U.S. Review
No Spring Swoon Going into June
• Payrolls added 217,000 workers in May, recouping all of the jobs lost during the recession, while the unemployment rate remained at 6.3 percent.
• The factory sector continues to make improvements with the ISM manufacturing index rising in May and factory orders picking up in April.
• The trade deficit widened in April and could be a negative to second quarter growth if the trend persists.
Global Review
ECB Announces a Package of Policy Changes
• Data released this week showed that the Eurozone economy continues to expand, but not at a pace that is strong enough to eliminate the possibility of mild deflation setting in. This week’s policy actions by the ECB are intended to kickstart
bank lending and stimulate economic growth.
• The Bank of England remained on hold this week as incoming data continue to suggest that British growth remains solid. Recent data indicate that Chinese economic growth may be stabilizing.
Read the full report: Economic Research
Wells Fargo