Conor Maloney
Conor Maloney is a journalist with hundreds of articles covering financial markets and topics published on sites like Yahoo Finance and GoldPrice.org.
He is passionate about blockchain, cybersecurity, and financial independence, and he believes in gold as a viable alternative to fiat currency.
Follow Conor at @iWriteCrypto on Twitter.

Manufacturing and Services PMI Drop With Unprecedented Economic Slump Underway, Gold Prices Rise
The Markit manufacturing PMI dropped to 36.9 in April, down from 48.5 the month before and below expectations of 38. The services PMI sunk even further from 39.8 to 27, indicating greatly reduced activity in both sectors. Markit’s chief business economist Chris Williamson stated that April saw the coronavirus deal “a blow to the US economy of a ferocity not previously seen in recent history.”

Unemployment to Hit 20% After 4.27 Million More Workers Lost Jobs Last Week, Gold Prices Higher
An additional 4.27 million Americans filed for unemployment benefits in the week ended April 18, in line with the expectation of 4.5 million. This follows 5.23 million the week before, revised down from 5.24 million. The unemployment rate is now likely to approach 20% in the next two months.

Philadelphia Fed Manufacturing Smashes Through Great Depression Lows, Gold Stays Higher
The Philadelphia Federal Reserve manufacturing index has seen the lowest reading since July 1980, falling from -12.5 in March to -55.6 in April. Economists had forecast a reading of -37.5. The index measures business conditions in the region, highlighting the increasingly serious consequences of the coronavirus pandemic as it spreads through the US, now the global epicentre for the outbreak.

Housing Starts See Worst Slump Since 1984, Gold Prices Hold Gains
Construction of new homes in the US saw the largest monthly decline since 1984, pushed downward by the impact of the coronavirus outbreak on the housing market and the economy as a whole. Residential starts dropped 22.3% to a rate of 1.22 million vs. 1.3 million expected, an 8-month low. Permits dropped 6.8% to 1.35 million.

22 Million Initial Jobless Claims in Last Four Weeks, Gold Prices Stay Higher
An additional 5.245 million Americans filed for unemployment benefits in the week ended April 11, slightly below the expected figure of 5.5 million. 22 million Americans have been laid off in the last month, with coronavirus containment procedures shutting down businesses nationwide in almost every sector.

US Industrial Production Hits 74 Year Low in March, Gold Prices Sink Further
US industrial production had the worst month since 1946, with coronavirus containment procedures shutting down manufacturers and crippling supply chains worldwide. Factory output fell 6.3% in March following a mere 0.1% drop in February, far worse than the 4.1% drop excepted. Overall industrial production including mining and utilities output also saw the worst performance since 1946, dropping 5.4% vs. 4% expected. April performance is likely to be even worse.
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