USA • Durable goods orders fell 0.1% to US$257.2 billion after swelling 0.8% and 3.2% in June and May, respectively. Orders for vehicles and parts rose US$2.96 billion or 5.8% to US$53.8 billion, a gain that was more than offset by a 48.9% decline (US$7.04 billion) in non-defence aircraft and parts orders to US$7.4 billion [...]
USA • Retail sales fell 1.1% in July, more than the 0.3% drop expected by consensus. The negative surprise was only partially compensated by an upward revision to the prior month’s result from +0.6% to +0.7% • The employment report for July and healthy revisions to prior months marked a strong step toward the Fed's [...]
USA • According to the Job Openings and Labor Turnover Survey, the number of available jobs to be filled totaled 10.07 million as at the last business day of June, a new record high, up 590K from an upwardly revised 9.48 million in May. Job openings were up in all industries but manufacturing, with trade [...]
USA • The ISM manufacturing index for July came in slightly below expectations at 59.5, the first sub-60 headline reading since January. Below the headline, there was some indication that supply and demand were coming back into balance. Supplier deliveries fell to a five-month low of 72.5, as the pace of new orders eased 1.1 [...]
USA • Nonfarm employment finally broke out to the upside, with employers adding 850,000 jobs in June. Revisions to the prior two months' data were fairly small, resulting in 15,000 more jobs. Job gains were fairly broad based during June, but the reopening of public schools at a time that they would normally be closing [...]
USA • Nonfarm payrolls rose 850K in June, more than the +720K print expected by consensus. Adding to the good news, the prior months’ results were upgraded by 15K. The private sector added 662K jobs. Employment in the goods sector crept up 20K as a small decline for construction (-7K) was more than offset by [...]
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. [...]
