Data - May 1 to May 5

CANADA

average weekly earnings were reported last week as having risen just 1.8% YoY through February, down from 2.4%, continuing a steady slide since 2007Q1;

meanwhile, the average workweek of hourly paid employees remains low, at just 30.2


U.S.

UofM confidence up to 65 from 62 ("what do those students know, anyways?")

factory orders down 0.9% in March, more than expected, and February's rise was revised down to +0.7% from 1.8%

ISM manufacturing contracting but not as fast, up to 40.1 in April vs 36.3 in March

ISM prices paid component didn't rise as much as anticipated, still quite low at 32

total vehicle sales down to 9.3M for April

pending home sales were up 3.2% in March, better than the flat reading that was anticipated

construction spending, expected to have fallen a bit further after February's decline of 1%, was up 0.3% in March

ISM non-manufacturing, which was expected to rise to 42.2 from 40.8, did a bit better, climbing to 43.7, due largely to the new orders component rebounding to 47 from 39


INTERNATIONAL

Japan:

jobless rate rose more than expected, to 4.8% from 4.4%

household spending declined less than expected, down just 0.4% YoY

CPI fell 0.3% YoY through February, down from -0.1%

vehicle sales down 28.6% YoY

Europe:

U.K., Italian, French, German and Eurozone manufacturing PMIs all contracting at a slower pace, up to 42.9, 37.2, 40.1, 35.4 and 36.8, respectively (the last three were basically flat month-over-month)

German retail sales down 1% in March and therefore down 1.5% YoY
U.K. construction PMI rose to 38

Eurozone PPI down .7% MoM and 3.1% YoY

Spanish building permits were up in February, but remain down 60% YoY

Greek retail sales are down 13% YoY, and in Ireland, real retail sales (volumes) are down 21%


China:

the CLSA Manufacturing PMI has joined the government's official PMI measure above 50; the latter, which is weighted more heavily toward large state-owned enterprises, has been there for two months (53.5), but the CLSA measure's rise to 50.1 in April is the first expansion (however modest) in nine months, up from 44.8


Aussie:

the RBA left rates unchanged at 3%


Other:

LIBOR fell under 1%!

but U.S. commercial paper outstanding keeps falling, now as low as its been since 2004, driven largely by asset-backed CP, but even the non-ABCP CP is down to levels it was at in 2005

Baltic Dry has been fairly steady for last couple of weeks, but the Journal of Commerce industrial (smoothed) price commodity index has been steadily rising since December (though it has only gotten back to October levels and remains well below last spring's levels)

VIX is under 35