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  • Mon, Mar 30 2020
  • 3:35 PM » TSA checkpoint travel numbers
    Published Mon, Mar 30 2020 3:35 PM by Calculated Risk Blog
    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).
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 2:58 PM » Bostic: Fed programs could be broadened if they have missed important parts of economy
    Published Mon, Mar 30 2020 2:58 PM by Reuters
    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.
  • 2:49 PM » Coronavirus drives U.S. March auto sales off a cliff
    Published Mon, Mar 30 2020 2:49 PM by Reuters
    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.
  • 1:46 PM » New York Gov. Cuomo issues nationwide call for doctors and nurses as state battles worst coronavirus outbreak in US
    Published Mon, Mar 30 2020 1:46 PM by CNBC
    New York Gov. Andrew Cuomo is holding a news briefing Monday to update the public on the coronavirus outbreak.
  • 12:15 PM » J&J, U.S. government plan 1 billion doses of coronavirus vaccine
    Published Mon, Mar 30 2020 12:15 PM by Reuters
    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.
  • 11:49 AM » Coronavirus job losses could total 47 million, unemployment rate may hit 32%, Fed estimates
    Published Mon, Mar 30 2020 11:49 AM by CNBC
    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.
  • 10:45 AM » Dallas Fed: "Texas Manufacturing Activity Contracts Suddenly, Outlook Worsens", Record Low Activity Index
    Published Mon, Mar 30 2020 10:45 AM by Calculated Risk Blog
    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 -44.9. The capacity utilization and shipments indexes fell to -33.4 and -33.8, respectively, also the lowest readings since the Great Recession. Capital expenditures declined sharply, with the index dropping from 6.9 to -34.3. Perceptions of broader business conditions turned quite pessimistic in March. The general business activity index plunged from 1.2 to -70.0 , and the company outlook index fell from 3.6 to -65.6. Both March readings are the lowest since the survey began in June 2004. The index measuring uncertainty regarding companies' outlooks surged from 11.0 to 62.6. Labor market measures indicate employment declines and shorter workweeks this month. The employment index fell to -23.0 from its near-zero reading in February . emphasis added This was the last of the regional Fed surveys for March. Here is a graph comparing the regional Fed surveys and the ISM manufacturing index: Click on graph for larger image. The New York and Philly Fed surveys are averaged together (yellow, through March), and five Fed surveys are averaged (blue, through March) including New York, Philly, Richmond, Dallas and Kansas City. The Institute for Supply Management (ISM) PMI (red) is through February (right axis). The ISM manufacturing index for March will be released on Wednesday, April 1st. The consensus is for the ISM to be at 45.0, down from 50.1 in February. Based on these regional surveys...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:12 AM » Texas Led Job Gains in February
    Published Mon, Mar 30 2020 10:12 AM by eyeonhousing.org
    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 ›
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 9:44 AM » Virtual and solo home touring soars as social distancing hits the housing market amid coronavirus fear
    Published Mon, Mar 30 2020 9:44 AM by CNBC
    Much like all interaction in the age of COVID-19, home touring is moving online and going solo.
  • 8:37 AM » J&J to start human testing of coronavirus vaccine by September
    Published Mon, Mar 30 2020 8:37 AM by Reuters
    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.
  • 8:05 AM » U.S. stimulus package is biggest ever, but may not be big enough
    Published Mon, Mar 30 2020 8:05 AM by Reuters
    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.
  • 8:05 AM » As a Coronavirus-Fueled Recession Looms, These Metros Are On the Front Lines
    Published Mon, Mar 30 2020 8:05 AM by www.realtor.com
    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® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 12:07 AM » Mortgage bankers warn Fed mortgage purchases unbalanced market, forcing margin calls
    Published Mon, Mar 30 2020 12:07 AM by CNBC
    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.
  • Sun, Mar 29 2020
  • 6:49 PM » U.S. could face 200,000 coronavirus deaths, millions of cases, Fauci warns
    Published Sun, Mar 29 2020 6:49 PM by Reuters
    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.
  • 6:48 PM » New Jersey Gov. Phil Murphy announces a 90-day grace period on mortgage payments
    Published Sun, Mar 29 2020 6:48 PM by CNBC
    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.
  • 6:46 PM » Dow futures drop more than 400 points as Wall Street gives back some of last week's gains
    Published Sun, Mar 29 2020 6:46 PM by CNBC
    Dow futures drop more than 400 points as Wall Street gives back some of last week's gains<br/>https://www.cnbc.com/2020/03/29/stock-market-futures-open-to-close-news.html
  • 6:46 PM » President Trump extends national 'social distancing' guidelines through April 30
    Published Sun, Mar 29 2020 6:46 PM by CNBC
    President Trump extends national 'social distancing' guidelines through April 30<br/>https://www.cnbc.com/2020/03/29/president-trump-extends-national-social-distancing-guidelines-through-april-30.html
  • 6:46 PM » Former Treasury Secretary Hank Paulson gives the lessons he learned from the financial crisis
    Published Sun, Mar 29 2020 6:46 PM by CNBC
    The 2008 bailouts set the stage for an era of widening income inequality, eroded trust in government institutions and a deeply polarized political environment.
  • Fri, Mar 27 2020
  • 4:29 PM » Wall Street ends recovery week on a sour note
    Published Fri, Mar 27 2020 4:29 PM by Reuters
    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.
  • 4:27 PM » New York Fed sets fee structure and terms for agreement with BlackRock
    Published Fri, Mar 27 2020 4:27 PM by Reuters
    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.
  • 4:26 PM » Bank of America fields 150,000 payment deferral requests, but some customers call mortgage relief 'misleading'
    Published Fri, Mar 27 2020 4:26 PM by CNBC
    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.
  • 3:12 PM » Treasury: U.S. will be 'compensated' for assistance to airlines
    Published Fri, Mar 27 2020 3:12 PM by Reuters
    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.
  • 2:50 PM » Planning to Sell Your Home? Here's How to Increase and Protect Home Value on a Budget
    Published Fri, Mar 27 2020 2:50 PM by www.redfin.com
    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 & More .
    Click Here to Read the Full Article

    Source: www.redfin.com
  • 2:25 PM » How airline workers won a $32 billion lifeline in the contentious coronavirus relief bill
    Published Fri, Mar 27 2020 2:25 PM by CNBC
    Labor unions played an instrumental role in getting a contentious coronavirus aid bill that protects their jobs through the end of September.
  • 1:31 PM » House passes $2 trillion coronavirus stimulus bill, sends it to Trump
    Published Fri, Mar 27 2020 1:31 PM by CNBC
    House passes $2 trillion coronavirus stimulus bill, sends it to Trump<br/>https://www.cnbc.com/2020/03/27/house-passes-2-trillion-coronavirus-stimulus-bill-sends-it-to-trump.html
  • 12:50 PM » House aims to push through $2 trillion coronavirus bill as holdout insists on formal vote
    Published Fri, Mar 27 2020 12:50 PM by Reuters
    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.
  • 12:08 PM » Kansas City Fed: "Tenth District Services Activity Decreased Significantly"
    Published Fri, Mar 27 2020 12:08 PM by Calculated Risk Blog
    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 future. " We saw a significant decrease in regional services activity as businesses were negatively affected by COVID-19, and firms expected more activity to drop off moving forward ," said Wilkerson. "Over 54 percent of firms expected lower levels of employment for 2020 due to COVID-19 and recent market volatility, and nearly 63 percent of contacts were concerned about cash availability." The month-over-month services composite index was -16 in March, the lowest posting since the survey started in 2014, and down significantly from 6 in February and 14 in January Expectations for future services activity decreased sharply, and the expected composite index posted the worst change from a month ago in survey history, dropping from 23 to -30. A few survey comments: "Currently closed to public, thus no business, which is tolerable in the short-term, but would be problematic long-term." "With customers staying at home we have no sales. This may force us to shut down temporarily." "We need access to cash fast business has dropped 95% in the last 4 days." "(Business activity) has dropped to basically zero. Until schools reopen we are going to greatly suffer. We have tremendous uncertainty - how long will this last - 1 month - 2 months - 6 months - it will bankrupt us eventually if it is prolonged."
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 11:51 AM » Bank of America CEO says struggling customers can defer loan payments online with 'two-clicks'
    Published Fri, Mar 27 2020 11:51 AM by CNBC
    Bank of America said last week it would allow retail customers to defer payments on credit cards, auto loans and mortgages.
  • 11:43 AM » IMF chief Georgieva says the world is in a recession, containment will dictate strength of recovery
    Published Fri, Mar 27 2020 11:43 AM by CNBC
    IMF chief Georgieva says the world is in a recession, containment will dictate strength of recovery<br/>https://www.cnbc.com/2020/03/27/imf-chief-georgieva-says-the-world-is-in-a-recession-containment-will-dictate-strength-of-recovery.html
  • 10:36 AM » Pelosi says House to approve coronavirus bill on Friday
    Published Fri, Mar 27 2020 10:36 AM by Reuters
    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.
  • 10:26 AM » How Record Unemployment Claims Will Affect the Housing Market
    Published Fri, Mar 27 2020 10:26 AM by www.realtor.com
    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® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 10:19 AM » BLS: February Unemployment rates at New Series Lows in Six States
    Published Fri, Mar 27 2020 10:19 AM by Calculated Risk Blog
    From the BLS: Regional and State Employment and Unemployment Summary Unemployment rates were lower in February in 8 states, higher in 1 state, and stable in 41 states and the District of Columbia , the U.S. Bureau of Labor Statistics reported today. Eleven states had jobless rate decreases from a year earlier, 1 state had an increase, and 38 states and the District had little or no change. The national unemployment rate, 3.5 percent, was little changed over the month but was 0.3 percentage point lower than in February 2019. ... North Dakota had the lowest unemployment rate in February, 2.2 percent, while Alaska had the highest rate, 5.8 percent. The rates in Alaska (5.8 percent), Idaho (2.7 percent), Illinois (3.4 percent), New York (3.7 percent), North Dakota (2.2 percent), and Washington (3.8 percent) set new series lows. (All state series begin in 1976.) emphasis added Click on graph for larger image. This graph shows the number of states (and D.C.) with unemployment rates at or above certain levels since January 1976. At the worst of the great recession, there were 11 states with an unemployment rate at or above 11% (red). Currently no has an unemployment rate at or above 6% (dark blue). Note that this is the first time since the series started in 1976 that Alaska has been below 6%. Three states and the D.C. have unemployment rates above 5%; Alaska, Louisiana, and Mississippi. A total of fifteen states are at a series low: Alabama, Alaska, Arkansas, California, Colorado, Florida, Georgia, Idaho, Illinois, Maryland, Nevada, New York, North Dakota, Oregon, and Washington.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:17 AM » Fed's term repo operation receives no bids for first time
    Published Fri, Mar 27 2020 10:17 AM by Reuters
    The Federal Reserve's term repurchase agreement (repo) operation on Friday morning received no bids out of a possible $500 billion for the first time since regular operations began last year.
  • 10:12 AM » US consumer sentiment for March comes in at 89.1, vs 90 expected
    Published Fri, Mar 27 2020 10:12 AM by CNBC
    US consumer sentiment for March comes in at 89.1, vs 90 expected<br/>https://www.cnbc.com/2020/03/27/us-consumer-sentiment-march-2020.html
  • 9:52 AM » Fed working to bolster credit during 'self-mandated' recession: Kaplan
    Published Fri, Mar 27 2020 9:52 AM by Reuters
    A raft of programs from the U.S. central bank and a $2 trillion rescue bill nearing approval in Congress are aimed at providing relief during a "self-mandated" recession "so that when the virus is defeated we can walk, we can run, and then we can sprint out of this," Dallas Federal Reserve bank President Robert Kaplan said on Friday.
  • 8:59 AM » Fed working 'furiously' on details for Main Street lending program: Kaplan
    Published Fri, Mar 27 2020 8:59 AM by Reuters
    Dallas Fed President Robert Kaplan on Friday said small businesses can expect to be able to borrow money backstopped by the Fed "very quickly" under a new program the U.S. central bank is readying to bolster firms hurt by the coronavirus epidemic.
  • 8:50 AM » US consumer spending rises moderately in February
    Published Fri, Mar 27 2020 8:50 AM by CNBC
    U.S. consumer spending rose moderately in February and momentum is set to fade rapidly in the coming months, with the coronavirus pandemic upending life for Americans.
  • 8:06 AM » The $2 trillion stimulus will slam the mortgage industry -- unless the Fed comes to the rescue
    Published Fri, Mar 27 2020 8:06 AM by CNN
    The $2 trillion stimulus will slam the mortgage industry -- unless the Fed comes to the rescue
  • Thu, Mar 26 2020
  • 6:55 PM » New York, New Orleans hospitals reel as U.S. leads world in coronavirus cases
    Published Thu, Mar 26 2020 6:55 PM by Reuters
    The United States on Thursday surpassed China and Italy as the country with the most coronavirus cases, according to a Reuters tally, as New York, New Orleans and other hot spots faced a surge in hospitalizations and looming shortages in supplies, staff and sick beds.
  • 6:55 PM » Fed balance sheet tops $5 trillion for first time as it enters coronavirus war mode
    Published Thu, Mar 26 2020 6:55 PM by Reuters
    The U.S. Federal Reserve's balance sheet rocketed past $5 trillion in assets for the first time this week as it scooped up bonds and extended loans to banks, mutual funds and other central banks in its unprecedented effort to backstop the economy in the face of the global coronavirus pandemic.
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