- Total monthly deficit widened to $75.1 bn from $74.5 bn in April.
- Both exports and imports declined slightly in May.
- Goods deficit widened to the largest since May 2022; services surplus widened to the largest since November 2019.
- Trade deficit on course to be another drag on GDP growth in Q2.
Introducing
Sandy Batten
in:Our Authors
Sandy Batten has more than 30 years of experience analyzing industrial economies and financial markets and a wide range of experience across the financial services sector, government, and academia. Before joining Haver Analytics, Sandy was a Vice President and Senior Economist at Citibank; Senior Credit Market Analyst at CDC Investment Management, Managing Director at Bear Stearns, and Executive Director at JPMorgan. In 2008, Sandy was named the most accurate US forecaster by the National Association for Business Economics. He is a member of the New York Forecasters Club, NABE, and the American Economic Association. Prior to his time in the financial services sector, Sandy was a Research Officer at the Federal Reserve Bank of St. Louis, Senior Staff Economist on the President’s Council of Economic Advisors, Deputy Assistant Secretary for Economic Policy at the US Treasury, and Economist at the International Monetary Fund. Sandy has taught economics at St. Louis University, Denison University, and Muskingun College. He has published numerous peer-reviewed articles in a wide range of academic publications. He has a B.A. in economics from the University of Richmond and a M.A. and Ph.D. in economics from The Ohio State University.
Publications by Sandy Batten
USA| Jul 03 2024U.S. Trade Deficit Widened Further in May
by:Sandy Batten
|in:Economy in Brief
USA| Jun 27 2024Q1 2024 GDP Growth Revised Up/ Demand Down
- Real GDP growth in Q1 was revised up to 1.4% from 1.3%.
- PCE growth revised down markedly to 1.5%, the weakest reading in three quarters.
- Both GDP and PCE inflation revised up 0.1%-point.
by:Sandy Batten
|in:Economy in Brief
USA| Jun 12 2024U.S. Mortgage Applications Jumped in Week Ended June 7
- First weekly increase in past three weeks
- Led by biggest weekly gain in refinancing applications since Jan 2023
- 15-year mortgage rate fell 17bps
by:Sandy Batten
|in:Economy in Brief
USA| Jun 06 2024Q1 U.S. Productivity Growth Revised Slightly Lower
- Output per hour rose 0.2% in Q1 versus first reported 0.3%.
- Output growth and hours worked growth each revised lower.
- Gain in unit labor costs revised to 4.0% from 4.7%.
by:Sandy Batten
|in:Economy in Brief
USA| May 23 2024U.S. Initial Unemployment Claims Fell
- New claims filed fell to 215,000 in the week of May 18 from 223,000 the previous week.
- Recent reading is about the same as the 52-week average prior to the pandemic, indicating that the labor market is still rather tight.
- Continuing claims rose slightly but have been little changed throughout most of 2024.
by:Sandy Batten
|in:Economy in Brief
USA| May 16 2024U.S. Industrial Production Unchanged in April
- IP was unchanged in April with manufacturing falling 0.3% m/m
- Manufacturing decline led by 2.0% m/m drop in motor vehicle output
- Mining fell for the third month of the past four
- Capacity utilization slipped to 78.4%
by:Sandy Batten
|in:Economy in Brief
USA| May 16 2024Philly Fed Manufacturing Index Falls in May
- Even with the May decline, the index remains in positive territory, pointing to expansion.
- However, both shipments and orders subindexes fell markedly and more worryingly into contraction territory.
- The employment subindex rose slightly but remained negative.
- Expectations decline slightly but remain elevated.
by:Sandy Batten
|in:Economy in Brief
USA| Apr 30 2024Chicago Business Barometer Unexpectedly Falls Again in April
- Index falls to the second lowest level since the pandemic and moved deeper into contraction territory.
- All component indexes remained below 50.
- The prices paid index rose to highest level since August 2023.
by:Sandy Batten
|in:Economy in Brief
USA| Apr 25 2024U.S. Jobless Claims Fell in April 20 Week
- Lowest weekly filings since week of February 17.
- Continued claims fell to lowest level since January 13.
by:Sandy Batten
|in:Economy in Brief
- Decline to 51.4 was unexpected.
- However, index remained in expansion territory for 15th consecutive month.
- Business activity index continued on its recent uptrend.
- Supplier delivery times shortened further.
by:Sandy Batten
|in:Economy in Brief
USA| Mar 28 2024Chicago Business Barometer Continues to Decline in March
- Index falls to the lowest level since May 2023 and moved deeper into contraction territory.
- All component indexes remained below 50.
- The prices paid index declined but remained elevated.
by:Sandy Batten
|in:Economy in Brief
- Headline index fell but unexpectedly remained in positive territory.
- First positive reading for new orders in five months; shipments continued to rise.
- However, employment continued to decline for fifth consecutive month.
- Six-month ahead expectations jumped to highest level since July 2021.
by:Sandy Batten
|in:Economy in Brief
- of51Go to 3 page