We Are F%$#ed

The dead rising from the grave! Human sacrifice, dogs and cats living together mass hysteria!

The Atlanta Fed’s real time estimate of GDP just came out, and while there are plenty of caveats, they are estimating a decline in GDP of -52.8%.

Even the more mainstream estimates shown in the figure are end of the world stuff, but their estimate is a Stay Puft Marshmallow Man moment:

Ok, this is now getting a little scary:

The real time GDP running estimate of US economic activity is half of what it was 3 months ago. As of June 1, the Atlanta Fed is nowcasting that economic activity in the United States, as measured in GDP, is minus 52.8%.

Given the extent of the collapse in demand that has accompanied quarantines and shelter-in-place orders, this is not a surprise. Still, when you see the number in print, it still has the capacity to shock.

Yeah, it has the capacity to shock.

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