U.S. Economic News
April 16, 2020
U.S. Economic Indicators
Privately-owned housing starts fell 22.3% in March to a seasonally adjusted annual rate of 1.22 million (up 1.4% year-over-year). Housing permits fell 6.8% to a 1.35 million annual pace in March (up 5.0% from last year). Census Bureau Report
Initial jobless claims fell 1,370,000 to 5,245,000 last week. The four-week moving average rose 1,240,750 to 5,508,500. DOL Report
U.S. News
According to Bloomberg, oil production cuts agreed to earlier this week by OPEC+ and other producer nations will not begin until May, meaning physical oversupply concerns will remain an issue for months ahead. In addition to being far from enough to offset the unprecedented drop in demand, the cuts are set to be implemented too late to prevent rapid filling of storage facilities. Bloomberg