U.S. Economic News

April 3, 2020

U.S. Economic Indicators

The U.S. economy lost 701,000 jobs in March, far more than consensus estimates. The unemployment rate rose to 4.4%, the labor force participation rate fell to 62.7%, and average hourly earnings annual growth was 3.1%. BLS Report

The ISM Non-Manufacturing Index fell 4.8 points to 52.5 in March. The New Orders Index fell 10.2 points to 52.9, while the Employment Index declined 8.6 points to 47.0. ISM Report

U.S. News

The Wall Street Journal reports that Saudi Arabia and Russia are set to lead a virtual summit next week to discuss reducing oil production by at least 6 million barrels a day – contingent on cooperation from U.S. producers. Oil prices surged following the announcement of upcoming negotiations, but analysts note that join production curbs will be more difficult to enact in the U.S. because of American antitrust laws. WSJ