Weekly Market Snapshot – June 1st, 2020
Created by: Sam Tenney
- US Purchasing Managers Index (PMI) data came in at 39.8 for May, a slight rebound from April’s all-time low record of 36.1. Chicago region PMI however came in at 32.3 for May, the lowest reading for the industrial heavy region in 11 years. ¹
- US Spending fell a record 13.6% for April, the largest single month drop in history, the second largest fall being in March. However, US Personal income increased a record 4.2% as well due to the first round of stimulus checks.²
- Continuing unemployment claims dropped last week, from approximately 25 million to 21.05 million, nearly 3.8 million less continuing claims. This may be an early sign of Americans returning to work. ³
- US durable goods orders dropped 17.2% in April, passing March’s 16.6% drop. Once again transportation and aviation led the drop with orders falling 47.3% for the month. Boeing announced it had zero orders for the entire month of April.
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