UPDATE: 6.6 Million Jobless Claims

April 2, 2020

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*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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CDM Staff

The mission at Creative Destruction Media is to be the catalyst for the "process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one."