All Posts Tagged: consumer spending

An Unprecedented Drop in Retail Sales and Manufacturing

Scott Anderson
Chief Economist

It is hard to believe but April retail sales were even worse than our already below consensus forecast for April. Retail sales dropped off a cliff last month, plunging 16.4% after dropping 8.3% in March. The March decline broke records last month and April’s sales declines were nearly twice as bad for retailers.

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Still in Freefall and Looking For a Way Out

Scott Anderson
Chief Economist

We are still in the freefall stage of the economic shock brought on by the COVID-19 pandemic and will likely remain in this stage at least through the second quarter.

Against this backdrop U.S. equity markets have been downright ebullient over the last month, looking forward to business reopenings and celebrating the flattening of the curve of new virus cases.

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Financial Contagion Spreads – Outlook Deteriorates

Scott Anderson
Chief Economist

The global spread of the Covid-19 pandemic is forcing global commerce to a standstill wherever it goes.

Governments are starting to take more forceful actions to slow the spread of the virus both from a public health perspective and from an economic and financial one. Yet, the economic and financial damage the virus is reaping continues to mount, and we continue to factor all this into our economic and interest rate forecasts.

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Bulls Get Corralled As Coronavirus Hits Global Economy

Scott Anderson
Chief Economist

A brief period of global economic and financial market optimism over the past four months is quickly going dormant as the global economic impact of the Novel Coronavirus (COVID-19) comes into greater focus.

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