USA • Retail sales increased 0.9% in April on top of an upwardly revised gain of 1.4% in March. The April increase in sales could not be entirely attributed to higher prices. Overall consumer prices increased 0.3% in April, but goods prices fell 0.3% in the month. • With the retail sales report mostly covering [...]
USA • The Consumer Price Index rose 0.3% MoM in April, slightly more than the +0.2% print expected by consensus. This came after a 1.2% increase in March, the biggest monthly jump since September 2005. Prices in the energy segment cooled 2.7% in April as a 6.1% drop for gasoline was only partially offset by [...]
USA • Nonfarm payrolls rose 428K in April, more than the +380K print expected by consensus. This positive surprise was partly offset by a 39K downward revision of previous months’ results. Employment in the goods sector jumped 66K, with gains in manufacturing (+55K) mining/logging (+9K) and, to a lesser extent, construction (+2K). Services-producing industries, meanwhile, [...]
USA • First quarter GDP was the disappointing marquee release this week, but there were plenty of silver linings. The consensus was for weak, but still positive, growth. Instead, the U.S. economy retreated by 1.4% annualized, after booming 6.9% in the fourth quarter of 2021. The unexpected retrenchment was largely due to a widening trade [...]
