U.S. Economic News

April 2, 2020

U.S. Economic Indicators

Initial jobless claims increased 3,341,000 to 6,648,000 last week, setting a new high for the history of the series. The four-week moving average rose 1,607,750 to 2,612,000. DOL Report

The U.S. trade deficit decreased from $45.5 billion (revised) in January to $39.9 billion in February. The goods deficit fell by $5.9 billion while the services surplus fell by $0.4 billion. Census Bureau Report

New factory orders for manufactured goods were virtually unchanged in February following a 0.5% (revised) decrease in January. New orders excluding transportation edged down 0.9%, while new orders for nondefense capital goods excluding aircraft also fell 0.9%. Census Bureau Report

U.S. News

According to the Financial Times, surging demand for drugs and protective gear has given new urgency to calls from a growing group of bipartisan lawmakers for medical supply companies to reduce reliance on Chinese supply chains. Policymakers have acknowledged that crafting policies to encourage reshoring of drug and medical equipment production will be difficult, given the challenges of altering complex supply networks and the need for financial incentives. FT