U.S. Economic News
March 18, 2020
U.S. Economic Indicators
Privately-owned housing starts fell 1.5% in February to a seasonally adjusted annual rate of 1.60 million (up 39.2% year-over-year). Housing permits fell 5.5% to a 1.46 million annual pace in February but are up 13.8% from last year. Census Bureau Report
U.S. News
The New York Times reports that the Trump administration is calling for Congress to act quickly on a $1 trillion stimulus package to counteract the economic impacts of the coronavirus pandemic, including $250 billion in direct check payments to Americans. Secretary Mnuchin reportedly stated that direct cash payments would cover two weeks of pay and be sent out by the end of April, with additional payments possible if the crisis persists. NYT
According to the Wall Street Journal, the U.S. Travel Association projects that U.S. travel spending will plunge by $355 billion this year and cost 4.6 million American jobs – enough to raise the overall unemployment rate to 6.3% from 3.5%. The spread of coronavirus and government restrictions have created an existential crisis for the global travel industry as companies ranging from big airlines to small tour guides are being forced to shut slash payrolls and even shut down. WSJ