End of day howl!


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United States

  1. Residential construction activity slowed sharply last month. The decline in housing starts was the highest on record. Single-family building permits decreased faster than multi-family housing.

  2. Given the persistent housing shortages and stabilization in builder optimism, economists expect residential construction to rebound in the months ahead. One potential concern is the availability of credit. Searches for real estate listings are starting to recover.

  3. Organic growth firms account for the majority of small business revenue four years after founding, according to JP Morgan.

  4. Many small businesses have limited liquidity.

  5. Business applications have slowed.

  6. Unemployment has risen more for lower-skilled workers and women.

  7. The Congressional Budget Office sees the unemployment rate peaking just below 16%.

  8. Last week it seemed that the Johnson Redbook Index of same-store sales had finally bottomed. Apparently not.

  9. Analysts expect it to take several months for automobile production to recover to levels projected before the crisis.

  10. Railcar loadings of containers are starting to recover, albeit far below historical levels.

United Kingdom

  1. Vacancy data signal massive job losses this year.

  2. Britons are prioritizing saving lives vs. avoiding further damage to the economy.

Eurozone

  1. The ZEW Germany survey points to extreme weakness in current conditions but a sharp rebound in expectations.

  2. Car registrations plummetted last month. And we saw this collapse reflected in automobile production.

  3. Construction output in March declined by the highest percentage in decades.

  4. The Eurozone has underperformed the rest of the EU.

  5. Euro-area financial conditions are improving.

  6. German restaurants are starting to see some traffic.

  7. The ECB's securities purchases allowed Spain and Italy to sell quite a bit of debt this year.

  8. Banks' price-to-book ratios dipped below the 2009 lows. Analysts see banks having the biggest upside potential.

China

  1. Local government bond issuance spiked this month, according to ANZ.

  2. The overall debt as a percentage of the GDP hit another record high.

  3. The savings rate is slowing as the population ages.

Emerging Markets

  1. EM Asia currencies have outperformed, but the overall market has been relatively stable in recent weeks