Quiet day today for data.  I focus on May's new car registrations for the EU, which is the first real 'hard' indication of how European demand is reacting as the continent backs out of lockdown. Conclusion? Genuinely modestly encouraging.

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Today I focus on: 

1. The strength of US retail sales in May

2. The complexities of UK labour market data for the 3m to April

Topics covered in today's bulletin include:

The improvement in the Empire State manufacturing index for June

The internal coherence of China's core May data, and the evidence of a government-spending led recovery

Dramatic trade balance improvements for Indonesia and India vs dramatic trade balance deterioration for Eurozone

The bulletin today looks at:

The recovery in confidence indicators in the US;

The 'return to normality' in China's money and financing data for May;

The dramatic falls in UK's April economic data, and considers the implications for 2020 GDP in the light of this week's OECD forecasts.

In a quiet day for data I focussed on:

1. The relative strength of capital goods vs the consumer goods they produce - not what you'd expect if we're really entering the worst recession of the post-war period.

2. The radical uncertainty about the near-term future shown by Japanese businesses in the 2Q Business Outlook Survey

The purpose of this bulletin is simple to state - trying to keep you abreast of what's happening in unexpectedly positive or negative ways in the data from the world's major economies. 

Today I focus on the disinflationary forces showing across the globe, and particularly in Asia's CPI and PPI results. This disinflationary is almost solely the result of falling oil prices, which is the combined result of a very high base of comparison in April-May 2019 and the collapse in prices owing to coronavirus. Both factors are now coming off, and so disinflationary forces will wane obviously in the second half of the year. 

I also note the rise in S Korea's May unemployment rate, but attribute it to people coming back into the workforce en masse as coronavirus retreats. In fact, employment rose quite sharply in May. 

In the US, I note the sharp fall in April's freight transport services index - the worst since 2009 - a clear signal about weakness in the industrial and construction sectors. 

In Europe, I trace the implications of yesterdays 1Q Eurozone GDP breakdown to calculate Kalecki profits: I estimate they were down 12.7% qoq and fell 9.1% yoy to the lowest profits/GDP that I've come across. 

The bulletin aims to keep you abreast of the surprises and shocks thrown up in the economic data of the world's major economies. 

Today I feature the strength of the NFIB small business optimism index, and the weakness of the JOLTS job openings survey. 

In Asia there was more evidence about two themes we've seen in the last couple of weeks; the strength of Japan's banking expansion; and the recovery of confidence in Australia's economy. 

In Europe, which was the source of most of today's shocks, we had shockingly bad trade data from both Germany and France. Does it matter? Yes it does, since the fall in net exports in 1Q was responsible for 1 percentage point of the overall 1.4% yoy fall in 1Q GDP. 

On Monday's I include a weekly check on trends in currencies, commodities and US bond yields. This week I note a regime change from Strong Dollar to Weakening Dollar, and conclude: 'disinflation out, reflation in'.

The economic data covered is mainly Asia.  It focusses first on what looks very like a 'fat finger' error in China's reported May trade data which has resulted in a significant over-statement of the trade surplus.   And it also looks at the upward revisions made to Japan's 1Q GDP data, as the surprise strength in corporate investment kicks in.

This bulletin tracks those economic data from the US, Asia and Europe which surprise or shock consensus expectations. 

Today in the US I focus on May's strong trade data.

In Asia I look at the weakness of Japan's 20-day trade data; and the shocking collapse in Singapore's retail sales.

In Europe, I lament the sharp and broad fall in Germany's April's factory orders. 

If you need to know more, feel free to contact me on [email protected] 

A daily bulletin rounding up the significant movements in economic data seen this day. 

Today I look at May's US heavy truck sales, April's US exports, and the weekly jobless data

In Asia I concentrate on Australia April exports.

In Europe, I look at Eurozone's April retail sales and UK's May new vehicle registrations.