What We Learned Last Week
The week’s news was generally softer than expected, leading forecasters to mark down 1Q Gross Domestic Product growth estimates further, into negative territory, but jobless claims edged even lower, counter to consensus expectations. The jobless claims trend knows something that apparently is not visible in most of the other economic news.
What We Expect to See in the Week Ahead
April housing activity is expected to pick up a little. The April Consumer Price Index is expected to rise a little faster than recently. Jobless claims, which remain quite low and show little of the disruptions that are visible in much of the demand-side news, remain a key focus.