And don’t forget the cash drop that’s actually falling in taxpayers’ pockets. The government checks start fluttering into electronic mailboxes the first week of May, says the NYT. Nothing like trying to solve a debt crisis by getting the entire country into more hock so it can buy Blu-rays and stuff to give the economy a sugar shock.
Manufacturing data was recessionary last month, with industrial production dropping 0.5 percent. The New York Fed says its state manufacturing survey is at its lowest point on record. Trade data were good, however. The current-account deficit narrowed last month by 2.5 percent.
The Journal says on B1 that CEOs are worried the financial-sector woes are spreading to other sectors.