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06/11/2015
Market Update

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U.S. personal incomes gained, while price pressures remained low. Overseas, U.K. manufacturing and construction activity accelerated, while eurozone unemployment fell and consumer prices rose.
This Week
  • U.S. personal incomes gained, while price pressures remained low. Overseas, U.K. manufacturing and construction activity accelerated, while eurozone unemployment fell and consumer prices rose.
  • Nonfarm payrolls grew by more than projected in May, and average hourly earnings growth jumped to 0.3%. While the unemployment rate edged upward to 5.5%, more Americans are seeking to enter the workforce.
  • Initial jobless claims retreated to 276,000 for the week ending May 30, slightly above the four-week moving average. Continuing claims for both the week of May 23 and the four-week moving average declined. All measures are on the cusp of 15-year lows.
  • Americans tended to save in April, as personal incomes moved 0.4% higher and consumer spending was flat. Prices of consumer goods and services only rose by 0.1% from a year earlier; when excluding food and energy, prices increased by 1.2% (which was by less than in March).
  • Manufacturing was bolstered by new orders and increased hiring in May, according to the Institute of Supply Management (ISM), despite zero growth in exports. Markit found that manufacturing slightly decelerated due to contracting export orders.
  • Factory orders slipped by 0.4% in April after gaining in March for the first time in nine months. Excluding the volatile transportation sector, orders were unchanged from the previous month.
  • Non-manufacturing sectors slowed but maintained a healthy pace of growth in May, the ISM reported. Mining was the only negative sector, struggling on low demand for commodities. Markit also indicated continued growth in the services sector, which was slightly below April’s reading.
  • U.K. manufacturing growth ticked higher in May, according to Markit, after significantly decelerating in April. Construction also expanded, particularly the residential component, after dropping to the slowest rate since mid-2013 in the previous month.
  • Eurozone unemployment edged down to 11.1% in April, the best reading since mid-2012. Joblessness in Spain and Italy also declined, while Germany and France saw no change.
  • Japanese services sector growth reached a year-to-date high in May. New orders grew at the fastest pace since late last year, and headcount expanded. Manufacturing growth also accelerated despite declining backlogs.
  • Chinese manufacturing production contracted in May, while services-sector growth accelerated at the fastest pace in eight months. New business within the services sector reached a three-year high, while new manufacturing business fell for the third straight month.

 

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