USAThe third and final estimate of Q1 GDP growth came in at +1.4% in annualised terms, in line with economist survey expectations and a tick higher than the second estimate last month. Household consumption was revised down another half percentage point (from +2.0% to +1.5%), marking a full percentage-point change from the advance estimate in [...]
USARetail sales edged up 0.1% in May, less than the +0.3% print expected by consensus. Adding to the disappointment, the prior month’s result was revised downward, from +0.0% to -0.2%. Sales of motor vehicles and parts contributed positively to the headline print in May, as they expanded 0.8%. Without autos, outlays cooled 0.1%, as gains [...]
USAThe FOMC launched a mildly hawkish contingency plan on the back of the significant setback in inflation's progress toward target during Q1. That verbal guidance was made concrete as the FOMC kept its policy rate unchanged at 5.25% to 5.5%. This is a huge contrast to the dovish signalling at the start of this year. [...]
USANonfarm payrolls rose 272K in May, a very sizeable beat versus the Bloomberg consensus projection of 180K. A slight offset to the stronger-than-expected print was a 10K downward revision to April’s reading with an additional 5K jobs were shaved from March’s data. Employment in goods-producing industries registered a 25K increase largely due to gains in [...]
USANominal personal income rose a consensus-matching 0.3% in the U.S. in April following a 0.5% increase the prior month. The wage/salary component of income advanced 0.2%, whereas income derived from government transfers rose 0.3%. Personal current taxes, meanwhile, jumped 0.9%. All this translated into a 0.2% increase in disposable income. Nominal personal spending, for [...]
