Independent Strategy

Macro Matters

March 2020

Independent Strategy Blog: Macro Matters

The rapid and devastating effect of Covid-19 on the labour market is unprecedented based on this week’s jobless claims.  Initial claims in week ending came in at 3,283k which looks like a data error rather than an actual real data point.  But real it is, and further increases look likely in the coming weeks as the economic stop continues to push people out of employment.

Trying to look beyond to what the day after looks like is important, particularly at a political level.  Will it be a blow or a boost to the populists? In the US, France and Germany it looks like it will be a reminder to voters of the damage populists can do.  There is a broad feeling that serious government is required.

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