U.S. government debt prices were higher Thursday morning, after weaker-than-expected data dampened the mood about a recovery for the coronavirus-hit economy.
A report from ADP on Wednesday showed that more than 20 million Americans lost their jobs at companies across the country last month. It was the worst loss in the survey’s history going back to 2002, reflecting the deepening impact of the Covid-19 pandemic.
To date, more than 3.75 million people have contracted the coronavirus worldwide, with 263,841 deaths, according to data compiled by Johns Hopkins University. The U.S., which has recorded the most Covid-19 infections of any country by far, has reported 1.22 million cases, with 73,431 fatalities as a result of the virus.
Earlier this week, the U.S. Treasury announced plans to support the world’s largest economy with massive stimulus.
The department said it would borrow a record $2.999 trillion this quarter — that’s five times larger than the previous single-quarter record, according to Reuters.
On the data front, the latest weekly jobless claims will be released at 8:30 a.m. ET, with a preliminary reading of both first-quarter productivity and costs and first-quarter unit labor costs due at the same time. Consumer credit data will be published in afternoon deals.
The U.S. Treasury is set to auction $80 billion in four-week bills, $70 billion in eight-week bills and $30 billion in 105-day bills.