U.S. Economic News
April 20, 2020
U.S. Economic Indicators
The Chicago Fed National Activity Index decreased from +0.06 in February to -4.19 in March. All four broad categories of indicators — employment, consumption, production, and sales, orders, & inventories — contributed to the decline. Chicago Fed Report
U.S. News
The Washington Post reports that the White House and congressional leaders are nearing agreement on a $470 billion deal to replenish funding for small business loans and boost spending for hospitals and coronavirus testing. The agreement, which includes $310 billion for the Paycheck Protection Program, $60 billion for emergency small business loans, and $100 billion for hospitals and testing, could be passed as soon as Wednesday as lawmakers tentatively prepare to return to Washington this week. WaPo
According to the Wall Street Journal, futures contracts for West Texas Intermediate – the benchmark for U.S. crude prices – plunged further on Monday, indicating that production cuts are having little effect on ballooning oil inventories. The coronavirus pandemic, combined with the Saudi-Russia price war, has created highly unusual market conditions and forced deep discounts on oil available for delivery in the next couple of months. WSJ