USAAccording to the Bureau of Economic Analysis, real GDP expanded 1.6% annualized in 2024Q1, considerably less than the median economist forecast calling for a +2.5% print. As this gain was weaker than potential, the output gap narrowed from +0.8% to +0.3%. Year on year, real GDP was up 3.0%. Domes-tic demand grew at a healthy [...]
USARobust retail sales data were the main story on the U.S. economic data front this week. Retail sales handily exceeded expectations, rising 0.7% in March. Excluding autos, sales rose 1.1%, the biggest monthly pop in more than a year. The better-than-expected gain was further bolstered by sharp upward revisions to the data in February. Sizable [...]
USAThe Consumer Price Index rose 0.4% in March, one tick above the median economist forecast calling for a +0.3% print. This followed another 0.4% gain the prior month. Prices in the energy segment climbed 1.1% as gains for gasoline (+1.7%) and electricity (+0.9%) were only partially offset by a 1.3% decline for fuel oil. Prices [...]
USA Nonfarm payrolls rose 303K in March, a lot more than the median economist forecast calling for a +214K print. Adding to the news, the prior’s month data was revised upward a cumulative 22K. Employment in the goods sector rose 42K (the most in 14 months) on a steep gain in construction (+39K). Manufacturing [...]
