Disappointing May industrial production data in Germany
US: JOLTS Job Openings (May): 5397 vs 4500 expected (prior: 4996 revised from 5046)
- This positive outcome is consistent with the stronger than expected June jobs report.
Germany: Industrial production (May): 7.8% m/m vs 11.1% expected (prior: -17.5% revised from -17.9%)
- IP y/y: -19.3% vs -16.9% expected (prior: -25.0%)
- The rebound from April was significantly slower than expected, so that industrial output was still down about a fifth relative to the level seen in February.
- This may be partly explained by a slower or lagging recovery in the rest of the world.
France: Business sentiment (Bank of France) (June): 89 vs 90 expected (prior: 83)
- The headline index rose to its highest level since February, but the sentiment on orders declined from May.
Italy: Retail sales (May): 24.3% m/m vs 15.0% expected (prior: -10.7% revised from -10.5%)
- Y/y: -10.5% vs -17.0% expected (prior: -26.7%)
- Non-food retail sales surged by 66% m/m but were still down 20% y/y.