weeks of March were so bad that all economic activity dropped off and we had a really rotten quarter.

It was the worst economic quarter for the economy since the Great

Recession. It was first contraction since 2014. We had a couple I think I talked about that

but you know it's amazing to me.

Like if you go back to 2009 and we were seeing payrolls

being cut by 700,000 jobs or more in a month. The decline wasn't as steep as what we're going through right now.

Also I noted, Mark, I don't know if you saw this, the personal savings rate was 9.6%. 9.6% that's the highest level in almost 8

years. I think it's going up. I think we're going to get up around 12 I bet.

You're also going to wake up and in a couple of hours we're

going to find out about weekly jobless claims. Consensus estimate is for 3.5

million new filings for unemployment. That might even be understating it. It's amazing to me.

Because we got a poll out from the Economic Policy Institute which found that

somewhere between 10 and 14 million people who have lost their jobs since March 15th

have not yet been able to apply for unemployment benefits.

And maybe it's because they couldn't register or the systems were down and maybe they haven't tried to apply because they heard terrible stories but it's unbelievable to me.

We might be understating.

We're going to have 30 million people filing for claims and that might even understate the unemployment problem in this country.

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