And the white collar layoffs are beginning in earnest:

Going to get a lot — a lot — worse before it gets better. I expect a few tiers of major white-collar layoffs soon, stretching into next year. My prediction for peak unemployment rate is 26% in February 2021. Large error bars, though, on all of it. My 95% CI best estimate is U3 of 18-35% and a U6 of 27-42% by Q1 2021.

Let’s hope for all our sakes that I am amiss. I’ll never have been so glad to be wrong.