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Last week’s highlights

Australia Q1 GDP contracts

Australian GDP contracted for the first time since 2011 in the three months ending March 2020. Economic activity during the period fell 0.3%, which was in line with the median forecasts.

This follows a 0.5% expansion in the previous quarter.

On a yearly basis, Australia’s GDP grew 1.4%, slowing from a 2.2% increase earlier. In a separate report, retail sales plunged 17.7% in April. The data was somewhat better than the forecasts of a 17.9% decline.

US manufacturing and services activity remain in contraction

The services sector contracted at a slower pace in May than economists’ predictions. The ISM’s non-manufacturing PMI rose to 45.4, rising from 41.8 in April.

The employment index in the sector rose slightly to 31.8 from 30.0 previously.

Earlier in the week, the manufacturing PMI saw a strong recovery. Manufacturing activity measured by ISM rose to 43.1 from 41.5 in the previous month.

Eurozone private sector continues to remai...

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