USA • The Bureau of Economic Analysis put out its first estimate of Q1 GDP growth. The economy reportedly expanded an annualized 6.4% in the quarter, which was slightly less than the +6.7% print expected by consensus. Following in the wake of two solid showings in Q4 (+4.3%) and Q3 (+33.4%), this gain lifted economic [...]
USA • Initial jobless claims dropped from an upwardly revised 586K to a post-pandemic low of 547K in the week to April 17. Continued claims edged down, too, from 3,708K to 3,674K. Topping these up were the roughly 12.9 million people who received benefits in the week ended April 2 under two emergency programs: Pandemic [...]
USA • In March, housing starts rose 19.4% to a 15-year high of 1,739K (seasonally adjusted and annualized), exceeding by far the median economist forecast of 1,613K. Adding to the good news, the prior month’s result was revised up from 1,421K to 1,457K. The increase in March was driven by the multifamily category, where starts [...]
USA • The goods and services deficit widened US$3.3 billion to US$71.1 billion. Overall, trade activity was soft, with goods imports and exports sinking 3.5% (US$4.8 billion) and 0.9% (US$2.0 billion), respectively. In the service sector, exports sagged US$0.2 billion while imports rose US$0.3 billion. In light of many industry surveys reporting that widespread supply [...]
• Global supply chains have been strained for over a year due to disruptions and bottlenecks caused by the coronavirus, and this week's grounding of a massive container ship in the Egypt's Suez Canal has only added to the problem. As much as 12% of the world's seaborne trade has been halted by the accident, [...]
US • Retail sales fell 3.0% month-on-month in February after gaining a revised 7.6% in January (up from an earlier 5.3% estimate). The decline was broad based but for two exceptions. o Sales were flat at food and beverage stores and increased at gas stations (3.6%). o The control measure, which excludes sales at food [...]
US • The Consumer Price Index rose 0.4% in February after climbing 0.3% the prior month. The result was in line with consensus expectations. o The energy component sprang 3.9% thanks in part to a 6.4% jump in the gasoline segment. o The cost of food, meanwhile, rose 0.2% on a 0.3% increase in the [...]
US • Nominal personal income spiked 10.0% in January as American households received the aid cheques included in the USD$900 billion stimulus package signed at the end of Donald Trump’s presidency. o Income derived from government transfers surged 52.6% to USD$5,734.1 billion (seasonally adjusted at annual rates) on a massive gain in the “other” transfer [...]
US • Nominal personal income spiked 10.0% in January as American households received the aid cheques included in the USD$900-billion stimulus package signed at the end of Donald Trump’s presidency. o Income derived from government transfers surged 52.6% to USD$5,734.1 billion (seasonally adjusted at annual rates) on a massive gain in the “other” transfer segment [...]
US The Markit flash composite PMI came in at 58.8 in February (vs. 58.7 the prior month), signalling the broadest improvement in private-sector activity in almost 6 years. The degree of optimism towards future output remained very high, with rollouts of vaccines acting as a confidence booster.The manufacturing sub-index edged down from 59.2 to 58.5, [...]
