G4 Unemployment Rate The G4 unemployment rate is expected to peak at 9% in 2020:Q4. Image: Morgan Stanley Research

Corporate Bonds – Share of Market Value in Bloomberg Barclays USD IG (AAA, AA, A, BBB) Credit quality is deteriorating, as the amount of BBB-rated bonds, one step away from junk bonds, has doubled since…

Employment/Population Ratio Since 1948 in the U.S. The challenge of unemployment in the United States: about half of the population is jobless. Image: CNBC

Rolling 10-Year Annualized Real GDP Growth vs. Total Return for S&P 500 Index Chart suggesting that the U.S. stock market can ignore the economy for long periods of time. Image: Bloomberg

U.S. Economy – Exports and Imports Annual Growth In May, US exports sank to 11-year low, and imports dropped as demand for goods slows. Image: Oxford Economics

Earnings – EPS to Recover Post Recessions How long does it take for S&P 500 EPS to recover after a recession? Image: CIBC

U.S. Dollar Smile (U.S. Growth vs the Rest of G7) and U.S. Double Deficit Global growth rebound and widening U.S. double deficit suggest a further depreciation of the U.S. dollar. Image: Nomura

Market-Implied Global Growth Markets are already pricing in global growth close to its long-term average. Image: UBS

Earnings – S&P 500 2020 and 2021 EPS Estimate Trends Have earnings estimates bottomed out? Image: Truist

U.S. Job Losses – Payroll Trends by Wage Cohort Lower-wage workers in the United States have been hit harder by coronavirus job losses. Image: Morgan Stanley Research

U.S. GDP – Economic Recovery Phase When will the U.S. economy recover? Image: Oxford Economics