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Weekly Economic Perspectives: US Nonfarm Payrolls Recovering From Unprecedented Shock

Last Week's Highlights

  • The Economy
    The US employment recovery continues. Canada’s April GDP contraction smaller than expected. UK’s first quarter contraction a little worse than initially reported. Consumer spending rebounds in Germany and France. Japan’s TANKAN survey revised FY20 profit, sales forecasts sharply downward. Australian retail sales jump.
  • The Market
    Most global equity markets post solid gains on better econ data. Bond yields are little changed as virus worries temper risk-on mood. No big moves in currency markets. Oil jumps, gold touches multi-year high before retreating.