USA • Nominal personal income declined 2.0% in May, slightly better than consensus expectations calling for a 2.5% decline. The wage/salary component of income rose 0.8%, while disposable income dropped 2.3%. Nominal personal spending, meanwhile, was flat in the month, slightly worse than the median economist forecast calling for a +0.4% print. Adjusted for inflation, [...]
USA • Retail sales fell 1.3% during the month. The magnitude of the decline in sales was a bit more than anticipated; however, positive revisions to April's sales cushioned the blow. The dip in sales for the month is largely explained by consumers redirecting their spending away from the cars, home furnishing and other "stay-at-home" [...]
USA • The Consumer Price Index rose 0.6% in May after climbing 0.8% the prior month. The result was one tick stronger than expected by consensus. The energy component was flat in the month, with gasoline prices slipping 0.7%. The cost of food, for its part, increased 0.4%. The core CPI, which excludes food and [...]
GLOBAL • Oil prices rises to the highest level in two years. This week OPEC stuck to the current plan of gradually normalising oil output. This led to Brent rising to just below USD72/bbl, as the market seems more concerned about risk of tight oil market in coming months than OPEC normalising output too fast. [...]
