- US core CPI inflation stuck above 5.0% (pages 3 – 9)
- Conference Board’s jobs gap dips in May (page 10)
- But US consumption strong at start of Q2 (pages 12 – 14)
- Investment in intellectual property products remains strong (pages 15 – 18)
- Unfilled manufacturing orders hits new high, pointing to sticky goods prices (page 19)
- Surveys all weak, including backlog of orders – big conflict/contrast between real data and surveys (pages 20 – 24)
- Median house price for existing home sales falls again, but NAHB survey firms (pages 25 – 30)
- Construction spending climbs, big boost from manufacturing due to green investment (pages 31 – 32)
- Payrolls very strong in May – rise in unemployment will reverse even with higher labour market participation rate. Job openings to turn higher (pages 33 – 39)
- Average hourly earnings slow, but Atlanta Fed median wage growth holding above 6.0% y/y. ECI strong in Q1 (pages 40 – 42)
- Profit margins dip (pages 43 – 46)
- Fed Loan Officer Survey very tight in Q1 (page 48)
- But mortgage delinquencies fell in Q1 – very little stress in housing market from higher interest rates (pages 51 – 55)
- Poor trend in Federal government finances a major risk for fixed income markets: deficit hits $1.94tr in year to April (pages 56 – 60)
- Trade deficit for goods jumps in April, but surplus for services edging higher (pages 61 – 69)
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