US As lockdown restrictions associated with the coronavirus pandemic eased last month, Americans opened their wallets wider than ever before as their spending rose a record 8.2%. Personal income fell 4.2% on the month as massive government relief measures began to wane.The personal savings rate remains extremely elevated at 23.0% after reaching 32.0% in April. [...]
US Last week’s economic data offered mixed signals as to whether the economy will be able to manage a V shaped recovery. The Commerce Department reported a 17.7% surge in retail sales in May, better than double consensus expectations and the biggest gain in history, albeit one measured against the 23.3% cumulative decline over the [...]
US The Fed released the FOMC meeting minutes which reveled the participants’ similarly grim growth outlooks. This which showed most participants believed the Fed would keep the rate at the zero lower bound through at least 2022, hence reiterating the Fed’s dedication to supporting the economy through the crisis and its willingness to adjust policy [...]
US After a major deterioration in April, both of the ISM indices improved in May, with the weightier non-manufacturing index coming in better than expected. Despite the uptick, both indices are still in contractionary territory. US vehicles sales echoed a similar message, coming in a bit better than expected (up nearly 40.0% month-on-month), though at [...]
