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UPDATE: 6.6 Million Jobless Claims

Photograph of a Soup Kitchen during the Depression
Photograph of a Soup Kitchen during the Depression

UPDATE:

ISM-NY Business Conditions Index (Mar) printed at 12.9 vs 57.9 estimate.

Factory Orders (MoM) (Feb) printed at 0.0% vs 0.2% estimate.

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Wall Street was bracing for a bad number, and wow, did we get a bad number. Initial unemployment claims hit 6.6 million for the last week. In a silver lining, the trade imbalance continued to shrink.

Equity futures had been up strong overnight but softened on the news, now showing as we write a 1% gain.

Overnight, Trump, Russia and OPEC all showed interest in solving the oil production nightmare which has sent prices to decade lows. Crude is rallying about 10% on the news.

Initial Jobless Claims (Mar 27) printed at 6648k vs 3500k consensus estimate (which was just an educated guess).

Trade Balance (Feb) printed at -$39.9B vs an estimate of -$40B.

Continuing Jobless Claims (Mar 20) printed at 3.029M vs 4.882M.

Initial Jobless Claims 4-week average (Mar 27) printed at 2612k.

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