Economy

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Australia saw stronger than expected part time jobs growth in April but full time jobs fell, with Unemployment at 5.2% and Trend unemployment remaining steady at 5.1%. Participation highest since Dec of 2010.

The US advance retail sales for April at -0.2% missed +0.2% estimate, prior month was revised up. These numbers matter with American consumers accounting for 70% of GDP. Last night China retail sales missed also.

China released three key economic reports late Tuesday, all missing. Retail sales 7.2% y/y missed expected 8.6%, Industrial production 5.4% y/y under 6.5% expected and Fixed asset investment 6.1% y/y missed expected 6.4%.

Canada with all the fallout from political scandals and falling Canadian energy prices, pipeline missteps and trade wars surprised by adding +106.5K jobs in April, the most in history and crushing the +11.6K expected

The US trade deficit in March was $50.0 billion up from the prior month's $49.3 billion. We saw a 10-year high deficit of $621 billion in 2018. Trade tariffs appear to be impacting China, the Chinese/US trade deficit fell again to $20.75 billion from -$24.76 & -$34.47 prior.

Mortgage applications released by the Mortgage Bankers Association (MBA) rose 2.7% in the past week Mortgage interest rates fell on two of five types of loans. Spring homebuying season helped the buyers interest.

The US labor market has seen average hourly earnings grow 3% year-over-year and the April jobs report saw the ninth straight month of wage growth. The recent increases to minimum wages. We look at the fastest growing jobs out of the inaugral Glassdoor Job Market Report. 

The US Labor Department April jobs report Friday showed a higher than expected 263,000 NFP jobs added. Unemployment stayed fell to 3.7%, the lowest since December 1969. Participation rate fell to 62.8 from 63.0%.

Real gross domestic product (GDP) increased 3.2% in the first quarter of 2019, according to the “advance” estimate released by the Bureau of Economic Analysis. Core PCE +1.3% vs +1.4% expected

The US trade deficit in February was $49.4 billion down from the prior month's $51.1 billion. We saw a 10-year high deficit of $621 billion in 2018. Trade tariffs appear to be impacting China, the Chinese February trade deficit fell to -$24.76 billion from a deficit of -$34.47 billion.

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