US
S&P500 +3.50% (2,929.80); NASDAQ +6.00% (9,121.32); DJIA +2.56% (24,331.32)
This week’s reports:
- April’s Unemployment Rate jumped to 14.7% from March’s 4.4%, the highest rate and the largest over-the-month increase in the history of the series (since 1948). Non-Farm Payrolls fell by 20.5M from March’s -870K. Labor Force Participation dropped to 60.2%, the lowest rate since January 1973, from March’s 62.7%.
- April’s Average Weekly Hours rose to 34.2 from March’s 34.1. Average Hourly Earnings surged 4.7% m/m (7.9% y/y) from March’s 0.5% m/m (3.3% y/y), as most of the jobs lost were in the lower end of the pay scale.
- Q1 2020 Non-Farm Productivity (prelim.) fell 2.5% from Q4’s +1.2%. Unit Labor Cost (prelim.) rose 4.8% from Q4’s +0.9%.
- March’s Consumer Credit tumbled by $12.04B from February’s +$22.33B.
- April’s Markit Services PMI fell to 26.7 from March’s 39.8. Composite PMI dropped to 27.0 from March’s 40.9.
- April’s ISM Non-Manufacturing PMI fell to 41.8 from March’s 52.5.
- March’s Factory Orders tumbled 10.3% from February’s -0.1%.
- March’s Wholesale Inventories fell 0.8% from February’s -1%.
- Initial Jobless Claims for the week ending May 2nd fell by 677K to 3,169K. Continuing Jobless Claims for the week ending April 25th rose by 4.636M to 22.647M.