May 2020 Payroll Gain and Unemployment Drop Were Not Credible

Extreme Pandemic-Shutdown Disruptions to Labor Market Conditions, and
Surveying of Same, Heavily Distorted Bureau of Labor Statistics Reporting

Headline Employment and Economic Bottom Bouncing
Likely Are Still a Month or Two Away

Second-Quarter 2020 Real Gross Domestic Product Remains on Track for
Its Deepest Ever Annualized Contraction, Order of Magnitude 50% (-50%)

Third- and Fourth-Quarter GDP Could See Some Bottom Bouncing,
Depending on the Magnitude and Success of Reopening Efforts

Recession Began Fourth-Quarter 2019, per the National Bureau of Economic Research,
Recovery - Regaining the Pre-Recession Peak - Could Take Years, per ShadowStats

FOMC June 10 Press Conference: Fed Funds Likely Will Hold at 0.00% to 0.25%;
Economic Forecasts Probably Will Not Be Overly Optimistic