Pandemic-Driven Unemployment Soared to an April 2020 Peak of About 32%,
Worse Than in the Great Depression; Such Was Against a January 2020
Pre-Pandemic U.3 Unemployment Rate of 3.5%

In the Latest Four Months, Pandemic-Driven Unemployment Has Leveled Off
Around 12%, Worst Since Before World War II, Other than for the Pandemic

Payroll-Employment Benchmark Revisions Showed a Deepening, Accelerating
Decline into an April 2020 Trough, With Renewed Deterioration at Present;
Recovery from the Pandemic Shutdown Has Stalled and/or Is Regressing

January 2021 Annual Growth in Money Supply M1 and M2 Surged to Respective
Record Highs of 69.7% and 25.8%, Despite Some Downside Benchmark Revisions

Near Record Growth of Currency in Circulation Foreshadows Inflation Risk

Nonetheless, January 2021 CPI-U Annual Inflation Hit a Soft, Ten-Month High of 1.4%,
Boosted by Gasoline Prices, but Constrained by Mixed Food and Core Inflation

Stock Indices Are At or Near All-Time Highs, Coming into the
First Anniversary of the Pre-Pandemic Stock-Market Peaks and Subsequent Crashes

Near-Term Financial-Market Turmoil Likely Is Far from Over,
Given Renewed Deterioration in Economic Conditions