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The Empire State Manufacturing Index has sunk to a record low of -78.2 in April, more than double the previous low of -34.3 which was seen during the Great Recession. Economists had forecast an April drop to -32.5. The vast majority of respondents reported worse conditions over the past month.

March saw the largest one-month drop in retail sales since records began over 30 years ago, with the coronavirus pandemic shutting down stores and restricting spending nationwide. While some stores did see gains due to rising demand for essential items, these gains were offset by sharp drops in the majority of categories.

Consumer prices in the US fell 0.4% last month, according to the latest consumer price index reading from the Labor Department. The figure was slightly lower than the expected drop of 0.3%.

The University of Michigan’s consumer sentiment index saw the largest monthly drop ever according to the latest report, tanking 20.3% to just 71. The current conditions index fell over 30%, reflecting the dire economic circumstances now affecting hundreds of millions of Americans, with tens of millions out of work and businesses still in shut-down around the country.

Producer Prices fell 0.2% month over month in March and rose just 0.7% annually. Core-PPI, which excludes the volatile components of food, energy, and trade services, fell 0.2% in March and rose 1% annually. Energy prices fell 6.7% in March, dragging down the headline figure. Food prices remained flat, while trade service costs rose 1.4%.

Initial jobless claims for the week ended April 04 came in at 6,606,000, down 260,000 from the week before. Over 16.5 million Americans filed for unemployment benefits in the last three weeks, with the true number of those out of work likely even higher. The previous week’s record-breaking surge in unemployment benefit claims was revised higher from 6.648 to 6.867 million.