Economy

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The US Labor Department last month reported the a surprise fall in unemployment and rise in non-farm payroll jobs on Friday for May as the Coronavirus hit the economy. Unemployment rate 13.3% v. 19% estimate, Prior month 14.7%

New home sales for April surprise with a much higher 623K versus a 480K estimate, that is a 0.6% vs. -23.4% estimate. This follows a revised 619K in March. May will be watched to see how many contracts are completed due to the Covid Lockdown.

NAHB housing market index for May 37 is up from 30 last month and a 35 estimate. For the year it is -29 from -33 last month.

The US Labor Department reported the largest one-month rise in unemployment since the Great Depression on Friday for April as the Coronavirus hit the economy. Unemployment was higher to 14.7%  This is a lagged report however and the past two jobless claims tells us job losses are much higher.

US job cuts soared in April to the most ever as the Covid-19 lockdown devastated the economy. The damage to working class and middle America, the engine of the American economy is unprecedented.

The US Small Business $350 billion PPP program has been fully drawn down. The US Administration is seeking to add another $250 billion, however Nancy Pelosi is halting it based on other spends. The Feds Bostic expects Congress to act quickly to replenish the program.

The United States budget deficits will total more than $3.8 trillion (18.7 percent of GDP) in 2020 the CRFB forcasts due to the effects of the COVid 19 crisis and legislation enacted to combat it.

The US Labor Department reported the largest one-month rise in unemployment since 1975 on Friday for March as the Coronavirus hit the economy. Unemployment was higher to 4.4%  This is a lagged report however and the past two jobless claims tells us job losses are much higher.

Texas factory activity declined sharply in March the Dallas Fed Manufacturing index showed, the effect of Covid-19 and collpasing falling energy prices continue to hurt Texas. Worrisome is the production index, a key measure of state manufacturing conditions, plummeted from 16.4 to -35.3.

The Italian government has moved to take control of national carrier Alitalia, which it had an existimg stake in. This follows talk of an AirFrance KLM bailout and warnings by Qantas, American Airlines and United Airlines among others.

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