The purchasing managers index for the service sector fell to a record low in April, while the manufacturing Index weakened to the lowest level in 11 years, as business activity has slumped. The Purchasing managers index fell to 27 from 39 in March while the manufacturing Index dropped to 36 from 48. Any reading below 50 indicates worsening conditions.
Intel reported earnings and revenue that spiked well above expectations in the first quarter but predicted that profit would come in lower than projections in the second quarter, sending shares lower. Intel reported first-quarter net income of $5.7 billion, or $1.31 a share, compared with $3.97 billion, or 87 cents a share, in the year-ago period.
Another 37,000 Oregonians filed new jobless claims last week, bringing total job losses over the five weeks of the coronavirus outbreak to 334,000. That’s 17% of the state’s workforce, one in six Oregon jobs altogether.
And one of the mis intended consequences of the unemployment benefit in the CARES ACT is that it is encouraging people to stay unemployed because they are making more on unemployment than they are at their jobs. The enhanced unemployment benefits run through the end of July.
With Northwest Quadrant Wealth Management, I’m Tyler Simones