GoldPrice

Real GDP expanded 2.1% annually as expected, according to the latest report released by the US Bureau of Economic Analysis (BEA) on Thursday. This marks the third such estimate of Q4 GDP. The financial markets have largely shrugged off the results amid the more current news of record layoffs throughout the country, with Q4 figures unlikely to have a strong bearing on upcoming economic performance in light of the ongoing coronavirus pandemic.

Durable goods orders rose 1.2% in February to $2.9 billion from 2.49 billion, outperforming the expected decline of -0.8%. January figures were revised higher from -0.2% to -0.1%, according to the latest report from the US Census Bureau released on Wednesday.

The Richmond Fed manufacturing PMI rose from -2 to 2 in March, seeing low volatility despite the coronavirus impact on global supply chains. Shipments and new orders saw increases in March, while employment ticked downward.

The US Markit manufacturing PMI dropped from 50.7 to 49.2 in March, beating expectations of 42.8. Meanwhile, the Markit services PMI underwhelmed, falling from 49.2 to 39.1 vs. 42.8 expected. The service sector has been hit particularly hard by the coronavirus outbreak with the closure of many bars, restaurant, tours, and other services, and this is expected to worsen over the coming months.

Home sales rose a solid 6.5% in February compared to the month before, the highest pace in 13 years. Analysts expected gains of just 07%. 5.77 million units were sold, with the market boosted by lower mortgage rates. Rates were lower in part due to market fear surrounding the coronavirus outbreak. However, the sales data was taken before the severe escalation of the pandemic, and the economic impact is likely to negatively impact future sales.

Gold has shaken off losses in today’s session following a major increase in jobless claims. Claims rose 70,000 in the week ended March 14 to 281,000, the highest level since 2017. The last time claims were this high was a result of Hurricane Harvey which damaged infrastructure and resulted in widespread disruption of business activity. The coronavirus pandemic is behind the sudden surge in claims, which was forecast at just 220,000.