The data is bad and will get worse but will tell us nothing about the next six months.

The last of the pre-coronavirus crisis economic data was released last week. Also, the first of the economic data impacted by the shut-down of global economies was released. The largest impact is, of course, the labor markets . The U.S. unemployment rate jumped from 3.5% in February to 4.4% in March. Nonfarm payrolls declined by 701,000 for the month. This data was collected during the week of March 12 and before the huge increase of unemployment claims reported in the last two weeks of the month. Those totaled 10 million. That means another huge increase in the unemployment rate and drop in nonfarm payrolls in April to be reported in May.

 

PROBANK AUSTIN ADVISOR - APRIL 6, 2020