Initial jobless claims came in higher than expected yesterday, showing total unemployment to have reached approximately 26 million – erasing the gain of the 22 million jobs created since the financial crisis. Manufacturing PMI also fell at its fastest rate in 11 years, deeply affected by factor closures.
Meanwhile, Donald Trump has signed an executive order to suspend green card approvals for at least 60 days, apart from for spouses of American citizens and unmarried children under 21. That said, visa applications have already been closed for weeks as most consulates are not working, so the impact may not be as sharp as it sounds.
New home sales have also dropped by 15% nationwide, with the biggest drop proportionally – 38.1% – coming in the West.
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