| Today's Economy
EU Risk Matrix Update: A Recovery Plan in Reach The European Commission's €750 billion recovery fund plan still faces some pushback. How Fiscal Stimulus Will Boost U.S. Personal Income in April We look for nominal personal income to be unchanged last month and down 6% when excluding the stimulus. LatAm Daily Briefing: Virus Resurgence Disrupts Reopening Plans We do not expect the region's economies to bounce back in the third quarter of the year. U.S. Q2 GDP Still Headed for Major Contraction Revisions to Q1 GDP and April durable goods keep Q2 GDP tracking -34.6%. » VIEW MORE TODAY'S ECONOMY
Commentary
A Trickle, Not a Gush, of Activity Returns to Most U.S. Places Despite renewed signs of life, many reopened economies remain shells of their former selves. Thailand Outlook: Turnaround Rests on Global Recovery The downturn in global trade hits Thailand’s economy directly. U.S. Chartbook: Still Grim April data was universally weak as the pandemic took a major toll on the economy. This Week in the COVID Crisis Political pressure should convince lawmakers to agree to another rescue package—one closer to $1 trillion in cost. » VIEW MORE COMMENTARY
Today's Economic Indicators
Spain
Retail Sales
Apr. 2020: -20.4%
Retail sales fell a whopping 20.4% in seasonally adjusted terms in April. Taiwan (Province of China)
GDP
2020Q1: 1.6%
Taiwan's economic growth for the first quarter was revised up to 1.59% y/y, according to the final reading, following advanced estimates of 1.5%. Euro Zone
Business and Consumer Sentiment
May. 2020: 67.5
The euro zone's business and consumer sentiment is showing signs of a comeback, with the index ticking up 2.6 points to 67.5 in May. Brazil
Employment Situation
Apr. 2020: 12.6%
Brazil’s unemployment rate rebounded significantly in April as job losses accumulated with the virus pandemic. Canada
Balance of International Payments
2020Q1: -C$11.1 bil
A higher deficit in goods and services offset any gains in investment income in the first quarter, leading to a widening of the current account deficit. Canada
Earnings, Hours and Employment
Mar. 2020: 3.7%
Because of COVID-19 containment measures starting in March, payroll employment in Canada decreased by 914,500, contracting by 5.4% compared with the previous month. United States
GDP
2020Q1: -5.0%
U.S. United States
Moody's Analytics Beige Book Index
May. 2020: -147.2
The Moody’s Analytics Beige Book Index fell from -27.8 in April to -147.2 in May, not quite eclipsing the lowest level on record. United States
Jobless Claims
May 23: 2,123,000
Jobless claims are steadily declining, but there is a wave of filings for Pandemic Unemployment Assistance, which are counted separately from the headline number. United States
Durable Goods (Advance)
Apr. 2020: -17.2%
U.S. durable goods orders plunged 17.2% in April, their second consecutive monthly loss. United States
Pending Home Sales
Apr. 2020: 69
The NAR pending home sales index plunged 21.8% to 69 in April, hitting an all-time low, as the COVID-19 crisis continued to keep homebuyers away from open houses. United States
St. Louis Fed Financial Stress Index
May 22: 0.12
The St. United States
Natural Gas Storage Report
May 22: 109 bil cubic feet
The increase in natural gas stocks was only slightly above analyst predictions, which will put some downward pressure on gas prices. United States
Oil Inventories
May 22: 534.4 mil barrels
Crude inventories snapped their downtrend last week, with stockpiles rising contrary to analyst predictions. United States
Kansas City Fed Manufacturing Survey
May. 2020: -19
Tenth District manufacturing activity contracted for the third consecutive month in May. France
Job Seekers
Apr. 2020: 4.32 mil
Layoffs and the loss of worker confidence due to COVID-19 are causing joblessness to spike to unprecedented levels. World
Moody's Analytics Global HPI
2020Q1:
South Korea
Retail Sales
Apr. 2020:
Japan
Employment Situation
Apr. 2020:
Japan
Industrial Production
Apr. 2020:
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