May 31
ANZ New Zealand Business Outlook: May be peaking? (New Zealand)
Business sentiment and activity indicators were lower in the late-month May sample, but all indicators for the month as a whole were still higher than in April. Cost and inflation indicators continue to rise. Figure 1. ANZ Business Confidence Index and ANZ Own Activity Index chart Turning to the detail, compared to the month of April: Business confidence rose 4 points to net 1.8%
Jun 1
Statement by Philip Lowe, Governor: Monetary Policy Decision (Australia)
At its meeting today, the Board decided to maintain the current policy settings, including: the targets of 10 basis points for the cash rate and the yield on the 3-year Australian Government bond; the parameters of the government bond purchase program; and the rate of zero percent on Exchange Settlement balances.
UK Manufacturing PMI surges to record high in May (United Kingdom)
Conditions in the manufacturing sector improved at an unprecedented rate in May, as output growth strengthened and new orders rose at the quickest pace in the near three decade survey history. Looser pandemic restrictions and high levels of pent-up demand meant that the rapid revival in labour market conditions continued, with staffing levels also rising at a record pace.
US Manufacturing PMI at 61.2%; May 2021 Manufacturing ISM Report On Business (USA)
Economic activity in the manufacturing sector grew in May, with the overall economy notching a 12th consecutive month of growth, say the nation’s supply executives in the latest Manufacturing ISM® Report On Business®. The report was issued today by Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management® (ISM®) Manufacturing Business Survey Committee: “The May Manufacturing PMI® registered 61.2 percent, an increase of 0.5 percentage point from the April reading of 60.7 percent.
Jun 2
Australian National Accounts: National Income, Expenditure and Product (Australia)
Key statistics • The Australian economy rose 1.8% in seasonally adjusted chain volume measures • Through the year GDP rose 1.1% • The terms of trade rose 7.4% • Household saving ratio decreased to 11.6% from 12.2% tables Australian economy rose 1.8% in March quarter Gross Domestic Product (GDP) rose 1.8% this quarter, reflecting the continued easing of COVID-19 restrictions and the recovery in the labour market.
Registered unemployment fell by 129,378 people in the month of May (Euro Zone)
The number of people registered in the Public State Employment Service (SEPE) offices has decreased by 129,378 people in the month of May compared to the previous month. In relative values, the decrease in registered unemployment is 3.31%. The month of May saw the largest drop in unemployment in the historical series that began in 1996. Thus, registered unemployment stands at 3,781,250 people.
Jun 3
Fastest rate of UK service sector output growth for 24 years, but prices charged inflation hits record high (UK)
The recovery in UK service sector output gained further momentum in May, driven by resurgent business and consumer spending in response to looser pandemic restrictions. This led to the strongest rate of employment growth for just over six years. Backlogs of work nonetheless continued to accumulate at a robust pace due to forward bookings, pressure on business capacity and staff shortages.
ADP National Employment Report: US Private Sector Employment Increased by 978,000 Jobs in May (USA)
Private sector employment increased by 978,000 jobs from April to May according to the May ADP® National Employment Report™. Broadly distributed to the public each month, free of charge, the ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.
Unemployment insurance weekly claims (USA)
In the week ending May 29, the advance figure for seasonally adjusted initial claims was 385,000, a decrease of 20,000 from the previous week’s revised level. This is the lowest level for initial claims since March 14, 2020 when it was 256,000. The previous week’s level was revised down by 1,000 from 406,000 to 405,000. The 4-week moving average was 428,000, a decrease of 30,500 from the previous week’s revised average.
US Services PMI at 64%; May 2021 Services ISM Report On Business (USA)
Economic activity in the services sector grew in May for the 12th month in a row, say the nation’s purchasing and supply executives in the latest Services ISM® Report On Business®. The report was issued today by Anthony Nieves, CPSM, C.P.M., A.P.P., CFPM, Chair of the Institute for Supply Management® (ISM®) Services Business Survey Committee: “The Services PMI® reached another all-time high in May, registering 64 percent, which is 1.3 percentage points higher than April’s reading of 62.7 percent.
Crude Inventory Climbed 5.1 Million Barrels Last Week, Says EIA (USA)
U.S. crude oil refinery inputs averaged 15.6 million barrels per day during the week ending May 28, 2021 which was 358,000 barrels per day more than the previous week’s average. Refineries operated at 88.7% of their operable capacity last week. Gasoline production decreased last week, averaging 9.6 million barrels per day. Distillate fuel production increased last week, averaging 4.8 million barrels per day.
Jun 4
Labour Force Survey, May 2021 (Canada)
May Labour Force Survey (LFS) data reflect labour market conditions during the week of May 9 to 15. Following the April reference week, tighter public health restrictions continued or were introduced in several provinces. In Ontario, a stay-at-home order implemented on April 8 continued, affecting many non-essential businesses.
The Employment Situation — May 2021 (USA)
Total nonfarm payroll employment rose by 559,000 in May, and the unemployment rate declined by 0.3 percentage point to 5.8 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in leisure and hospitality, in public and private education, and in health care and social assistance. This news release presents statistics from two monthly surveys.
US job creation accelerated in May but is still below lofty expectations (USA)
Job creation disappointed again in May, with nonfarm payrolls up what normally would be considered a solid 559,000 but still short of lofty expectations, the Labor Department reported Friday. Payrolls were expected to increase by 671,000, according to economists surveyed by Dow Jones. The unemployment rate fell to 5.8% from 6.1%, which was better than the estimate of 5.9%. An alternative measure of unemployment that includes discouraged workers and those holding parttime jobs for economic reasons edged lower to 10.2%.
Biden: May jobs report shows signs of progress in U.S. economy (USA)
BIDEN SAYS MAY JOBS REPORT SHOWS SIGNS OF PROGRESS IN U.S. ECONOMY
UPCOMING EVENTS:
RBA Assist Gov Kent Speaks
BOC Rate Statement
Overnight Rate
Crude Oil Inventories
10-y Bond Auction
Monetary Policy Statement
Main Refinancing Rate
ECB Press Conference
CPI m/m
Core CPI m/m
Unemployment Claims
30-y Bond Auction
Prelim UoM Consumer Sentiment
