U.S. Economic News
March 24, 2020
U.S. Economic Indicators
New home sales declined 4.4% in February to a seasonally adjusted annual pace of 765,000 but were up 14.3% from year-ago levels. The median sales price rose to $345,900 and the inventory of new homes edged up to 5.0 months at the current sales rate. Census Bureau Report
U.S. News
The Financial Times reports that business activity in the eurozone plummeted to a record low in March, according to the IHS Markit composite purchasing managers’ index reading of 31.34 – the equivalent of an 8% annualized decline in GDP. Consumer-facing industries, such as transportation and hotels, were the hardest hit, with the French finance minister comparing the recent deterioration to the worldwide economic depression of 1929. FT
According to the New York Times, Senate Democrats and Secretary Mnuchin announced they were close to an agreement on a nearly $2 trillion coronavirus stimulus package, raising hopes that Congress could pass the measure by Tuesday evening. As talks progressed late Monday night, it appeared that a key dispute had been resolved regarding oversight of the $500 billion stabilization fund to bail out distressed companies; other bill provisions include increased funding for struggling hospitals and a large expansion of the unemployment insurance program. NYT