1. The Dallas Fed manufacturing survey showed a deceleration in output growth.

• The new orders index also fell, although rising future expectations softened the blow.

• Employment showed strength.

• Perceptions of broader business conditions were flat, although future expectations rose.

• Input price pressures remained firm, but future expectations eased.

2. Every measure of consumer confidence has declined this year.

• So far, the bigger-than-expected tax refunds have offset the impact of the gas price shock.

– However, card spending is starting to weaken now that the refund flow is behind us, according to Pantheon Macroeconomics.

3. Trade policy uncertainty has declined sharply.

h/t Torsten Slok, Apollo

Back to Index

1. Household borrowing slowed in May, with both consumer credit and mortgage lending falling short of expectations.

2. Mortgage approvals for house purchases unexpectedly slumped.

Back to Index

1. Credit growth in the euro area remained strong, particularly for nonfinancial corporates.

2. Spain’s headline inflation held steady at 3.2% year over year, while core inflation eased slightly to 2.9% from 3.0%.