Wednesday: ADP Employment, ISM Mfg, Construction Spending, Vehicle Sales

Wednesday: • At 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index . • At 8:15 AM, The ADP Employment Report for March. This report is for private payrolls only (no government). The consensus is for 154,000 payroll jobs lost in March, down from 183,000 added in February. • At 10:00 AM, ISM Manufacturing Index for March. The consensus is for the ISM to be at 45.0, down from 50.1 in February. • At 10:00 AM, Construction Spending for February. The consensus is for a 0.6% increase in construction spending. • At Late, Light......(read more)

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U.S. rushes to build makeshift hospitals as death toll rises over 800

The U.S. government raced on Tuesday to build hundreds of makeshift hospitals near major cities to ease the strain on overwhelmed healthcare systems as President Donald Trump predicted a "very painful" two weeks ahead....(read more)

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The Fed's Loretta Mester says to expect 'some really bad economic numbers' before things get better

The coronavirus crisis is going to push unemployment past 10%, but it may not be as bad as some forecasts, Cleveland Federal Reserve President Loretta Mester said in a CNBC interview Tuesday....(read more)

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U.S. records 700 coronavirus deaths in a single day for first time

The U.S. government raced to build hundreds of makeshift hospitals to ease the strain on overwhelmed healthcare systems as the United States marked 700 deaths in a single day from COVID-19 for the first time on Tuesday....(read more)

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How US Cities Will Fare in the Coronavirus Led 2020 Recession

Affordable East Coast and Midwest cities have the lowest overall economic risk in the 2020 recession that began in March. The post How US Cities Will Fare in the Coronavirus Led 2020 Recession appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More ....(read more)

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S&P 500 heads for biggest ever first-quarter plunge

Wall Street's major indexes fell on Tuesday and the S&P 500 was headed for a record first-quarter decline on growing evidence of large-scale economic damage from the coronavirus pandemic....(read more)

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Fed will do what it takes to help Americans, Daly says

San Francisco Fed President Mary Daly on Tuesday said she believes the U.S. is probably already in recession, as millions of people lose their jobs and stay at home in order to bring a quicker end to the pandemic that has sickened tens of thousands in the U.S. alone....(read more)

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What the Federal Reserve has done in the coronavirus crisis

The Federal Reserve has moved into overdrive to try to keep the U.S. economy from suffering lasting damage from the coronavirus pandemic, announcing an emergency interest rate cut on March 3 and rolling out new efforts almost weekly since, including slashing rates to zero and relaunching large-scale asset purchases....(read more)

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Bank of America: Coronavirus will not lead to any layoffs in 2020

While many across the U.S. are announcing layoffs and hiring freezes due to coronavirus, Bank of America claims they hired more than 2,000 new employees in March alone and raised their U.S. minimum hourly wage to $20. Vice chairman Anne Finucane reveals how the company protects the well-being of its 200,000+ employees while also maintaining business continuity and protecting the bottom line....(read more)

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Trump calls for $2 trillion infrastructure bill to help economy during coronavirus crisis

President Donald Trump on Tuesday said the U.S. Congress should pass a $2 trillion spending plan to update the country's roads, bridges and other infrastructure, calling for it to be included in the next bill lawmakers are currently drafting to respond to the coronavirus crisis, which they refer to as "Phase 4."...(read more)

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The Economic Outlook

This is a healthcare crisis, and the economic outlook is based on presumptions about the course of the pandemic.  A key model suggests peak healthcare resource use will be around April 15th, but the peak will not be until May in many areas of the country.   Of course, this requires cooperation of the public. Before areas can start easing restrictions, the US will need to have sufficient healthcare services and equipment, masks for everyone (it seems likely that it will be recommended that everyone wear a mask), and adequate testing to do surveillance monitoring. Right now we ......(read more)

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U.S. unemployment offices sitting on mountain of pending claims

Last week's record-setting U.S. jobless claims number will be quickly surpassed, economists and state officials predict, as local labor offices digest a pile of pending applications, and the new stimulus bill extends benefits to the self-employed....(read more)

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US consumer confidence drops in March to 120, vs 110 expected

US consumer confidence drops in March to 120, vs 110 expected<br/>https://ift.tt/33ZD4aJread more)

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FDA authorizes use of new two-minute test kit for coronavirus

The U.S. Food and Drug Administration has authorized the emergency use of Bodysphere Inc's test that can detect the coronavirus in nearly two minutes, the privately held company said on Tuesday....(read more)

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Home price gains were strong in January, says S&P Case-Shiller, before coronavirus hit US economy

The gains came before the coronavirus shut down much of the economy and the housing market. Now there are forecasts that home values will weaken significantly....(read more)

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Explainer: What the Federal Reserve has done in the coronavirus crisis

The Federal Reserve has moved into overdrive to try to keep the U.S. economy from suffering lasting damage from the coronavirus pandemic, announcing an emergency interest rate cut on March 3 and rolling out new efforts almost weekly since, including slashing rates to zero and relaunching large-scale asset purchases....(read more)

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CDC Director On Models For The Months To Come: 'This Virus Is Going To Be With Us'

After weeks of keeping a low profile, the CDC's Dr. Robert Redfield tells NPR that data will determine future recommendations for wearing masks or easing back on social distancing....(read more)

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Treasury yields rise, 10-year remains below 0.7% as coronavirus crisis deepens

U.S. government debt prices were slightly lower Tuesday morning, but the yield on the benchmark 10-year Treasury note remained below 0.7% as the coronavirus pandemic continues to spread....(read more)

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First U.S. military servicemember dies from coronavirus

The first U.S. military service member has died from the coronavirus, the Pentagon said on Monday, as it reported another sharp hike in the number of infected troops....(read more)

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TSA checkpoint travel numbers

The TSA is providing daily travel numbers . (ht @conorsen ) This is another measure that will be useful to track as the economy starts to reopen. Click on graph for larger image. This data shows the daily total traveler throughput from the TSA for 2019 (Blue) and 2020 (Red)....(read more)

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Bostic: Fed programs could be broadened if they have missed important parts of economy

As U.S. officials role out trillions of dollars in new economic support, a Federal Reserve policymaker on Monday said focus will now shift to whether those programs prove adequate or need to be expanded even further....(read more)

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Coronavirus drives U.S. March auto sales off a cliff

U.S. new vehicle sales likely drove off a cliff in March as the coronavirus pandemic pounded consumer confidence and shuttered dealerships across much of the country, and sales are likely to take a further beating in April as social distancing guidelines remain in place....(read more)

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New York Gov. Cuomo issues nationwide call for doctors and nurses as state battles worst coronavirus outbreak in US

New York Gov. Andrew Cuomo is holding a news briefing Monday to update the public on the coronavirus outbreak....(read more)

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J&J, U.S. government plan 1 billion doses of coronavirus vaccine

Johnson & Johnson said on Monday it made a $1 billion deal with the U.S. government to create enough manufacturing capacity for more than 1 billion doses of a vaccine it is testing to fight the new coronavirus that has killed more than 34,000 people around the world....(read more)

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Coronavirus job losses could total 47 million, unemployment rate may hit 32%, Fed estimates

Million of Americans already have lost their jobs due to the coronavirus crisis and the worst of the damage is yet to come, according to the Federal Reserve....(read more)

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Dallas Fed: "Texas Manufacturing Activity Contracts Suddenly, Outlook Worsens", Record Low Activity Index

From the Dallas Fed: Texas Manufacturing Expansion Continues Texas factory activity declined sharply in March , according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, plummeted from 16.4 to -35.3, suggesting a notable contraction in output since last month. Other measures of manufacturing activity also point to a sudden decline in March. The new orders index dropped to -41.3, its lowest reading since March 2009 during the Great Recession. Similarly, the growth rate of orders index fell to......(read more)

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Texas Led Job Gains in February

Year-over-year (YoY), total nonfarm employment increased by 2.4 million jobs on a seasonally adjusted basis (SA), or 1.6% from February 2019 to February 2020. During this time, total nonfarm employment in the Western region increased by 1.8%. The South, Northeast, and Midwest recorded gains at 1.5%, 1.0% and 0.4% respectively, during this time. It is important to note that this... Read More ›...(read more)

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Virtual and solo home touring soars as social distancing hits the housing market amid coronavirus fear

Much like all interaction in the age of COVID-19, home touring is moving online and going solo....(read more)

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J&J to start human testing of coronavirus vaccine by September

Johnson & Johnson plans to start human testing of its experimental coronavirus vaccine by September and make it ready for emergency use in early 2021, the drugmaker said on Monday....(read more)

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U.S. stimulus package is biggest ever, but may not be big enough

The Federal Reserve has offered more than $3 trillion in loans and asset purchases in recent weeks to stop the U.S. financial system from seizing up, but it has not yet directly helped large swaths of the real economy: companies, municipalities and other borrowers with less than perfect credit....(read more)

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As a Coronavirus-Fueled Recession Looms, These Metros Are On the Front Lines

The coronavirus pandemic and economic crisis will likely hurt housing markets in tourist and vacation-home areas more than other areas, at least initially. The post As a Coronavirus-Fueled Recession Looms, These Metros Are On the Front Lines appeared first on Real Estate News & Insights | realtor.com® ....(read more)

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Mortgage bankers warn Fed mortgage purchases unbalanced market, forcing margin calls

The Mortgage Bankers Association warned that the housing market could face a " large-scale disruption," due to actions by the Fed that were meant to help the mortgage market....(read more)

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U.S. could face 200,000 coronavirus deaths, millions of cases, Fauci warns

U.S. deaths from coronavirus could reach 200,000 with millions of cases, the government's top infectious diseases expert warned on Sunday as New York, New Orleans and other major cities pleaded for more medical supplies....(read more)

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New Jersey Gov. Phil Murphy announces a 90-day grace period on mortgage payments

Homeowners in the Garden State are getting a 90-day grace period on mortgages, according to Gov. Phil Murphy. In that time, late fees and other expenses will be waived, as well....(read more)

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Dow futures drop more than 400 points as Wall Street gives back some of last week's gains

Dow futures drop more than 400 points as Wall Street gives back some of last week's gains<br/>https://ift.tt/3az1r1Gread more)

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President Trump extends national 'social distancing' guidelines through April 30

President Trump extends national 'social distancing' guidelines through April 30<br/>https://ift.tt/39rYUF1read more)

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Former Treasury Secretary Hank Paulson gives the lessons he learned from the financial crisis

The 2008 bailouts set the stage for an era of widening income inequality, eroded trust in government institutions and a deeply polarized political environment....(read more)

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Wall Street ends recovery week on a sour note

Wall Street fell on Friday, ending a massive three-day surge after doubts about the fate of the U.S. economy resurfaced and the number of coronavirus cases in the country climbed....(read more)

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New York Fed sets fee structure and terms for agreement with BlackRock

The New York Federal Reserve released the fee structure and terms for its agreement to hire the asset management firm BlackRock to guide some of the central bank's massive bond buying operations....(read more)

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Bank of America fields 150,000 payment deferral requests, but some customers call mortgage relief 'misleading'

Last week, Bank of America announced that it would allow consumers impacted by coronavirus to defer mortgage payments, with postponed payments being added to the end of the loan. But customers quickly encountered problems with the policy....(read more)

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Treasury: U.S. will be 'compensated' for assistance to airlines

U.S. Treasury Secretary Steve Mnuchin said on Friday that taxpayers will "compensated" for providing up to $25 billion in direct grants to the airline industry....(read more)

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Planning to Sell Your Home? Here's How to Increase and Protect Home Value on a Budget

If you've been living in your home for a while, chances are a lot of little things go unnoticed. And now that you’re also probably finding ourselves at home more often these days because of the coronavirus, you may have begun to notice these things, like faded paint, chips in the tile, and the mildew … Planning to Sell Your Home? Here's How to Increase and Protect Home Value on a Budget Read More » The post Planning to Sell Your Home? Here's How to Increase and Protect Home Value on a Budget appeared first on Redfin | Real Estate Tips for Home Buying, Selling &......(read more)

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How airline workers won a $32 billion lifeline in the contentious coronavirus relief bill

Labor unions played an instrumental role in getting a contentious coronavirus aid bill that protects their jobs through the end of September....(read more)

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House passes $2 trillion coronavirus stimulus bill, sends it to Trump

House passes $2 trillion coronavirus stimulus bill, sends it to Trump<br/>https://ift.tt/2vYFslGread more)

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House aims to push through $2 trillion coronavirus bill as holdout insists on formal vote

The U.S. House was poised on Friday to pass a $2.2 trillion coronavirus relief package, with Democratic and Republican aides saying enough members had flocked to the Capitol to override a holdout Republican lawmaker who threatened to delay passage....(read more)

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Kansas City Fed: "Tenth District Services Activity Decreased Significantly"

Usually I don't cover the service surveys, but the regional surveys are timely and are showing the sharp decline in activity. From the Kansas City Fed: Tenth District Services Activity Decreased Significantly The Federal Reserve Bank of Kansas City released the March Services Survey today. According to Chad Wilkerson, vice president and economist at the Federal Reserve Bank of Kansas City, the survey revealed that Tenth District services activity decreased significantly in March to the lowest level in survey history (since 2014), and firms expected business activity to drop further in the......(read more)

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Bank of America CEO says struggling customers can defer loan payments online with 'two-clicks'

Bank of America said last week it would allow retail customers to defer payments on credit cards, auto loans and mortgages....(read more)

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IMF chief Georgieva says the world is in a recession, containment will dictate strength of recovery

IMF chief Georgieva says the world is in a recession, containment will dictate strength of recovery<br/>https://ift.tt/3dt9sXLread more)

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Pelosi says House to approve coronavirus bill on Friday

U.S. House Speaker Nancy Pelosi said Friday the House of Representatives will approve the coronavirus economic relief bill on Friday, likely after a three hour debate....(read more)

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How Record Unemployment Claims Will Affect the Housing Market

The record-high number of jobless claims as the coronavirus pandemic rages on is sure to deal the already wobbly housing market another blow. The post How Record Unemployment Claims Will Affect the Housing Market appeared first on Real Estate News & Insights | realtor.com® ....(read more)

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