Succinct Summations for the week ending May 8th, 2020
1. Unemployment could have been much worse…
2. Markets rally on hopes of a cure, reopening economy;
3. Jobless claims fell 677k w/o/w from 3.846M to 3.169M.
4. Home mortgage apps rose 6.0% w/o/w.
5. ISM Non-Mfg Index came in at 41.8 for April, above expectations.
6. Nonfarm productivity fell 2.5% q/o/q above expectations.
1. America loses a 9/11 worth of people every single day due to Covid-19.
2. Nonfarm payrolls fell by 20.5M in April, greater than prior decrease.
3. Unemployment rate came in at 14.7%, above previous 4.4%.
4. Corporate layoffs rose 671,129 in April, above previous increase.
5. International trade in goods deficit widened from $-39.8B to $-44.4B m/o/m.
6. Factory orders fell 10.3% m/o/m, below expectations.