It’s a tale of three worlds right now when discussing the COVID-19 pandemic from a business perspective.
Housed in one world is the absolutely horrific flow of macroeconomic data that continues to rain down on investors globally as businesses bear the brunt of mandatory quarantines. For instance, the U.S. economy shed an astounding 20.5 million jobs in April. The unemployment rate surged to 14.7%.
Most market experts — and even St. Lous Fed President James Bullard — have told Yahoo Finance lately to expect things to get worse before they get better economically.
Meanwhile, inside the other world is the steady stream of bad news from Corporate America. Neiman Marcus and J Crew filed for bankruptcy this month, crumbling under a mountain of debt and next to no demand with stores closed during the health crisis. J.C. Penney is likely to file for bankruptcy shortly and reorganize, sources have told