Below we show a summary of US economic data released this week. Despite beats on some big components, GDP disappointed, as did Durable Goods earlier this week. Housing data was mixed after a new home sales miss on Monday but a pending home sales (typically lead existing home sales) beat Wednesday. US initial jobless claims reached the lowest 4-week moving average since 1973 Thursday, while wage growth remains low as measured by the Employment Cost Index. As a result, PCE inflation is muted, coming in on-expectations at 1.6% YoY today.
Coming up next week, there’s a wide range of data on tap! ISM will be watched closely early in the week amidst mixed trends in Manufacturing activity surveys from regional Fed surveys. Durable Goods will get updated in the form of the full Factory Orders report later in the week, giving a more complete view of the industrial economy. Non-farm productivity is likely to be abysmal next week after weak growth but strong payrolls in Q1. The biggest release is likely to be the Employment Situation Report for April on Friday, though with inflation modest and growth sub-par the Fed’s June meeting decision will probably be less impacted by the report than many recent releases of non-farm payrolls. We also note an interesting and rare event next Thursday: four different regional Fed Presidents on stage at one time.