U.S. Economic Indicators

Initial jobless claims fell 249,000 to 2,438,000 last week. The four-week moving average fell 501,000 to 3,042,000. DOL Report

Existing home sales fell 17.8% to a seasonally adjusted annual rate of 4.33 million in April and were down 17.2% compared to a year ago. Home sales declined in all four major regions, with the largest decrease occurring in the West. NAR Report

The Conference Board’s Leading Economic Index (“LEI”) declined 4.4% in April following a 7.4% decline in March. The continued decline in the LEI suggest that while business conditions may recover for some sectors and industries in the near-term, selective re-opening does not imply a rapid rebound for the economy at large. Conference Board Report

U.S. News

The Washington Post reports that House and Senate lawmakers are working on new legislation to improve the flexibility of the Paycheck Protection Program, potentially providing much needed support to millions of small businesses that have avoided the program due to overly restrictive terms. Policymakers are primarily focused on extending the period during which funds must be spent to qualify for loan forgiveness while also discussing removing the requirement that 75% of funds be spent on payroll. WaPo