Economic Data: USA And Global.

Economic data such as Canda and Eurozone GDP, Home prices, Employment data etc.

April Chicago PMI:

• 37.9 vs. 44.9
• March PMI: 41.4

FHFA House Price Index Rises

• The FHFA House Price Index rose 1.2% M/M in January, surpassing the +0.1% consensus estimate.
• The index reversed a 0.1% decline in January.
• All nine census divisions experienced price appreciation over the past 12 months.
• House prices rose 7.0% from a year ago, accelerating from the 6.3% Y/Y increase in January.

US Home Prices Rise in February

• S&P CoreLogic Case-Shiller Home Price Index Composite for 20 cities, seasonally adjusted, increased by 0.6% from the previous month.
• Unseasonally adjusted HPI composite for 20 cities rose by 0.9% M/M from the previous month.
• Year-over-year, unadjusted HPI composite for 20 cities was +7.3% vs. +6.7% consensus and +6.6% prior.

US Employment Cost Index Report 2024

• Employment Cost Index increased 1.2% in Q1 2024, higher than expected and Q4 2023.
• Wages and salaries rose 1.1% Q/Q, compared to +0.9% in Q4 2023.
• Benefit costs increased 1.1%, accelerating from 0.7% in Q4 2023.
• Compensation costs for civilian workers rose 4.2% over 12-month period ended March 2024, less than the 4.8% rise in March 2023.
• Private industry workers’ compensation costs increased 4.1% Y/Y, compared to 4.8% in the prior 12-month period.
• Wages and salaries rose 4.3% Y/Y, slowing from a 5.1% increase in March 2023.

Canada’s GDP Growth in February

• 0.2% increase, below market expectations.
• Economy likely expanded at 2.5% annualized rate in Q1.
• Reuters forecasted 0.3% GDP growth.
• January’s growth revised to 0.5% from 0.6%.

Euro Area GDP Growth in Q1 2024

• Expanded by 0.30% compared to Q1 2022.
• Year-on-Year GDP growth of 0.40% in Q1 2024.
• Annual inflation rate remained steady at 2.4%.
• Euro Area CPI increased by 0.60% in April 2024.

Q1 2024 Germany GDP Growth and Economic Decline

• GDP expanded by 0.20% over Q1 2024, exceeding consensus estimates.
• Economy shrank by 0.2%Y/Y, following 0.2% decline in Q1 2022.
• Seasonally adjusted jobless rate steady at 5.9%, highest since May 2021.

Factory Growth in China

• Private survey shows factory growth hit 14-month high in April 2024.
• Caixin China General Manufacturing PMI increased to 51.4, beating estimates of 51.
• This was the sixth straight month of factory activity growth and the fastest pace since February 2023.
• Official NBS Manufacturing PMI fell to 50.4 in April 2024, compared to market forecasts of 50.3.
• The official NBS Non-Manufacturing PMI fell to 51.2 in April 2024, the 16th consecutive month of expansion in services activity.

France’s Inflation Rate and Consumer Price Index

• Inflation rate decreased to 2.20% in April from 2.30% in March 2024, above market expectations.
• Consumer Price Index increased by 0.50% in April 2024, after 0.2% in March.
• Inflation drop attributed to slowdown in food and tobacco prices and a slight drop in manufactured product prices over a year.
• Energy prices will accelerate, and service prices will increase at the same rate as the previous month.

March Japan Economic Data

• Unemployment rate remains at 2.6%.
• Industrial production increased by 3.8%, exceeding market expectations.
• Yearly industrial output fell by 6.7%, the steepest pace since September 2020.
• Retail sales rose 1.2%, below market expectations for 2.5% growth.
• Monthly retail sales declined by 1.2%, reversing from a 1.5% gain in February.

Germany’s Retail Sales Increase in March 2024

• 1.8% increase above market estimates.
• Swing from revised 1.5% fall in February.
• First rise in retail trade after four months of decline.
• Retail sales increased 0.30% compared to previous year.

French Economy Growth in Q1 2024

• Economy grew by 0.2% Q/Q, surpassing market expectations.
• Strongest quarterly expansion since Q2 2023.
• Accelerated household consumption and government spending.
• Fixed investment rebounded in manufactured goods and market services.
• Net trade did not contribute to GDP.
• Inventory changes remained negative.
• Yearly expansion was 1.1%, exceeding consensus of 0.9%.

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