If Unemployment Looks Like This Forecast, Depression

Peak of unemployment in the early 1980s was around 1 million (4wk average, population adjusted). If this forecast from BMO is right, the economy is doomed. It will be stuck at the 1980s peak for weeks on end.
ZH: The Magnitude Of The 2nd Round Of Job Losses Won't Be Apparent Until After The Election

These ambitions are consistent with reemploying as many workers displaced by the pandemic shutdown as possible, but the fact of the matter is a large number of the jobs lost during the second quarter simply are not going to return. This isn’t to suggest that an elevated unemployment rate will be a permanent feature in the US, rather that the snap-back scenario is unlikely given the dizzying array of uncertainties that persist. The October 31 expiration of the payroll protection program has undoubtedly kept the ranks of the unemployed lower than had the initiative not been deployed; even if a more cynical interpretation implies that another round of job-shedding has only been delayed to the final two months of 2020. The fact the magnitude of the second-round losses won’t be evident until after voters go to the polls on November 3 isn’t lost on us; but was it ever going to be any other way? We digress.

The stock market is either insanely overvalued or pricing in insane amounts of inflation (in which case crypto/precious metals related plays are insanely undervalued). Industrial commodities and real estate are less certain since high long-term interest rates and a stagnant economy will crush consumer demand.

I previously discussed post-coronavirus employment in Depression Versus Recovery in Employment. I looked at the most recent initial and continuing claims data in Extended Unemployment Benefits Stall Recovery