A look at hours worked
An emerging theme in markets is that lockdowns don't matter. Places that locked down and places that didn't have largely the same economic outcomes. What matters is fear of the virus because it leads to different decisions from consumers and businesses.
Have a look at this data on hours worked from Homebase, which Joe Wiesenthan highlighted today. It's certainly not comprehensive but Homebase is a scheduling tool used by businesses primarily in the restaurant, food & beverage, retail and services industries. They are used by more than 100,000 businesses.
Charted are California, Arizona, Texas and Florida.
They appear to be rolling over.
Yesterday on CNBC Tilman Fertitta who is the owner of Landry's, which operates more than 600 restaurants in the US. He said that there had been a noticeable downtick in business in the past two weeks.
