The Swedish manufacturing PMI declined to 40.6 in May, the lowest level since June 2020. This deterioration in Sweden’s manufacturing activity not only reflects the domestic economy, but it also highlights weaknesses in the…
US economic data were mixed on Thursday. On the positive side, Q1 real GDP growth was revised up to 1.3% from the preliminary estimate of 1.1%. In particular, consumption was revised higher by 0.1 percentage points to 3.8%…
According to BCA Research’s US Investment Strategy service, there are no credit obstacles preventing households from sustaining their consumption growth rate at a level that will keep the recession at bay for the rest of…
The consumption outlook remains solid thanks to households’ sizable excess savings, incomes that will be boosted by a tight labor market and ample capacity to add debt to augment their buying power.
As expected, the Conference Board’s US Leading Economic Indicator (LEI) fell by 0.6% m/m in April, marking the 13th straight monthly decline. Six of the indicator’s 10 components contributed negatively to the April…
US housing starts unexpectedly increased by 2.2% m/m in April – beating consensus estimates of a 1.4% m/m decline. The upside surprise follows Tuesday’s unanticipated 5-point jump in the NAHB homebuilder sentiment…
The US Retail Sales report painted a resilient picture of American consumers in April. Although the 0.4% m/m increase in overall retail sales fell below consensus estimates of a 0.8% m/m rise, the details of the report surprised…
Preliminary results from the University of Michigan survey show consumer sentiment relapsed in May. The headline index plunged from 63.5 to a six-month low of 57.7 – below expectations of a marginal decrease to 63.0.…
China’s reopening, combined with a slew of pro-consumption policy stimuli, will likely boost household consumption by 10% in nominal terms in 2023 from a year ago. Some of the hardest hit service sectors during the pandemic will…