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 [...]
USA After rising 0.1% in March, the Consumer Price Index climbed a consensus-matching 0.4% in April. Prices in the energy segment were up 0.6% as an increase for gasoline (+3.0%) was only partially offset by decreases for fuel oil (-4.5%) and utility gas services (-4.9%). The cost of food, meanwhile, remained unchanged for the second month [...]
USA Nonfarm payrolls rose 253K in April, a lot more than the median economist forecast calling for a +185K print. However, this positive surprise was offset by a -143K cumulative revision to the previous months’ data. Average hourly earnings rose 4.4% YoY in April, up from 4.3% the prior month and two ticks above consensus expectations. [...]
US The Bureau of Economic Analysis put out its first estimate of Q1 GDP growth. The economy reportedly expanded 1.1% annualized in the quarter, undershooting the median economist forecast calling for a +1.9% print. This gain being weaker than potential, the output gap widened from 0.9% to 1.1%. Domestic demand strengthened in the three months to [...]
USA The S&P Global Flash Composite PMI progressed 1.2 point in April to an 11-month high of 53.5, signaling a solid expansion in private sector activity. New orders piled up at the fastest pace in almost a year, while output rose for the third month running. Growth in private sector headcounts was the strongest since last [...]
USA The U.S. Consumer Price Index edged up 0.1% in March, one tick less than the median economist forecast calling for a +0.2% print and the least in eight months. Prices in the energy segment retreated 3.5% on declines for fuel oil (-4.0%), gasoline (-4.6%), and utility gas services (-7.1%). The cost of food remained unchanged [...]
USA The ISM Non-manufacturing PMI remained in expansion territory in March but lost considerable vigor (from 55.1 to 51.2). Growth in business activity decelerated (from 56.3 to 55.4) on the heels of new orders (from 62.6 to 52.2). New export orders, for their part, recorded a massive decrease, diving 18 points from their highest level in [...]
