Macro Update

I was tempted to skip this week's macro update, given how rapidly the data will deteriorate from here. So I'll just keep this one brief and to the point.

Suffice to say that any countries not colored red below are simply slower than the rest with their data releases:

Click any insert below to enlarge...

PWA Foreign Macro Scores


As for our US Macro Index, this week's score is -35.71, which is its worst showing since the periods leading into, and amid, the last two recessions (back-tested). This also marks its 23rd consecutive week in the red. 

I.e., conditions were rolling over months before COVID-19 hit the global scene.

PWA Marco Index:



S&P 500 with PWA Macro Scores:


Yes, folks, as I know you know, we are in the midst of a global recession. 

We'll keep up to date on the key below-the-surface developments, and on our perspectives as we work our way through it...

Hope you have a nice, safe weekend!

Marty