this-week-s-state-of-the-economy---what-is-ahead---01-may-2020

This Week's State Of The Economy - What Is Ahead? - 01 May 2020

Date: 04 May, 2020 | By : 

U.S. - A Tough Week for the U.S. Economy

  • U.S. GDP declined at an annualized rate of 4.8% in the first quarter, only a hint of what is to come in the second quarter.
  • Consumer spending has dried up as people have been confined to their homes—most evident in the record plunge in services consumption in March. April will be even worse.
  • More American jobs were lost last week, bringing total initial jobless claims to roughly 30 million.
  • The U.S. experienced significant declines in activity in March and April, but with many states set to at least partially re-open today, could the U.S. economy be on the road to recovery?

 

Global - Busy Week for Global Central Banks

  • It was a busy week for international data and events, which provided us with some additional detail on the economic effect from the corona virus outbreak.
  • Outside of the Federal Reserve, several major central banks took action this week, including the European Central Bank (ECB), Bank of Japan (BoJ) and Riks bank. The BoJ pledged to purchase as many government bonds as needed to stimulate its economy, while the Riks bank hinted that further balance sheet measures would be the preferred method of providing additional monetary policy support.

 

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