US Retail sales rose a robust 1.3% in April. Spending was lifted by rebounding auto sales and higher gasoline prices, but core sales also performed well, up 0.6% on the month. First-quarter growth was likely not as bad as originally anticipated and appears to have averaged closer to 1.0% than the original 0.5% estimate. Growth [...]
US US Nonfarm payrolls increased by a lower-than-expected 160,000 jobs in April. Despite the slowdown, the labor market continues to tighten and wages have accelerated. The productivity slump that has weighed on potential growth during this cycle continued in the first quarter, with nonfarm productivity declining at a 1.0% annualised pace. Purchasing managers’ indices continued [...]
The last week of April was busy for global markets in the midst of earnings season, as investors digested two key central bank decisions alongside the last of major economic indicators for the first quarter of the year. _____________________________ US US economic growth slowed to just 0.5% in the first quarter, its weakest pace in [...]
US Housing data dominated the somewhat light US economic calendar this week, delivering a mixed bag of news. Housing starts disappointed, down 105k in March, while home builders’ confidence held firm. On a brighter note, existing home sales rose ahead of expectations. The US labour market continued to improve consistently. After an already healthy reading [...]
US Investors were treated to a mixed bag of US economic data this week. Retail sales for March (-0.3%) and industrial production for February (-0.6%) came in on the soft side, but weekly jobless claims for the week of April 9th fell to a 43 year low, suggesting ongoing job market strength. Vehicle sales raced [...]
US Economic activity in the first quarter is expected to barely register a positive reading. Understandably, many will suspect that the US economy has hit a speed bump. That said, domestic demand continues to gain, with weakness still concentrated in mining, manufacturing, and trade. Indeed, widening in the real trade balance in February suggests trade [...]
US The US economy added 215000 jobs in March and average hourly earnings ticked up 0.3%. In addition, labor force participation continued to rebound, advancing to 63%. Data out of the factory sector were also encouraging, as the ISM manufacturing index snapped its streak of five consecutive months in contraction territory with a reading of [...]
US While leaving rates unchanged, the Fed’s statement noted the downside risks to growth from global economic and financial developments. Just as important, the Fed’s dot projections moved the expected pace of rate hikes down significantly, with the median estimate falling 50 basis points to just 0.9% at the end of 2016, implying two rate [...]
US Disappointing trade data from China briefly reignited concerns about global growth. Exports slumped by 25.4% year-on-year in February in US dollar terms, marking the largest decline since May 2009. Imports also fared poorly, falling by a larger than expected 13.8% year-on-year. The FOMC meeting next week is expected to be less contentious. The Fed [...]
US US Payroll employment expanded a stronger-than-expected 242,000 with 30,000 in net upward revisions. The multi-period growth trends are strong and remarkably consistent: three months at 228,000, six months at 235,000 and one year at 223,000. Even more impressive, US household-surveyed employment expanded 530,000 after racking up 1.1 million in the prior two months. The [...]
