The beginning of the bad data has begun and will only get worse through next month.

The first of the economic data impacted by the coronavirus shutdown is being released. Unemployment claims have totaled 17 Million in the last three weeks. There are more of this kind of data to be released in the next two weeks. We should reach 25 million new unemployment claims before this data begins to level. That would imply an unemployment rate of 15.5% for April. The issue now is how much longer before some or all of the economy will be allowed to open. This week we will get retail sales and industrial production.

 

PROBANK AUSTIN ADVISOR - APRIL 13, 2020