Pantheon Macroeconomics

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31st May 2023 15:02U.S., Daily Monitor

  • We expect a clear slowing in ADP employment in May, but we care more about NFIB hiring intentions.
  • Weak regional surveys and soft China PMIs point to a dip in ISM manufacturing; the sector is in recession.
  • Auto sales likely dipped in May; the trend appears to be peaking as rates rocket and credit tightens.

adp adp employment auto sales china credit employment ism pmis surveys

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Keywords for: 1 June 2023 US Monitor

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