Economy

Transportation Equipment Leads 17.2% Drop in April Durable Goods New Orders 

New orders for manufactured durable goods in April decreased $35.4 billion or 17.2% to $170.0 billion, the U.S. Census Bureau announced. Excluding transportation, new orders decreased 7.4%. read more

ISM: Economic Downturn to Continue Through 2020

The ISM reported that manufacturing and non-manufacturing are forecast to contract in the year ahead, with revenue decreasing to 10.3% for manufacturing and 10.4% for non-manufacturing. read more

WSJ: “Swoosh-Shaped” Recovery Expected

The Wall Street Journal reported that the economic recovery from the pandemic will follow a similar pattern to the recovery from the Great Recession. read more

Fed: Negative Interest Rates Not Worth Ramifications

The Wall Street Journal reported that the Federal Reserve has decided that negative interest rates are not worth the detrimental effects they could bring. read more

COVID-19 Stress Test Reveals 52% of Companies Globally Will Become High Risk

A RapidRatings stress test on portfolios of public and private third parties, suppliers, borrowers, and other counterparties to aid clients in modeling potential outcomes of the COVID-19 crisis revealed 52% of all global companies will be categorized as high-risk or very high-risk. read more

ISM: Manufacturing Contracts in April; PMI at 41.5%

Economic activity in the manufacturing sector contracted in April, and the overall economy contracted after 131 consecutive months of expansion, say the nation's supply executives in the latest Manufacturing ISM Report on Business. read more

Fed Ditches Plan to Promote SOFR in Main Street Lending Program

The Wall Street Journal reported that the Federal Reserve will not use the Main Street Lending Program to promote SOFR, its LIBOR replacement of choice. read more

Fed Expands Access to Paycheck Protection, Main Street Lending Programs

The Federal Reserve expanded access to its Paycheck Protection Program Liquidity Facility to additional lenders and expanded the collateral that can be pledged. The Fed also broadened the scope and eligibility for the Main Street Lending Program. read more

Citizens Business Conditions Index Shows Solid Q1 Start, Emerging Pandemic Pain

The Q1/20 Citizens Business Conditions Index showed only a slight decline (from 61.0 to 60.8) because the full economic impact of the COVID-19 pandemic emerged late in the quarter, but the modest directional shift reflected the gathering storm of the pandemic disruption. read more

COVID Loan Tracker: PPP Needs Additional $400B in Funding to Meet Small Businesses Needs

According to COVID Loan Tracker's estimates, at least $400 billion, in addition to the funds already allocated, will be needed to satisfy the outstanding financial need of small businesses as they navigate the current crisis. read more

WSJ: Bank Lending a Weak Channel for COVID-19 Recovery

The Wall Street Journal reported that bank’s aversion to risk in lending may make them a weak conduit for the Fed’s post-pandemic recovery plans. read more

House Passes $484B Small Business Aid Bill, Trump to Sign at Noon

The Wall Street Journal reported that the House passed a $484 billion bill that will replenish two aid programs for small businesses and provide relief to hospitals. read more

Tiger Capital Predicts Spike in COVID-19 Related Closures, Bankruptcies & Liquidations

Tiger Capital co-founder Dan Kane predicted that COVID-19 will cause a huge spike in asset dispositions across multiple sectors once the economic recovery begins. read more

Senate Passes $484B Bill to Aid Small Businesses, Hospitals

The Wall Street Journal reported that the Senate passed a $484 billion bill designed to deliver aid to small businesses and hospitals, with $320 billion allocated to replenish the Paycheck Protection Program. read more

Key Takeaways from ELFA/ELFF Webinar: Coronavirus & the U.S. Economy

Five key takeaways from the ELFA/ELFF webinar, which discussed the U.S. economy and equipment finance industry during COVID-19. read more

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Terry Mulreany
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