Dangerous Data

For the week ending 3/16/20, hotel occupancy rates fell 24.4% Y-o-Y. In PA, NJ and DE, February manufacturing activity plummeted to its lowest level since 7/12; in NY, manufacturing declined more. For the week ending 3/14, job losses jumped 70,000 to 281,000, the highest level in years. Next week’s job loss numbers will triple, maybe quadruple and probably be worse than at the height of last recession. Washington, get moving!