| Today's Economy
Economic Roundup: Job Losses Will Abate as a Slow Crawl Toward Recovery Begins Nonfarm employment will slide further in May, but signs point to near-term improvement. LatAm Daily Briefing: Argentina Closer to Debt Restructuring Financial markets reacted favorably to the new proposal. April U.S. Trade Deficit Does Q2 No Favors The widening in the trade deficit cut into our tracking estimate for GDP. Europe Daily Briefing: The ECB Launches Its Firepower Euro zone retail sales plunged in April, while Germany will unleash more fiscal stimulus. » VIEW MORE TODAY'S ECONOMY
Commentary
For Most U.S. Regions, It's Ready, Set, Crawl Real-time indicators show stabilization and reveal the importance of structural factors. Canada Outlook: Malaise Replaces Recession GDP has likely stopped contracting, but prospects for a strong, sustained recovery remain distant. New National Security Law, Old Problems Possible developments such as restricted access to capital markets could inflict long-term damage to Hong Kong’s reputation as an important financial hub. Russia Is Fighting on Two Fronts The global pandemic and simultaneous oil price slump present a unique challenge. » VIEW MORE COMMENTARY
Today's Economic Indicators
Malaysia
Foreign Trade
Apr. 2020: -MYR3.5 bil
Malaysia’s exports slumped 23.8% y/y in April, the largest fall since September 2009 during the financial crisis. Euro Zone
Retail Sales
Apr. 2020: -11.7%
Euro zone retail sales slumped by 11.7% m/m in April, the largest decline on record, and built on an 11.1% fall in March. United States
Challenger Report
May. 2020: 397,016
Job cuts in May decreased to 397,016, down from the historic 671,129 cuts announced in April but still well above the year-ago figure of 58,577. Euro Zone
Monetary Policy
Jun. 2020: 0.0%
As we expected, the European Central Bank further eased monetary policy conditions during its June meeting. Canada
International Merchandise Trade
Apr. 2020: -C$ 3.25 bil
Canada's merchandise exports fell by 29.7% in April to C$32.7 billion, reaching their lowest level in over 10 years. United States
Jobless Claims
May 30: 1,877,000
The number of Americans filing for unemployment insurance benefits is steadily declining. United States
Productivity and Costs
2020Q1: -0.9%
There was a sizable upward revision to productivity in the first quarter, which is now shown to have slipped just 0.9% at an annualized rate compared with a 2.5% drop in the advance estimate. United States
International Trade (FT900)
Apr. 2020: -$49.4 bil
The trade deficit widened in April as exports fell by more than imports. United States
St. Louis Fed Financial Stress Index
May 29: -0.12
The St. United States
Natural Gas Storage Report
May 29: 102 bil cubic feet
The increase in natural gas stocks fell short of analyst predictions, which will give a modest boost to gas prices. Argentina
Industrial Production - Advance
Apr. 2020: -33.5%
Industrial output sunk 33.5% y/y in April (NSA) as the country remained in lockdown for the entire month amid the COVID-19 pandemic. » VIEW MORE ECONOMIC INDICATORS | 