Press release content from Business Wire. The AP news staff was not involved in its creation.
Citizens Business Conditions Index™ Finds Recovery Continues Amid Increased Vaccinations, Fiscal Package
April 30, 2021 GMT
PROVIDENCE, R.I. (BUSINESS WIRE) Apr 30, 2021
Citizens announced today that continued economic recovery from the shock of COVID-19 kept the past quarter’s national Citizens Business Conditions Index™ (CBCI) in upbeat territory, with another healthy reading of 53.3. This compares with the fourth quarter reading of 56.0. A reading above 50 is considered expansionary.
Better-than-expected vaccination rates buoyed the outlook for many Americans, while a newly signed fiscal relief package provided additional stimulus checks, as well as support for the unemployed and for state governments. These developments helped to boost business activity and put the recovery on more stable footing, based on CBCI indicators. This momentum extended across both manufacturing and
Ted Butler: A Time to Act howestreet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from howestreet.com Daily Mail and Mail on Sunday newspapers.
Despite the gain, the industry is still 3.5 million short of its employment level from a year ago, just before the worst of the pandemic. The pickup in hiring drove the unemployment rate for the sector down to 13.5% from 15.9% a month ago; the accommodation and food services subsector saw its jobless rate fall to 12.7% from 15.3%. We re seeing great opportunities within the service sectors, said Amy Glaser, senior vice president at national staffing firm Adecco. We anticipate as the weather continues to get warmer, that [hospitality] sector will start to explode in the next eight to 12 weeks.
Stock market futures rose sharply following the report, with the Dow industrials pointing to a 235-point gain at the open. Government bond yields also were higher.
(Bloomberg) Dip buyers drove a rebound in stocks after an earlier bout of selling pushed the Nasdaq 100 down 10% from a record. All major groups in the S&P 500 advanced, while the tech-heavy gauge climbed more than 1.5% as giants Amazon.com Inc. and Apple Inc. erased their losses. Robinhood Markets Inc., the trading platform behind the boom-and-bust swing in GameStop Corp.’s shares, has chosen the Nasdaq for its eventual initial public offering, according to a news report. Earlier Friday, equities retreated as U.S. jobs data topped estimates, fueling anxiety the economy could run too hot and kick up inflation. Benchmark 10-year yields stabilized after hitting 1.6%. Friday’s turnaround in financial markets wiped out the S&P 500’s drop for the week. The intense volatility of the past few days was a test to stock bulls who see the recent spike in Treasury yields as an indication of brighter prospects for the economy and corporate profits. While concern over equity valuations have
Dip Buyers Fuel Stock Rebound; Treasuries Steady: Markets Wrap msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.