Last week, it was reported that unemployment claims from March 21 to March 28 had reached 6.6 million. The Bureau of Labor Statistics retroactively adjusted this number to 6.87 million. Now, reporting on the unemployed claims from March 28 to April 4, the Bureau of Labor statistics reports that the number is 6.6 million. This means that the number has gone down, though not much. Especially when compared to historical data. You can read the full report here. The next data release will be available April 16.The University of Michigan has released the latest data for the Consumer Sentiment Index. This research began in the 1940s and has been used since to measure how the average American consumer feels about the current state of the economy. This data is important because roughly 70% of US GDP comes from consumer spending. The recent release shows a consumer sentiment index of 71 (for context, a score of 100 would imply a neutral sentiment towards the economy). An index of 71 is a 20.3% drop from a month prior, and a 27% drop from a year prior–both of which are the largest drops on record. You can read the report here.
If you can’t access these articles and want to read them, contact me and I’ll send you a PDF. Though, the absolute BEST economics source (in my opinion) is econofact, and it’s free.