More Than 50% Of The Population Unemployed The Most In History, Auto Industry & Car Prices Crushed (Video)
More Than 50% Of The Population Unemployed The Most In History, Auto Industry & Car Prices Crushed Video by Silver Report
More than 50% of the US population is unemployed according to day compiled by Bank of America. The BLS also released the jobs report which showed an unemployment rate of 14.7% though they noted they have made changes to the way they calculate the jobs report which is common when we enter economic declines of this magnitude. The previous way of reporting would put the official unemployment rate at 20% which actually would place the number of people working in the population just around 50%.
The rental car companies have been battered and the makeup around 20% of the total auto industries sales and some manufacturers have been dealing with canceled orders. Fiat was the hardest hit as they have lost 100% of their fleet sales and had an order for 30,000 vehicles canceled because there was no place to store the vehicles.
In fact, instead of purchasing new vehicles, car rental companies have turned to buy parking lots to store their fleet. Hertz is rumored to have been searching for a bankruptcy attorney, Avis just needed to sell a 500 million dollar junk bond and enterprise also joined in canceling new orders. Vehicle values have also dropped by the most in years and the largest MoM ever in April. Oh yeah, the Fed has now changed their tune and is saying not to expect a V-shaped recovery.