Economy
- 1Q GDP readjusted to down -5.5% Y/Y from -5.7% Y/Y (better than expected -5.7%)
I think GDP has reached bottom in 1Q, 2Q Y/Y will still be negative but Q/Q should heads upward - May economic leading indicator up 1.2% from 1.1% in Apr
Consumer market
- May durable orders up 1.8% M/M from 1.8% in Apr (better, -0.9%)
- May personal spending up 0.3% M/M from 0.0% in Apr (inline, +0.3%)
- Durable orders looks strong, even though it still dropped 24% Y/Y, at least, we see some recover
House market
- May existing home sales up to 4.77M from 4.66M in Apr (worse, 4.82M)
- May new home sales flat at 342k from 344k in Apr (worse, 360k)
Job market
- May personal income up +1.4% M/M from up +0.7% in Apr M/M (better, +0.3%), 80% of the increase is due to govrnment stimulus
- 06/20 initial jobless claim up to 627k from 612k last week (worse, 600k)
Canada
House market
- Apr home price index down -6.7% Y/Y from 5.8% Y/Y in Mar
- May consumer leading up +1.6% M/M and +13.9% Y/Y to $306.8B
- May household leading up +0.9% M/M and +9.9% Y/Y to $984.1B
- May business leading down -3.5% M/M but up +3.0% Y/Y to $315.1B
- Leading up do means retail sales / home sales up, however, it does not mean house price did go up
- On the other hand, as interest spread being widen, leading up means the Canadian bank will make more profit
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