The economic data is even worse than Wall Street feared: 'The economy is clearly in ruins here' [CNBC]
JP Morgan Chase & Co. (JPM)
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Source: CNBC
The economic data is even worse than feared: 'The economy is clearly in ruins here'Published Wed, Apr 15 2020Updated 21 min agoPatti Domm@in/patti-domm-9224884/@pattidommA sign reading "Buy Local" with closed restaurants and shops on Main Street on April 10, 2020 in Livingston, Montana.William Campbell | Corbis via Getty ImagesConsumer and manufacturing reports for March showed the hit to the economy from the coronavirus was even swifter and deeper in the early weeks of the shutdown than expected.March retail salesfell 8.7%, the most ever in government datahit an all time low, declining a shocking 78.2%The economic reports showed the double whammy of state shutdowns in mid-March on two pillars of the economy — the consumer and business. Both reports were even more dire than expected, and foreshadow even worse declines in April's activity, with state shutdowns affecting areas responsible for more than 90% of the economy.March retail sales fell 8.7%, a record drop, with the only sign o
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