US

S&P500  -0.21% (2,830.71);   NASDAQ  -0.34% (8,604.95);   DJIA  -0.22% (23,723.69)

 

This week’s reports:

  • Q1 2020 GDP Growth Annualized (prelim.) was -4.8%, it’s worst contraction since 2008, versus Q4’s growth of +2.1% and weaker than the expected -4%. The contraction in GDP was led by consumer spending, which dropped by annualized 7.6%, the steepest fall since 1959. Business investment fell by 5.9% and exports dropped by 8.7%. Measured from Q1 2019, US GDP rose 0.3% y/y versus Q4 2019’s +2.3% y/y. Quarter-on-quarter, Q1 GDP fell 1.2%.
  • March’s Personal Income fell 2% from February’s +0.6%. Personal Spending dropped 7.5% from February’s +0.2%.
  • April’s Conference Board Consumer Confidence Index dropped to 86.9, its lowest level since June 2014, down from 118.8 in March.
  • March’s Pending Home Sales tumbled 20.8% from February’s +2.3%.
  • April’s Markit Manufacturing PMI dropped to 36.1 from March’s 48.5.
  • April’s ISM Manufacturing PMI fell to 41.5 from March’s 49.1.
  • March’s Construction Spending rose 0.9% from February’s -2.5%.
  • April’s Dallas Fed Manufacturing Index fell to -73.7 from March’s -70.
  • April’s Richmond Fed Manufacturing Index plummeted to -53 from March’s reading of 2.
  • April’s Chicago PMI fell to 35.4, its lowest level since March 2009, from March’s 47.8.
  • Initial Jobless Claims for the week ending April 25th fell by 603K to 3,839K. The latest increase in claims brings the total over six weeks to 30.3 millions of new claims. Continuing Jobless Claims for the week ending April 18th rose by 2.174M to 17.992M.