Economy in Brief: May 2020

• Trade deficit widens to -69.7 billion. • A 25.2% drop in exports more than offsets the 14.3% decline in imports. • All categories of exports and imports decreased in April. The advance estimate of the U.S. trade deficit in goods [...]

A slug of economic data hit the tape at the end of month and for the first time really since the pandemic kicked into gear eco-data have snatched the headlines from COVID-19. The EU Commission indexes are a common set of data across [...]

• Chicago PMI fell to lowest level since March 1982. • ISM-Adjusted measure similarly weakened due to COVID-19. • Lower production & new orders continued to lead decline. The Chicago Purchasing Managers Business Barometer fell to 32.3 [...]

• Trade deficit widens to $69.7 billion. • A 25.2% drop in exports more than offsets the 14.3% decline in imports. • All categories of exports and imports decreased in April. The advance estimate of the U.S. trade deficit in goods [...]

• Spending cutbacks are extensive due to coronavirus. • Personal income jumps with government support. • Price declines are widespread. Personal consumption expenditures declined a record 13.6% (-16.9% y/y) during April prompted by [...]

• Durable goods orders weaken 14.4% in March............... • • Manufacturers' orders for durable goods fell 14.4% last month (-16.0% y/y)............ The durable goods figures are available in Haver's USECON database. The Action [...]

• Initial jobless claims decreased to a still extremely-elevated 2.123 million in the week ending May 23. • Federal Pandemic Unemployment Assistance program at 1.19 million new filers; previous week revised down substantially driven [...]

• Midwest economic activity continues to decline. • Weakness in new orders, employment and production moderated this month. • Expectations again improve modestly. The Federal Reserve Bank of Kansas City reported that its manufacturing [...]