Though the headline figures are weaker than expected, we were braced for much more terrible news after the horrendous retail sales and Empire State numbers yesterday. Indeed, the future 6-month outlook on the Philly Fed index, as with the Empire State, reflects expectations for a bounce. Additionally, jobless claims are starting to fall, suggesting some of the fiscal supports are working. It may be that were more inured to the news, or there’s a more optimistic tone emerging with increased talk of exiting quarantine.
US equities are firmer, finding some cautious support following a round of economic data. The Dollar was little changed.
- U.S. initial claims fell -1,370k to 5,245k in the April 11 week
- U.S. Philly Fed index crashed -43.9 points to -56.6 in April, worst since 1980
- U.S. housing starts plummeted -22.3% to 1.216 mln in March
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Andria Pichidi
Market Analyst
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