As expected, manufacturing in the United States is showing a massive drawdown as the lockdown wreaks havoc on the economy. The fall in producing goods was the steepest since the end of WWII.
The market is showing some notice of these numbers as major indices are down almost 3% as we write.
The American economy is facing a severe recession. We have felt this recent rally is a sucker’s bet, and that as news comes out as to how bad the recession will be, the market could retest lows. Eventually, the market will look towards the recovery; however, the key variable is the duration of the economic slowdown.
NY Empire State Manufacturing Index (Apr) printed at -78.2 vs -35 consensus estimate.
Retail Sales ex-Autos (MoM) (Mar) printed at -4.5% vs -4.8% estimate.
Retail Sales Control Group (Mar) printed at 1.7% vs -2.0% estimate.
Retail Sales (MoM) (Mar) printed at -8.7% vs -8.0% estimate.
Industrial Production (MoM) (Mar) printed at -5.4% vs -4% estimate.
Capacity Utilization (Mar) printed at 72.7 vs 73.8% estimate.
Business Inventories (Feb) printed at the estimate of -0.4%.
NAHB Housing Market Index (Apr) printed at 30 vs 55.
EIA Crude Oil Stocks Change (Apr 10) printed at 19.248M vs 11.676M estimate.
This is not investment advice. Please consult your financial advisor before making any changes to your portfolio.
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