Dear Clients and Friends,
We’re taking a much-needed break from the Weekend Reading this week. There are no material changes to our stance. There are, however, two interesting things we’d like to share briefly.
First, an interesting stat on the recent unemployment claims. In one month’s time, 22 million Americans have filed for unemployment. However, two thirds of those claims have been in the leisure industry alone. While this massive surge in unemployment is nothing short of horrific, it may be a silver lining indicating that unemployment within most other industries is not as bad as the headline number suggests. That said, the remaining third of these 22 million job losses is almost the same number of jobs lost during the entire 2008 financial crisis.
If the economy can be rebooted quickly, perhaps this crippling data will not have long lasting effects. Unfortunately, we at MORWM do not think the economy has any reasonable chance of rebooting quickly. Which brings us to the second thing we’d like to share- a funny meme sent to me by a friend yesterday…
“The curve is flattening; we can start lifting the restrictions now” = “The parachute has slowed our rate of descent; we can take it off now.”
We wish everyone a peaceful and safe weekend. Keep your parachutes on.
-MR
Matthew Ramer, AIF® Principal, Financial Advisor MOR Wealth Management, LLC 1801 Market Street, Suite 2435 Philadelphia, PA 19103 P: 267.930-8301 | c: 215-694-4784 | f: 267.284.4847 | 601 21st Street, Suite 300 Vero Beach, FL 32960 P: 772-453-2810 matthew.ramer@morwm.com | www.morwm.com The majority of this content was written and distributed MOR Wealth Management, all rights reserved. Securities and advisory services offered through Commonwealth Financial Network, Member FINRA/SIPC, a registered investment adviser. Fixed insurance products and services offered through CES Insurance Agency.