Suggesting the U.S. economy is now in recession territory, the Conference Board released a report on Thursday showing a continued nosedive by its reading on leading economic indicators. The Conference Board said its leading economic index tumbled by 4.4 percent in April after plunging by a revised 7.4 percent in March.
With economic lockdowns temporarily disrupting home sales, the National Association of Realtors released a report on Thursday showing another steep drop in U.S. existing home sales in the month of April. The continued nosedive pulled existing home sales down to their lowest level since July of 2010.
A report released by the Federal Reserve Bank of Philadelphia on Thursday showed a slowdown in the pace of contraction in regional manufacturing activity in the month of May. The Philly Fed said its diffusion index for current general activity climbed to a negative 43.1 in May from a negative 56.6 in April.
First-time claims for U.S. unemployment benefits pulled back further off the record high set in late March in the week ended May 16th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims dropped to 2.438 million, a decrease of 249,000 from the previous week's revised level of 2.687 million.
A report released by the Federal Reserve Bank of Philadelphia on Thursday showed a slowdown in the pace of contraction in regional manufacturing activity in the month of May.
First-time claims for U.S. unemployment benefits pulled back further off the record high set in late March in the week ended May 16th, according to a report released by the Labor Department on Thursday.
In addition to the severely adverse near-term effects of the coronavirus pandemic, the minutes of the Federal Reserve's latest monetary policy meeting noted the outbreak and the measures undertaken to contain it have also created an extraordinary amount of uncertainty and considerable risks to economic activity in the medium term.
Reflecting the impact of the coronavirus-induced economic shutdown, the Commerce Department released a report on Tuesday showing another steep drop in new residential construction in the U.S. in the month of April. The report said housing starts plummeted by 30.2 percent to an annual rate of 891,000 in April after tumbling by 18.6 percent to a revised 1.276 million in March.
Reflecting the impact of the coronavirus-induced economic shutdown, the Commerce Department released a report on Tuesday showing another steep drop in new residential construction in the U.S. in the month of April.
Reflecting notable decreases in manufacturing and wholesale inventories, the Commerce Department released a report on Friday showing a modest drop in U.S. business inventories in the month of March.
With stimulus checks improving consumers' finances and widespread price discounting boosting buying attitudes, the University of Michigan released a report on Friday showing an unexpected improvement in U.S. consumer sentiment in the month of May.
The Federal Reserve released a report on Friday showing a record drop in U.S. industrial production in the month of April, as the COVID-19 pandemic led many factories to slow or suspend operations throughout the month. The report said industrial production plummeted by 11.2 percent in April after tumbling by a revised 4.5 percent in March.
A report released by the New York Federal Reserve on Friday showed regional manufacturing activity continued to deteriorate significantly in the month of May, although the pace of contraction slowed considerably from the previous month.
Retail sales in the U.S. plunged by even more than expected in the month of April, according to a report released by the Commerce Department on Friday. The Commerce Department said retail sales cratered by a record 16.4 percent in April after tumbling by a revised 8.3 percent in March.
A report released by the New York Federal Reserve on Friday showed regional manufacturing activity continued to deteriorate significantly in the month of May, although the pace of contraction slowed considerably from the previous month.