The economic data is even worse than Wall Street feared: 'The economy is clearly in ruins here'

The economic data is even worse than Wall Street feared: 'The economy is clearly in ruins here'

"Consumer and manufacturing reports for March showed the hit to the economy from the coronavirus was deeper in the early weeks of the shutdown than expected.

• March retail sales fell 8.7%, the most ever in government data, and New York regional manufacturing activity hit an all-time low, declining to a shocking negative 78.2%.

“The economy is clearly in ruins here,” said Chris Rupkey, chief financial economist at MUFG Union Bank.
...“Overall, today’s manufacturing numbers indicate an expected slowing in activity, but slightly earlier and more widespread than previously thought,” noted Citigroup economists. They said the depth of the decline in apparel manufacturing of 16.5% and furniture, down 10%, were surprising.
...Jon Hill, senior Treasury strategist at BMO, said the deeper decline in data raises concerns that the sharp recession will morph into a depression...
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