U.S. Economic News
March 26, 2020
U.S. Economic Indicators
The third estimate of Q4 2019 GDP indicates that the U.S. economy expanded at an annualized rate of 2.1%, unchanged from the prior estimate. The increase in real GDP reflects positive contributions from consumer spending, net exports, government spending, and residential investment that were partly offset by negative contributions from business investment and private inventories. BEA Report
The U.S. Census Bureau Advance Economic Indicators Report shows that the goods deficit narrowed to $59.9 billion in February from $65.9 billion in January. Meanwhile, wholesale inventories fell 0.5% and retail inventories declined 0.3%. Census Bureau Report
Initial jobless claims increased 3,001,000 to 3,283,000 last week, the highest level of initial claims in the history of the series. The four-week moving average increased 765,750 to 998,250. DOL Report
U.S. News
The Financial Times reports that the U.S. is increasing pressure on Saudi Arabia to back down from its price war with Russia and restore stability to global energy markets. However, with global oil demand widely expected to peak in little more than a decade, the kingdom has a strong incentive to keep prices low to knock out smaller rivals – like U.S. shale producers – to gain a larger share of the remaining market. FT