Sales at U.S. retailers sank a record 16.4% in April after coronavirus lockdowns shuttered much of the economy, cost millions of jobs and triggered an unprecedented slump in consumer spending. See full story.
Bank of America on the new world order: Bigger governments, tech wars, less privacy, and ‘health the new wealth’
Bank of America says the pandemic will accelerate many macro trends that would have taken five or more years to play out. See full story.
In a replay of 2008, toxic subprime loans could worsen this financial crisis
Stakes are high for yield-hungry buyers of CLOs of leveraged corporate debt, writes Satyajit Das. See full story.
Got enough cash to weather this storm? See how your liquid net worth stacks up against everybody else
Obviously, net worth tends to be the measurement of choice when comparing wealth. And in this age of extreme wealth inequality, the median net worth for U.S. households — straight up assets minus liabilities — comes in at a $97,290, according to the Survey of Consumer Finances. But here’s why liquid net worth is a better measure. See full story.
Why the ‘great’ jobs market was always an illusion
If there’s a silver lining to be found today, I believe it is this: This terrible virus has swept away illusions, and whatever degree of false confidence and complacency we may have had just a few weeks ago. See full story.
‘Our audience has to be safe no matter what age they are,’ said Charlotte St. Martin, president of the Broadway League, but she acknowledges social distancing will be difficult. See full story.