For the week ended March 7th, initial jobless claims actually fell by 4k to 211k, 9k less than expected. This is a high frequency number and hasn’t showed any stress yet but it just seems inevitable that we are on the cusp of a jump.
PPI was soft across the board, falling m/o/m and moderating the headline y/o/y increase to 1.3% and the core rate of 1.4%. Bottom line, these are the symptoms of lessening global demand for goods and services and which will only get worse unfortunately. On the flip side, when this virus passes and economic life resumes again, there is going to be such a scramble for goods and services in terms of catch up and restocking that the system is just not going to be able to keep up initially thus leading to price shocks.