2Q GDP Revised Down to -5%

Real gross domestic product decreased at an annual rate of 5 percent in the first quarter, according to the second (revised) estimate by the Bureau of Economic Analysis, down from 4.8 percent in last month’s advance (first) estimate. It also reported corporate profits fell sharply in the first quarter as the impact of the coronavirus pandemic took hold.

April New Home Sales Reflect Growing Purchaser Confidence

After several months of brutish news, in which home builder confidence fell to an eight-year low, HUD and the Census Bureau had some good news: April new home sales rose for the first time since January.

Consumer Confidence Stabilizes After Spring Freefall

Consumers took a deep breath in May, and it showed. The Conference Board, New York, reported its Consumer Confidence Index held steady in May, following sharp declines in March April that saw it drop to its lowest level in six years.

Labor Dept. Reports 2.4 Million New Jobless Claims; Total Now 38.6 Million

Another 2.4 million Americans filed initial jobless claims last week, the Labor Department reported yesterday, bringing to 38.6 million workers who have applied for unemployment assistance since the coronavirus pandemic clobbered the U.S. economy nine weeks ago.

Initial Claims Tapering, But Remain High

Nearly three million Americans applied for initial unemployment claims last week—the lowest level in eight weeks but still highly elevated in the wake of the coronavirus pandemic.

Coronavirus-Related Initial Claims Top 33.5 Million

The Labor Department yesterday reported an additional 3.17 million initial unemployment claims filed the week ending May 2, bringing total claims filed over the past seven weeks to 33.5 million.

March Pending Home Sales Tumble by Nearly 21%

As expected, March pending home sales fell as the early effects of the coronavirus pandemic took hold, the National Association of Realtors reported yesterday.