Today is Wednesday, April 15 and we see the market has dropped significantly in response to the economic shutdown, weekly mortgage refinance applications rise as rates drop and U.S. retail sales suffered a record drop in March. Read these below, as well as other articles about what Americans are spending their stimulus checks on and the fact that 60% of employers have reduced hiring in the last month due to the coronavirus.
Stocks fell sharply on Wednesday as dismal economic data and weak bank earnings fueled concerns over the coronavirus’s impact on the U.S. economy.
U.S. retail sales suffered a record drop in March as mandatory business closures to control the spread of the novel coronavirus outbreak depressed demand for a range of goods, setting up consumer spending for its worst decline in decades.
Despite wider-than-usual daily swings last week, mortgage rates dropped to the lowest level ever in the Mortgage Bankers Association’s 30-year-old weekly survey, causing yet another rush to refinance.
In the last month, amid the spread of the COVID-19 pandemic in the U.S., 60% of employers have reduced job openings, with almost 25% of employers closing all of their postings.
New data shows the government’s coronavirus stimulus checks are providing much-needed relief to Americans struggling with day-to-day living costs. Data compiled by digital bank Current found members who received stimulus payments over the past five days spent 16% of the money on food, including takeout and delivery. An additional 9% of spending was on groceries and 10% went toward gas.