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.

1st Quarter GDP Takes a Hit—And It Will Probably Get Worse

The Bureau of Economic Analysis yesterday reported its first (advance) estimate of first quarter gross domestic product saw the U.S. economy contract by nearly 5 percent as the effects of the coronavirus pandemic kicked in.

April Consumer Confidence Takes Another Dive

The Conference Board, New York, said its Consumer Confidence Index deteriorated further in April, following a sharp decline in March. The Index now stands at 86.9, its lowest level since 2014, down from 118.8 in March and 130.7 in February.

March New Home Sales Feel Brunt of Coronavirus

The expected hit to new home sales from the coronavirus pandemic fully manifested itself in March, falling by more than 15 percent from February to its lowest level in six years, HUD and the Census Bureau reported yesterday.