Large parts of the economy are shutting down due to social distancing. The plunge will be reported in official statistics with the usual lags, but timely unofficial data continue to show precipitous declines, economists at TD Securities brief.
Key quotes
“OpenTable data are signaling a collapse in food services spending. Movie ticket sales have plunged as well.”
“Labor market data are poised for historic weakening. We forecast a 2.5 million reading for jobless claims this week, more than triple the all-time high.”
“On the plus side, Congress is working on a huge stimulus package. More Fed stimulus is likely as well. They will help over time.”
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