This morning, the Bureau of Labor Statistics reported the worst Non-Farm Payrolls report in U.S. history for April. Non-Farm Payrolls showed 20.5 million Americans lost their jobs last month while the Unemployment Rate soared to 14.7% with losses seen across all sectors of the labor market. The U6 number, or total unemployed soared to 22.8% - meaning that literally 1 in 5 people are without a job and want one.
Fannie Mae reports that its Home Purchase Sentiment Index (HPSI) fell 17.8 points in April to 63.0, its lowest reading since November 2011. More consumers reported that their household income is significantly lower today than it was 12 months ago. Doug Duncan, Senior Vice President and Chief Economist said, "While consumers did grow more pessimistic in April about whether it’s a good time to buy a home, low mortgage rates remain a driver of purchase optimism. We expect that the much steeper decline in selling sentiment relative to buying sentiment will soften downward pressure on home prices.”
Coronavirus update from Johns Hopkins as of this morning: Here in the U.S., there are 1,256,972 cases of the virus with 75,670 total deaths while 195,036 have recovered. There are 3,866,642 cases of the virus reported worldwide, 270,118 deaths while 1,293,333 have recovered from the virus.
Massive job losses seen in April. Coronavirus cases mount. Home purchase sentiment declines.
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