On Tuesday, the 19th of May 2020, US economic data released by the Commerce Department had added to further holocaust on a sharply recessing US economy, as US homebuilding had plunged by the most on record in April with building permits for future constructions catering a caustic downturn, underscoring frets that the pandemic crises would likely to heave the US economy down to the steepest contraction on record over the second quarter of the year.
In tandem, as beforemtioned, Tuesday’s (May 19th) economic data had added to basket of dismal April data including 20.5 million people applying for jobless benefits, US retail sales being slumped by a record 16.4 per cent alongside the US factory activity had contracted to a post-World War I era.
Besides, according to Tuesday’s (May 19th) US housing market data released by the Commerce Department, Housing starts had fallen by a record 30.2 per cent to 891,000 units last month on an adjusted basis, remarking the index’s steepest monthly decline since 1959 following a drop of 18.6 per cent in March.
Aside from that, as analysts were forecasting a record economic contraction over Q2, 2020, applications for building permits took a heavy header of 20.8 per cent to 1.074 million units last month, referring to an upscaled uncertainty lurking over the horizon for the US economy, a Chief Economist at MUFG in NY, Chris Rupkey said followed by the release of Tuesday’s (May 19th) tattering housing market readings, “This is an unprecedented recession in that it happened over just two months and this is making it harder for companies and consumers to get their bearings and figure out what to do next. ”