U.S. leading economic indicators post record 6.7% plunge in March as COVID-19 pandemic broke out
Source: Marketwatch
The numbers: The collapse of the U.S. economy because of COVID-19 is becoming more evident by the day, the latest sign a record 6.7% decline in the leading economic indicators in March.
The closely followed index measuring the nation’s economic health tracks 10 indicators, most of which showed sharp deterioration last month. New jobless claims posted a record surge, for instance, and stock prices plummeted.
The steep drop in the 60-year-old index shattered the prior record of a 3.4% decline in October 2008, when a financial panic plunged the U.S. into its deepest recession since World War Two.
The decline is all but certain to be even worse in April — probably a lot worse. The economy only started shutting down in the second half of March as the states and federal government ramped up efforts to slow the spread of the coronavirus.
Read more: https://www.marketwatch.com/story/us-leading-economic-indicators-post-record-67-plunge-in-march-as-covid-19-pandemic-broke-out-2020-04-17?mod=mw_latestnews
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