• April pending home sales fell to their lowest level on record

  • The NAR reading of pending sales – measuring transactions in which the contract has been signed, but the deal has not yet been closed – fell to 69 in April.
  • The 21.8% monthly decline was the largest since the spring of 2010.

• More than 20% of the workforce is receiving unemployment assistance or waiting for approval

  • In total, 3.1 million claims were filed for unemployment benefits last week.
  • The headline measure of continuing claims fell by 3.7 million, but this number is misleading.

• The Q1 slowdown in economic growth was sharper than first estimated

  • GDP fell at an annualized rate of 5.0% in Q1 2020, a faster pace than the previously stated 4.8% reduction.
  • A downward revision in private inventory investment was the principal reason for the adjustment.

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