The US economy is suffering its worst economic downturn since the Great Depression and on some fronts the recession is the deepest on record. The obvious question: When will it end? No one knows because the uncertainty is high on how this unprecedented crisis unfolds in the weeks and months ahead. The next-best estimate is looking for a peak in the recession’s intensity and on that front yesterday’s update of the Philadelphia Fed’s ADS Index – a real-time business-cycle index for the US economy – offers a hopeful but still-precarious hint that the apex has passed. [Note: revised data released since this article was published dramatically reversed the upbeat revision history of the ADS Index, as detailed below.]

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Massive job losses expected in today’s payrolls report for April: Reuters
US and China officials say trade deal still on track: CNBC
Justice Dept drops case against Flynn, Trump’s first nat’s security adviser: AP
Senate fails to override Trump’s veto of a War Powers resolution: CNN
UN: coronavirus could trigger ‘famines of biblical proportions’: USA Today
The ‘sharing economy’ takes a heavy hit from the coronavirus: NY Times
Jobs cuts surged in April to highest on record: CG&C
US jobless claims continue to rise by the millions: MW