1. The Richmond Fed Manufacturing Index surged, well above consensus.

• The strength was broad-based, driven by a jump in production back to expansionary territory, …

… further acceleration in new orders, …

… and an improvement in employment.

• Price pressures eased.

2. The Richmond Fed’s services revenue index also jumped.

3. Mortgage applications ticked down as the 30-year fixed mortgage rate rose to the highest level since August 2025.

• Refinancing activity fell to the lowest level in nearly a year.

4. According to ADP, private employers added an average of 35,750 jobs per week during the four weeks ending May 9.

5. Same-store sales growth accelerated in the latest weekly Redbook report, pointing to resilient consumer spending.

6. Food insecurity and financial strain have risen markedly since 2020.

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1. The five-day decline in 10-year yield is the most significant since December 2023.

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French consumer confidence deteriorated in May, reflecting a significant real income shock, with inflation expected to outpace nominal wage growth.

1. Italian industrial sales advanced further.