Consumers started to rapidly lose confidence in the economy in March as a deadly coronavirus spread, a new survey shows, and it™s likely to plunge a lot more in the month ahead as millions are thrown out of work and the U.S. sinks into recession. The closely followed index of consumer confidence fell to 120 in March from a revised 132.6 in February, the Conference Board said Tuesday. Similarly, a daily survey by Morning Consult and the consumer-sentiment index in March have also plunged. Source : Market Watch
An official gauge of China's manufacturing activity rebounded strongly in March as factory production resumed after the coronavirus epidemic was largely put under control in the country. The official manufacturing purchasing managers' index rose to 52.0 in March from a record low of 35.7 in February, the National Bureau of Statistics said Tuesday. The 50 mark separates expansion of activity from contraction. The March result came in above the median forecast of 51.5 by economists surveyed by The Wall Street Journal. Purchasing by manufacturers is a leading indicator of business activity...
The number of Americans who applied for unemployment benefits last week rocketed to a record 3.28 million as large parts of the U.S. economy shut down and companies laid off scores of workers to cope with the coronavirus pandemic. The seasonally adjusted increase in initial jobless claims from March 15 to March 21 was the largest ever, easily crushing the previous record of 695,000 in 1982. Just a few weeks ago, new claims hovered in the low 200,000s and stood near a 50-year low The sudden and almost unfathomable surge in claims is likely just the beginning. Waves of fresh layoffs are...
The global health crisis dealt a swift, painful blow to the U.S. economy in March, with a gauge of activity at service providers and manufacturing contracting the most on record. The IHS Markit composite index of purchasing managers tumbled 9.1 points to 40.5, marking the steepest drop in data back to October 2009, the group reported Tuesday. The plunge mirrors the rapid deceleration in other nations as the coronavirus tightens its grip on the global economy and financial markets. "The survey underscores how the U.S. is likely already in a recession that will inevitably deepen further,"...
The flash U.K. composite purchasing managers index fell in March to a survey low of 37.1 from 53 in February, according to the latest data from IHS Markit/CIPS. Any reading below 50 indicates deteriorating conditions. The services index plunged to a record low 35.7 from 53.2. "Historical comparisons indicate that the March survey reading is consistent with GDP falling at a quarterly rate of 1.5-2.0%, a decline which is sufficiently large to push the economy into a contraction in the first quarter. However, this decline will likely be the tip of the iceberg and dwarfed by what we will see...
The flash eurozone composite purchasing managers index in March plummeted to a reading of 31.4 from 51.6 in February, which is a record low since the series began in July 1998. The services PMI plunged to 28.4 from 52.6 in February. Any reading below 50 indicates contracting conditions. "The March PMI is indicative of GDP slumping at a quarterly rate of around 2%, and clearly there's scope for the downturn to intensify further as even more draconian policies to deal with the virus are potentially implemented in coming months," said Chris Williamson, chief business economist at IHS...
A report on the health of China™s manufacturing sector improved in September, although it was still below the line indicating contraction.
The manufacturing purchasing...
The U.S. trade deficit narrowed in April as both exports and imports tumbled, highlighting the impact of President Donald Trump™s tariffs even before negotiations with China unraveled and he...
Output from Germany's private sector remained unchanged in June, as a decline in manufacturing was offset by continued growth in services.
A flash reading of the country's composite Purchasing...
A trade deal between the United States and China, separately announced Friday by both countries, will be such a boon for American farmers they will "have to go out and buy much larger tractors,"...