1) The worst U.S. economic downturn since the Great Depression has been officially declared a recession by the National Bureau of Economic Research. While the recession had been a foregone conclusion for most people since the coronavirus outbreak shut the economy down, the NBER declaration makes it a fact, adding that the different characteristics and dynamics makes this recession different from previous recessions. The recession is officially to have started in February.
2) The child care businesses are the hardest hit by the Covid-19 pandemic shutdown with a third of the child care workers laid off or furloughed nation wide. Only the hotel and restaurant industries were hit harder, but because child care providers operate on such thin margins, many are going out of business. With parents unable to find day care for their children, they are unable to return to work, as much as they would like to. So this in turn is another hindrance to economic recovery for America. Therefore, Congress is proposing as much as $100 billion dollars for the child care industry in the next stimulus package.
3) A ten year long treasure hunt has come to an end with the finding of a treasure chest filled with jewels and gold coins worth a reported million dollars. An estimated 350,000 treasure hunters have been searching in the Rocky Mountains since 2010, a ten year long treasure hunt. Hidden by Forrest Fenn, an 89 year old art dealer, who confirmed the treasure was found by an anonymous person from the east. Thousands have spent considerable time and resources searching for the treasure, some even giving up their jobs to search full time. Some have claimed the entire enterprise is an elaborate hoax and have filed lawsuits. Clues to the treasure’s location were in a cryptic 24 line poem that Fenn wrote and published in his book, “The thrill of the Chase”, published in 2010.
4) Stock market closings for – 8 JUN 20:
Dow 27,572.44 up 461.46
Nasdaq 9,924.74 up 110.66
S&P 500 3,232.39 up 38.46
10 Year Yield: down at 0.88%
Oil: down at $38.51