US data released yesterday was relatively solid with retail sales coming out more or less in line with expectations although the core control group was a bit weaker than expected (0.3% m/m versus consensus of 0.4%), explains the research team at Danske Bank.
“Taking the up revisions in the previous month into account it was still a solid report, confirming that private consumption will remain a main growth driver this year. The Empire Manufacturing index has risen to 20.1 in May from 15.8 in April and thus provided a positive first read on manufacturing activity in May.”
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