June 4, 2020
While Wall Street hums along, seemingly oblivious to the coronavirus pandemic, the picture on Main Street is decidedly more bleak. Consider:
– Roughly 3.4 million mortgage loans, or 6.45 percent of all mortgages, were more than 30 days late in April. Delinquencies almost doubled from March, rising by 1.6 million, the greatest monthly increase on record.
– Claiming it was $24 billion in debt, Hertz declared bankruptcy, and laid off 10,000 workers. Shed no tears for Hertz’s executives: 340 of them will share $16 million in retention bonuses as part of the restructuring plan.
– The number of working African-American business owners in the U.S. has plummeted more than 40 percent since February, by roughly 450,000. The number of working Latino business owners dropped 32 percent in the same period.
– The good news? With global call centers also affected by the downturn in the economy, Americans got only 2.9 billion robocalls in April, down from 4.8 billion in February. 2.9 billion rotocalls in a month works out to 95 million calls per day, or roughly 1,104 calls per second, a whopping 44% decline from the 172 million robocalls per day in February.