US: Retail sales (Apr.): 0.9% m/m vs 1% expected (prior: 1.4% revised from 0.5%)
- Sales were close to expectations and still sustained; core sales (sales ex autos, building materials, energy and food) were up by 1% m/m and prior month data were strongly revised up, from -0.1% m/m to 1.1% m/m.
- By sector, sales were strongly up for autos, electronics and clothes while they have declined for building materials, food and gasoline station.
- Despite surging inflation, consumption still looks resilient probably thanks to savings and positive trend in labor; nevertheless, confidence eased and downside risks could develop when the Fed will accelerate its tightening in June-July.
US: Industrial production (Apr.): 1.1% m/m vs 0.5% expected (prior: 0.9%)
- Industrial activity was better oriented over the month; production in utilities and in manufacturing was up; within manufacturing (up by 0.8% m/m), activity was driven by autos and machinery sectors. Capacity utilization has increased from 78.2% to 79%.
US: Business inventories (March): 2% m/m vs 1.9% expected (prior: 1.8% revised from 1.5%)
- Inventories were on the rise in all sectors, while total sales were also on the rise (1.8% m/m after 1.2% m/m prior month).
- Inventory-to-sales ratio was stable at 1.27.
US: NAHB housing market index (May): 69 vs 75 expected (prior: 77)
- Sentiment has significantly declined over the month; all components (sales and future demand) were seen lower by professionals.
UK: Unemployment rate (ILO) (March): 3.7% vs 3.8% expected (prior: 3.8%)
- Claimant count rate: 4.1% after 4.2% the prior month; jobless claims: -56.9 k after -81.6 k prior month; employment (3-month average): 83 k after 10 k prior month.
- Labor remained on a sustained trend. Vacancies remained at a high level, pointing towards further progress despite uncertainties on the outlook.
Eurozone: GDP (Q1-22): 0.3% q/q vs 0.2% expected (prior: 0.3%)
- Estimates for Q1-22 GDP have been slightly revised up.
France: Unemployment rate (Q1-22): 7.3% vs 7.4% expected (prior: 7.4%)
- Total unemployment rate has continued to decline over the month.
Poland: GDP (Q1-22): 2.4% q/q vs 1.8% expected (prior: 1.8% revised from 1.7%)
- Activity was firmer than expected in estimates.