U.S. Economic News
April 15, 2020
U.S. Economic Indicators
Retail sales fell 8.7% in March and were down 6.2% from a year ago. Core sales — which exclude autos, gasoline, building materials, and food services — increased 1.7%. Census Bureau Report
Industrial production declined 5.4% in March – the largest monthly decline since January 1946 – and is down 5.5% year-over-year. Capacity utilization fell 4.3 points to 72.7. Fed Report
Business inventories edged down 0.4% in February and were down 0.1% from February of last year. Manufacturers’ sales declined 0.2% in February and were up 1.3% compared to a year ago. Census Bureau Report
The Empire State Manufacturing Survey indicates that business activity plunged in April as the headline index fell 56.7 points to -78.2. The new orders index fell 57.0 points to -66.3, the shipments index fell 66.4 points to -68.1; and the index for number of employees fell 53.8 points to -55.3; meanwhile the delivery time index increased 8.8 points to 11.0. NY Fed Report
The NAHB Housing Market Index plunged 42 points to 30 in April , the largest single monthly decline in the history of the series and the lowest level since June 2012. NAHB notes that builders are facing notable supply chain gaps and ongoing confusion about eligibility for the Paycheck Protection Program. NAHB Report