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US Wholesale Sales Took A Plunge in April
The US wholesale sales report, as well as the JOLTS job openings report for April were released a while ago. That was the main month of isolation for people due to the coronavirus lock-down, so we knew the data was going to be pretty bad for that month for most countries. Wholesale sales took a deep plunge, while JOLTS jobs also decreased, but remained positive.
US April Wholesale Sales Report
- April wholesale sales -16.9% vs -2.0% expected
- March wholesale sales was -5.2% (revised to -5.1%)
- Inventories April +0.3% vs +0.4% expected
- March inventories +0.4%
This is a record one-month loss, double the scope of the decline for the worst month of 2008.
US April JOLTS Job Openings Report
- April JOLTS job openings 5,046K vs 5,750K expected
- Worst reading since 2014
- March job openings was 6,191K (revised to 6,011K)
I don’t understand why the estimate was so high for April, as if nothing happened, while the rest of the data for other sectors was anticipated much lower. So, this isn’t a surprise to me. Who was hiring in April? Anyway, Reuters had the consensus at 5,000K, so credit to whoever they were surveying.
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