USA Nonfarm payrolls rose 187K in July, a bit less than the median economist forecast calling for a +200K print. This negative surprise was compounded by a -49K cumulative revision to the previous two months’ data. Employment in the goods sector advanced 18K as gains in construction (+19K) and mining/logging (+1K) were only partially offset by [...]
USA According to the Bureau of Economic Analysis, real GDP expanded 2.4% annualized in the second quarter, more than the median economist forecast calling for a +1.8% print. YoY, economic output rose 2.6%. Domestic demand continued to grow at a healthy clip in the three months to June, supported by household consumption (+1.6% QoQ annualized), as [...]
USA Nonfarm payrolls rose 209K in June, less than the median economist forecast calling for a +230K print. This negative surprise was compounded by a -110K cumulative revision to the previous months’ data. Employment in the goods sector advanced 29K as gains in construction (+23K) and manufacturing (+7K) were only partially offset by a 1K decline [...]
USA Nominal personal income increased 0.3% in May, a bit more than the median economist forecast calling for a 0.2% gain. Amid a labour market that remains healthy, the wage/salary component of income progressed 0.3%, while income derived from government transfers advanced 0.3%. Personal current taxes, for their part, rose 0.2%. All this translated into a [...]
USA The S&P Global Flash Composite PMI fell 1.3 points in June to a 3-month low of 53.0 but continued to signal a solid expansion in private sector activity. Output and new orders continued to expand, albeit at a slower pace than in the prior month. Growth in private sector headcounts was the softest since January, [...]
USA The Consumer Price Index edged up a consensus-matching 0.1% in May. Prices in the energy segment dropped 3.6% on declines for fuel oil (-7.7%), gasoline (-5.6%), and utility gas services (-2.6%). The cost of food, meanwhile, advanced 0.2%. The core CPI, which excludes food and energy, rose 0.4% in line with the median economist forecast. [...]
USA The ISM non-manufacturing PMI fell to its lowest level since December 2022 but managed to keep a toe in expansion territory (from 51.9 to 50.3). Growth in business activity decelerated (from 52.0 to 51.5) while new orders lost momentum (from 56.1 to 52.9). New export orders, for their part, recorded a small decrease, falling 1.9 [...]
USA Nonfarm payrolls rose 339K in May, a lot more than the median economist forecast calling for a +195K print. This positive surprise was compounded by a +93K cumulative revision to the previous months’ data. Employment in the goods sector advanced 26K in the month, as a 25K gain in the construction segment was only partially [...]
USA Demand in the manufacturing sector is also showing signs of stabilizing. Durable goods orders surprised to the upside in April, increasing 1.1% over the month. While defense orders drove much of the headline increase, nondefense capital goods orders excluding aircraft—a leading indicator for business investment spending—were solid, rising 1.4%. Nondefense capital goods shipments, which are [...]
USA Retail sales edged up 0.4% in April, half as much as expected by consensus. Sales of motor vehicles and parts rose 0.4% after falling 1.4% the previous month. Without autos, retail outlays increased 0.4% as increases for miscellaneous retailers (+2.4%), non-store retailers (+1.2%), health and personal care items (+0.9%), general merchandise (+0.9%), and building materials [...]
