The first signs of the economic hit from COVID-19 are beginning to be seen from the ‘official’ data, Jennifer Lee from BMO Economics reports.

Key quotes

“Those applying for UI for the first time (initial claims) surged in the week of March 21st to a record-high 3.283 mln from 282,000 in the week prior.”

“U.S. real GDP was up 2.1% a.r. in Q4 (with a small upward revision to consumer spending and residential structures noted). But that was so last quarter. The current quarter (Q1), and the next quarter (Q2), will bring huge declines.”