The Constitution Party (CP) will be choosing it’s Presidential nominee this Friday evening via teleconference, as its previously scheduled National Convention in St. Louis was cancelled due to the Coronavirus lockdown. In 2016 prior to the CP National Convention, I wrote an article entitled “The Constitution Party’s Donald Trump Dilemma” in which I explained why the CP needed to be very careful about how it handled Trump and the Trump phenomenon. Well, here we are four years later, and I believe a similar article is in order. Trump has proven to be such a divisive figure, inspiring both great love and great hate, that the political dynamics I was commenting on in 2016 are even more entrenched than they were four years ago, and the CP needs to position itself wisely if it wants to be more relevant to the broader debate.
The Durable Goods advance report shows the impact Covad-19 is starting to have on the economy. New orders dropped by -14.4% as transportation orders plunged 41% in a month. Shipments also were negative with a -4.5% drop. The airline industry is obviously decimated as the nondefense new orders for aircraft and parts sank by a whopping -295.7%!
Thursday of this past week saw the release of OPEC's April Oil Market Report, which gives us a picture of the global oil supply & demand situation in March, after the breakdown of OPECs agreement to cut oil production in the first quarter, when Saudi and its allies were engaged in an oil price war against the Russians and US shale, but before last week's agreement to cut production by 9.7 million barrels a day.
The March unemployment report is the first major visual onlsaught of a global pandemic consequences. From here it's only going to get worse as these results are from last month. The unemployment rate jumped from 3.5% to 4.4% over one month. That hasn't happened since 1975. Labor participation rate also plunged. If gets even worse.
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