Economic indicators

Fed officials also talk about the muni liquidity facility and efforts to help the economy in the wake of the COVID-19 pandemic.

Jobless claims fell in the latest week though now 22 million Americans filed for unemployment since late March.

Coronavirus takes its toll on business and sales activity around the states and across the nation.

Uncertainty remains the only constant regarding the coronavirus pandemic, and two Federal Reserve Bank presidents offered positive thoughts, although no definitive answers.

Jobless claims declined 261,000 from the previous week’s revised level of 6.87 million, originally reported as 6.65 million.

While some economists expect a V-shaped recovery, others say it will not be as sharp as the decline, and it could be years before output rises to pre-coronavirus levels.

Coronavirus-driven job losses are way beyond predicted, and expected to get worse, but most still see a V-shaped recovery.

Incoming data continued to show massive hits from the efforts to stem the spread of COVID-19, with jobless claims doubling and the New York manufacturing sector hitting all-time lows in activity.

Wednesday’s economic data were not as bad as projected, but included just the beginning of the effects of the coronavirus on the economy.

Consumer confidence dropped in March as the economy shut down to prevent the spread of the coronavirus, but economists expected a larger decline.