U.S. Economic News
April 9, 2020
U.S. Economic Indicators
Initial jobless claims fell 261,000 to 6,606,000 last week. The four-week moving average rose 1,598,750 to 4,265,500. DOL Report
The University of Michigan Consumer Sentiment Index fell 18.1 points to 71.0 in the preliminary April reading – the largest monthly decline ever recorded – and is down 26.2 points from April of last year. The Index of Consumer Expectations fell 9.7 points to 70.0, while the Current Economic Conditions Index fell 31.3 points to 70.0. University of Michigan
The headline Producer Price Index (“PPI”) for final demand edged down 0.2% in March but is up 0.7% year-over-year. The core — which removes the volatile prices of food, energy, and trade services — also fell 0.2% in March and is up 1.0% from a year ago. BLS Report
U.S. News
The Financial Times reports that Fed chairman Jay Powell announced Thursday morning that the central bank would unroll additional emergency tools to support the economy, including new loan facilities to deliver $2.3 trillion in credit to small businesses and municipalities. Under pressure to provide more assistance to struggling state and local governments, the Fed has also indicated plans to purchase up to $500 billion of short-term notes directly from U.S. states. FT