UK retail sales plunged 2.3% m/m in April from a downwardly revised 0.2% m/m contraction in March, significantly undershooting expectations of a 0.5% m/m decline. Household goods as well as clothing and footwear stores led the…
The Reserve Bank of New Zealand (RBNZ) kept interest rates on hold at this week’s monetary policy meeting, in line with expectations. However, there were three new notes from its monetary policy statement that will likely…
US durable goods orders surprised to the upside in April, growing 0.7% m/m against expectations they would decline. The March growth rate was nevertheless revised significantly lower, from 2.6% m/m to 0.8% m/m. Core capital…
Negotiated wages rose 4.7% y/y in Q1, from 4.5% y/y in Q4 in the Eurozone. Meanwhile, preliminary estimates for the Eurozone Composite PMI surprised to the upside in May. Although wage growth is the main driver of services…
According to BCA Research’s Counterpoint service, the non-US developed economy is “demand-constrained” whereas the US economy is “supply-constrained”. This schism will continue but in reverse. The…
Preliminary estimates suggest that manufacturing activity generally improved across DM economies in May. Manufacturing PMIs for the US, the Eurozone, Japan and the UK all improved from their April levels. Notably,…
Minutes from the April 30 - May 1 FOMC meeting struck a hawkish tone on the latest discussions among Fed officials. Notably, the reference to “Various participants mention[ing] a willingness to tighten policy further should…
The Conference Board measure of CEO Confidence improved slightly in Q2, from 53 to 54. A reading above 50 indicates that optimistic perceptions of business conditions outweigh pessimistic assessments. The Q2 survey result marks a…