March Existing Home Sales Fall—But Worst Is Yet to Come

After a promising start to the spring home-buying season, existing home sales tumbled in March to a nearly five-year low, the National Association of Realtors reported yesterday—and because of the coronavirus pandemic, the outlook for April isn’t any better.

Another 5.2 Million Fill for Unemployment; 4-Week Total Rises to 22 Million

The Labor Department reported a seasonally adjusted 5.245 million people filed initial unemployment claims for the week of ending April 11, marking the fourth consecutive week of multi-million claims and bringing total claims filed in the past four weeks to more than 22 million.

Round 3: Initial Unemployment Claims Pile Up 3rd Week in a Row

Nearly 6.6 million Americans filed new applications for unemployment benefits during the first week of April, the Labor Department reported yesterday, bringing the total number over the past three weeks to nearly 17 million.

Wells Fargo: COVID-19 ‘Major Challenge’ to CRE

Wells Fargo Securities, Charlotte, N.C., said it expects real GDP to contract sharply in the second and third quarters due to the coronavirus pandemic, presenting a “major challenge” to commercial real estate.

Another Week for Record Unemployment Claims

The Labor Department yesterday reported a record 6.648 million Americans filed initial unemployment insurance claims last week, smashing the previous record set the previous week.

March Consumer Confidence Takes Sharp Decline

The Conference Board, New York, reported its Consumer Confidence Index declined sharply in March, as consumers’ short-term outlook all but collapsed.

For 3.3 Million Americans, Coronavirus Economy Just Got Real

The Labor Department on Thursday said unemployment claims skyrocketed to 3.3 million—the first real indicator of just how potentially devastating the economic effects of the coronavirus can be at the personal and national levels.

GDP Report Positive, BUT…

Real gross domestic product increased at an annual rate of 2.1 percent in the fourth quarter, according to the “third” (final) estimate by the Bureau of Economic Analysis.