Economy in Brief: May 2020

• Monthly decline sets record. • All sectors hit hard. • Leisure & hospitality businesses pace the decline. The ADP National Employment Report indicated that nonfarm private payrolls during April fell 20.236 million (-14.8% y/y) [...]

I read the news today, oh, boy… It is Cinco de Mayo but the bars are closed so celebrating that holds bleak prospects. The euro area PPI is not the sort of thing we would celebrate, putting Cinco de Mayo aside. Sure, low-inflation [...]

• ISM Nonmanufacturing Index weakened substantially to 2009 low. • Business activity and new orders lead the index lower. • Prices strengthen. The Composite Index of Nonmanufacturing Sector Activity from the Institute for Supply [...]

• The foreign trade deficit in goods & services reversed most of its earlier improvement. • Exports declined as growth abroad remained weak. • Imports fell sharply with lower oil prices. The U.S. trade deficit in goods and services [...]

• Crude oil prices rose last week following the prior week's collapse. • Gasoline prices increased two cents. • Natural gas prices weakened further. The spot price of West Texas Intermediate crude oil rebounded to $15.65 per barrel [...]

• Crude oil prices rose last week following the prior week's collapse. • Gasoline prices increased two cents. • Natural gas prices weakened further. The spot price of West Texas Intermediate crude oil rebounded to $15.65 per barrel [...]

• Factory orders decline led by durable goods. • Shipments & unfilled orders drop markedly as well. • Inventory liquidation progresses. Mirroring the weakness reported last month for durable goods orders and industrial production, [...]

The finalized April PMIs for Europe are even weaker than the already released flash versions that were themselves quite weak. The spread of weakness is unusually uniform with the weakest manufacturing PMIs reading at 27.4 (India) and [...]