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 work for Ritholz Wealth Management.

All opinions expressed by Michael and Ben or any podcast guests are solely their own opinions

and do not reflect the opinion of Ritholz wealth management.

This podcast is for informational purposes only. not be relied on and the securities discussed in this podcast. Welcome to Animal Spirits with Michael and Bend.

Unemployment numbers just came out, another 4.42 million, bringing the four-week total to 26 million unemployed people.

So that looks like 16% unemployment, basically, in addition to what we had before.

And that gets us to 20% unemployment already, right?

I mean, we're sub 4%, it's close to 20%.

Do you think the market is waiting for,

obviously it was right in line with expectations,

which I can't even wrap my head around,

that was the expectation, but is the market waiting for this number to go down eventually to show that some of these programs are finally working?

What do you mean exactly? Well shouldn't eventually this because a lot of the businesses taking loans, they have to keep people on their payroll

or potential hair people back, shouldn't we eventually see some of that filter into these numbers?

Or do you think that there's so many businesses out there who aren't

being helped that it hasn't really mattered yet?

Or what if the economy doesn't reopen and the money runs out and then they do have to lay these people

off?

Right, they have to keep them for a while.

I don't know.

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