Welcome to the coronavirus market update. It is Saturday, June 6th, the anniversary of D-Day.

It certainly was not a D-Day in the markets yesterday and it

certainly wasn't a D-Day for jobs. It was a shocking jobs report and if you want to read all about it I wrote about it on the

blog so you can go to Jill on money.com but let me just say every economist was saying

we're going to see job losses anywhere from three to ten million jobs coming off the US payrolls. And as it turns out, the economy

added, my friends, 2.5 million jobs in May. Okay next unemployment rate it dropped. That was shocking by the way because the

April rate was 14.7 percent it dropped to 13.3%. Before you get so excited, the Labor

Department itself says that maybe there's some problems in the way that we ask

people about whether or not they're employed and how they would be

employed and whether they're counted as employed.

Labor Department at the end of the report says that we could have seen the overall unemployment

rate of B about three percentage points higher than reported if they got all that

counting right but let's be clear this is good news it is really absolutely unabashed good news but it doesn't take away from the fact that there

is still about 20 million Americans out of work and I don't want to sugarcoat that.

That is really bad news.

So it's likely that maybe the worst of it is April,

but it's going to be a long slog forward.

That's why I want everyone to just be very clear. That's where we are in the

economy. Meanwhile, stocks jumped. You know, stocks have had an enormous run. More

than 40% move higher from the March 23rd lows.

And so we thought that this was a perfect time

to bring in friend of the pod, Michael Goodman.

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