The BEA released their estimate of March vehicle sales this morning. The BEA estimated light vehicle sales of 11.37 million SAAR in March 2020 (Seasonally Adjusted Annual Rate), down 32.1% from the revised February sales rate, and down 34.1% from March 2019.Sales in February were revised down from 16.83 million SAAR to 16.73 million SAAR.Click on graph for larger image.This graph shows light vehicle sales since 2006 from the BEA (blue) and an estimate for March 2020 (red).My view – before the health crisis – was that sales would move mostly sideways at near record levels this year. Going forward, the impact of COVID-19 will be significant.The second graph shows light vehicle sales since the BEA started keeping data in 1967.Note: dashed line is current estimated sales rate of 11.37 million SAAR…. [Read More...]

One day after the launch of a $350B loan program designed to rescue millions of small businesses, technical glitches continue to cripple the process. [Read More...]

Iran is experiencing on of the worst outbreaks of coronavirus in the world. Will the instability cause the country's leaders to lash out against America? [Read More...]

From the BLS: Total nonfarm payroll employment fell by 701,000 in March, and the unemployment rate rose to 4.4 percent, the U.S. Bureau of Labor Statistics reported today. The changes in these measures reflect the effects of the coronavirus (COVID-19) and efforts to contain it. Employment in leisure and hospitality fell by 459,000, mainly in food services and drinking places. Notable declines also occurred in health care and social assistance, professional and business services, retail trade, and construction. … Federal government employment rose by 18,000 in March, reflecting the hiring of 17,000 workers for the 2020 Census….The change in total nonfarm payroll employment for January was revised down by 59,000 from +273,000 to +214,000, and the change for February was revised up by 2,000 from +273,000 to +275,000. With these revisions, employment gains … [Read More...]

Report obtained by Guardian projects acute demand and supply problem, meaning agencies will struggle to provide for the hungry * Coronavirus – live US updates * Live global updates * See all our coronavirus coverageAgencies and organisations tasked with feeding children, the poor and the elderly in Washington state during the coronavirus crisis will experience shortages of food and supplies as early as mid-April, according to state government emergency planning documents obtained by the Guardian.A 27 March situation report (SitRep) document produced by the Unified Command of Washington’s State Emergency Operations Center (SEOC) projects that a combination of acute demand at food banks and schools, supply problems for food and cleaning supplies, plus staffing shortages, will mean government and NGOs will struggle to provide for hungry … [Read More...]

From the LA Times: Gov. Gavin Newsom said he ‘owns’ coronavirus testing lapses, announces task force In a Saturday news conference, Newsom announced a task force that he said will work toward a fivefold increase in daily testing in the state by identifying supply shortages and adding testing locations.The announcement comes as California continues to see dramatic increases in people hospitalized with the virus, with 2,300 patients in the state. Another 3,267 people hospitalized are suspected of having COVID-19, but are awaiting testing results.Overnight, the number of coronavirus patients in California’s intensive care unit beds rose nearly 11% to 1,008 people.In all, Newsom said 126,700 people have been tested in California, a state of nearly 40 million people. Of those who have been tested, 13,000 are awaiting results.Test-and-… [Read More...]

Dr. Michael Ryan, executive director of the World Health Organization's Health Emergencies Program, defended China on Thursday against accusations that the country has underreported cases and deaths from the Wuhan coronavirus outbreak."I think we need to be very careful also to not to be profiling certain parts of the world as being uncooperative or non-transparent, and we need to look at transparency across the board," Ryan said at a Geneva press conference."We need to be balanced in that, and we need to recognize that systems under pressure find it hard to share everything on a minute-to-minute basis," Ryan continued. "Frankly, at times I think we get over-focused on this issue."Ryan claimed that there … [Read More...]

The March ISM Non-manufacturing index was at 52.5%, down from 57.3% in February. The employment index decreased to 47.0%, from 55.6%. Note: Above 50 indicates expansion, below 50 contraction. From the Institute for Supply Management: March 2020 Non-Manufacturing ISM Report On Business® conomic activity in the non-manufacturing sector grew in March for the 122nd consecutive month, say the nation’s purchasing and supply executives in the latest Non-Manufacturing ISM® Report On Business.®The report was issued today by Anthony Nieves, CPSM, C.P.M., A.P.P., CFPM, Chair of the Institute for Supply Management® (ISM®) Non-Manufacturing Business Survey Committee: “The NMI® registered 52.5 percent, 4.8 percentage points lower than the February reading of 57.3 percent. This represents continued growth in the non-manufacturing sector, at a slower rate. … [Read More...]