Weekly Economic & Financial Commentary
|U.S. Review
Economic Data Offer Mixed Signals
- Industrial production, a key barometer for the manufacturing sector, jumped 1.o percent in April, surpassing expectations for a more modest increase. The positive print for industrial production was accompanied by mixed results in the survey data, however, as the New York Empire State factory index slumped into contraction territory in May, while the Philly Fed index soared higher.
- Housing starts missed in April, declining 2.6 percent to a 1.172 million-unit annualized rate. The pullback was entirely driven by weakness in multifamily, which dwarfed a slight pickup in single-family starts. We continue to expect residential construction to be driven by growth in single-family housing.
Global Review
Longest Growth Stretch in 11 Years in Japan
Five straight quarters of growth. It may not sound like much, but as the chart at right shows, uninterrupted growth in Japan has been difficult to achieve. We break down the details in this week’s Global Review on page 4.
Other global economic highlights featured this week include a look at inflation dynamics in the United Kingdom and Canada as well as what is driving the remarkably strong growth in Australian jobs.
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