U.S. Economic News
April 21, 2020
U.S. Economic Indicators
Existing home sales fell 8.5% to a seasonally adjusted annual rate of 5.27 million in March but were up 0.8% compared to a year ago. Home sales declined in all four major regions, with the largest decrease occurring in the West. NAR Report
U.S. News
The Wall Street Journal reports that the coronavirus pandemic is impacting state labor markets to varying degrees, with some states, like Hawaii, seeing as much as one-fifth of the labor force filing for unemployment benefits, compared to less than five percent in South Dakota. There is little correlation between state-level jobless claims and the number of coronavirus infections; rather, the variation in impacts has been attributed to when states closed businesses, how dependent states are on the most impacted industries, and administrative capabilities for processing unemployment claims. WSJ
According to the New York Times, there is considerable uncertainty surrounding when – if ever – global travel, conventions, and hotel stays will return to pre-pandemic levels. While hotels may see a sharp rebound by next year, airline industry analysts note that it could take two to five years to return to some level of normalcy, with general expectations that there will be both temporary and persistent changes to accommodate a “new normal.” NYT