These 7 economic signals flashed red this week, showing the continued damage being inflicted by coronavirus

The Job Opening and Labor Turnover Survey, or JOLTS, released by the Labor Department Friday showed that available positions fell to 6.2 million in March from 7 million in February.The median economist estimate was for a fall to 5.8 million, according to Bloomberg data. While opening positions fell slightly less than expected, separations — which includes layoffs and quits— jumped to 14.5 million, a series high. The month also ended a two-year streak where job openings outnumbered unemployed workers — at the end of March, there were 1.2 people for every open job, according to the report.The report shows that effective employment is primarily a story of layoffs really driving employment down, rather than a slower, steadier decline in hiring growth, Nick Bunker, an economist at Indeed, told Business Insider. In April, total US industrial production fell 11.2%, and manufacturing output declined a record 13.7%, according to a Friday report from the Federal Reserve. Economists surveyed by Bloomberg expected a 14.6% drop.All major industries posted decreases, according to the Fed. Automobile and auto parts manufacturing plummeted more than 70%, the biggest industry-group decline in the Fed's index.The University of Michigan's consumer-sentiment index gained to 73.7 in May from 71.8 in April according to preliminary data released Friday. In April, the index fell the most on record as the coronavirus pandemic froze the economy. But in May, the index was led higher by a nearly 10-point jump in current economic conditions to 83 from 74.3 in April. This likely reflects economic relief from the CARES Act, according to the survey. Still, consumers aren't anticipating a quick rebound. The index of consumer expectations fell to 67.7 from 70.1 in April, and personal financial prospects for the year ahead fell to the lowest level in almost six years, according to the report. Read more: MORGAN STANLEY: Buy these 20 stocks built to profit from a mounting inflation comeback that will alter the investing landscapeRetail sales plunged 16.4% in April, according to a Friday report from the Commerce Department. The decline was worse than the 12% drop economists were expecting. April's dismal number also came after a record slump in March, when retail sales fell 8.3%. At the time, it was the worst drop in the series, which began in 1992. Sagging retail sales don't bode well for US gross domestic product. Retail sales account for more than 40% of consumer spending, which in turn is around 70% of US GDP. The 23% cumulative fall in retail sales over the last two months this alone is enough to knock more than 6 percentage points off the level of nominal GDP, said James Knightley, chief international economist at ING, in a Friday note.US jobless claims posted another weekly decline according to Thursday's report. In the week ending May 9, 2.98 million Americans filed for unemployment, slightly less than the 3.17 million initial claims a week earlier.While the downward trend is promising, claims are still highly elevated, a concerning sign as some states begin to reopen for business. In addition, in just eight weeks — since major coronavirus layoffs began — more than 36.5 million Americans have filed for unemployment insurance. That boils down to roughly one in 10 Americans, according to Daniel Zhao, an economist at Glassdoor. Read more: A real-estate investor who generates $342,000 of annual cash flow shares his unique spin on a popular investment strategy that's helped land him 114 unitsThe core consumer-price index fell 0.4% in April, following a 0.1% decline in March, according to a Tuesday report from the Labor Department. It's the largest monthly drop for the measure — which excludes food and fuel costs — since 1957, when the series began. The index rose 1.4% from last April, the smallest year-over-year increase since 2011. US CPI including food and fuel slumped 0.8% in April, the largest monthly drop since December 2008. The National Federation of Independent Business' survey released Tuesday showed that small business optimism slumped to 90.9 in April. The median economist estimate was for a drop to 83. The smaller-than-expected slump was boosted by business owners' expectations of the US economy, which jumped 24 points in April, erasing all losses from March. This likely reflects optimism around economic reopenings, now underway in many states. On the flip side, the survey's index of sales expectations posted the sharpest drop from March, slumping 30 points to negative 42, the lowest reading in 46 years. Read more: Buy these 13 tech stocks that are abnormally disconnected from Wall Street's expectations for profit growth and poised to rocket higher, Credit Suisse says

These 7 economic signals flashed red this week, showing the continued damage being inflicted by coronavirus

7. JOLTS, well, jolted

6. US industrial production fell by the most in 101 years of data

5. Consumer sentiment rose ... but expectations for the future dropped

4. Retail sales plunged by a record for the second month in a row

3. Jobless claims fell again, but brought the eight-week total to 36.5 million

2. US consumer prices posted a record drop in April

1. Small businesses are banking on a rebound, but expect sales to plummet