People who lost their jobs wait in line to file for unemployment following an outbreak of the coronavirus disease, at an Arkansas Workforce Centre April 6, 2020. — Reuters pic
While the reports will no doubt be weak, it is difficult to know exactly how bad the first-quarter results will be because the first two months of the year saw fairly strong economic activity that was halted in sudden and dramatic fashion in March as governments imposed lockdown orders to halt the spread of the virus.
More than 10 million people were suddenly put out of work, major auto plants closed down, thousands of small businesses shuttered as did restaurants, malls and movie theaters, major sporting events were canceled or postponed and thousands of commercial flights were axed or flew with fewer than 25 per cent of the seats filled.
“Visibility is extremely limited at this time,” said Francois Trahan, a strategist at UBS, expressing a sentiment shared by other market watchers who are hesitant to predict when profits might rebound.
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