Succinct Summations for the week ending June 4th, 2021
Positives:
1. 300 million vaccine doses in USA, >2 billion worldwide.
2. Unemployment rate fell to 5.8% in May from 6.1%.
3. Jobless claims fell 20k w/o/w from 405k to 385k.
4. PMI Manufacturing came in at 62.1 in May, above expectations.
5. ISM Manufacturing came in at 61.2 in May, above expectations.
6. PMI Composite came in at 68.7 in May, above expectations.
Negatives:
1. Shockingly, a new insurrection is scheduled for August.
2. Non-farm payrolls rose 559k m/o/m, below expectations.
3. Home mortgage apps fell 3.0% w/o/w.
4. Factory orders fell 0.6% m/o/m
5. Corporate layoffs came in at 24,586 in May
6. Construction spending rose 0.2% m/o/m.
Thanks, Matt.
Deepest Jobs Recession since WWII (%-basis), but Faster Recovery than GFC
Source: Calculated Risk
