U.S. Economic News
March 30, 2020
U.S. Economic Indicators
The National Association of Realtors pending home sales index rose 2.4% in February (up 9.4% Y/Y). NAR notes that there will be a lengthier stay of inventory in the market over the coming months due to reduced short-term demand from the coronavirus-induced shutdown. NAR Report
U.S. News
According to the Financial Times, U.S. companies are urgently seeking guidelines from the Treasury and the Fed to clarify the loan conditions for the $454bn in funds set aside for businesses during the coronavirus pandemic. There is considerable uncertainty regarding which firms may have conditions waived, which firms will have to divest equity stakes to the federal government, and whether especially troubled borrowers will be eligible for any aid at all. FT
The Wall Street Journal reports that the surge in unemployment claims in Pennsylvania last week, representing 5.8% of the state’s workforce, likely foreshadows the future of states around the country as administrative delays in processing claims get resolved. Pennsylvania’s spike in claims was much higher than harder-hit, more populous states like New York and California, suggesting claims in those states are likely to rise substantially in the coming weeks. WSJ