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Author Hafizan Hamzah

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Estimated

Personal income rose more than expected last month, rising 0.8% vs 0.3% expected, while personal spending fell from the prior month.

Inflation-adjusted spending came in at +0.1% for April vs +0.7% for March. Core PCE rose in line with expectations at +0.1% m/m and +2.5% y/y. The increase in spending was driven by an uptick in service-related outlays. The tepid growth in spending is just one indication of a slowing economy, as Americans remain anxious about the country’s economic direction.

Hafizan Hamzah
Senior Director, Investment Management Group

DateEventSurv(M)ActualPrior
6/02/2025S&P Global US Manufacturing PMI52.3     —52.3
6/02/2025ISM Manufacturing49.5     —48.7
6/02/2025ISM Prices Paid69     —69.8
6/02/2025ISM New Orders     —     —47.2
6/02/2025ISM Employment     —     —46.5
6/02/2025Construction Spending MoM0.20%     —-0.50%
6/03/2025Factory Orders-3.20%     —4.30%
6/03/2025Factory Orders Ex Trans     —     —-0.20%
6/03/2025Durable Goods Orders-6.30%     —-6.30%
6/03/2025Durables Ex Transportation0.10%     —0.20%
6/03/2025Cap Goods Orders Nondef Ex Air     —     —-1.30%
6/03/2025Cap Goods Ship Nondef Ex Air     —     —-0.10%
6/03/2025JOLTS Job Openings7100k     —7192k
6/03/2025JOLTS Job Openings Rate     —     —4.30%
6/03/2025JOLTS Quits Level     —     —3332k
6/03/2025JOLTS Quits Rate     —     —2.10%
6/03/2025JOLTS Layoffs Level     —     —1558k
6/03/2025JOLTS Layoffs Rate     —     —1.00%
6/03/2025Wards Total Vehicle Sales16.00m     —17.27m
6/04/2025MBA Mortgage Applications     —     —-1.20%
6/04/2025ADP Employment Change110k     —62k
6/04/2025S&P Global US Services PMI52.3     —52.3
6/04/2025S&P Global US Composite PMI     —     —52.1
6/04/2025ISM Services Index52.1     —51.6
6/04/2025ISM Services Prices Paid     —     —65.1
6/04/2025ISM Services New Orders     —     —52.3
6/04/2025ISM Services Employment     —     —49
6/04/2025Fed Releases Beige Book   
6/05/2025Challenger Job Cuts YoY     —     —62.70%
6/05/2025Trade Balance-$66.3b     —-$140.5b
6/05/2025Nonfarm Productivity-0.80%     —-0.80%
6/05/2025Unit Labor Costs5.70%     —5.70%
6/05/2025Initial Jobless Claims235k     —240k
6/05/2025Initial Claims 4-Wk Moving Avg     —     —230.75k
6/05/2025Continuing Claims1910k     —1919k
6/06/2025Change in Nonfarm Payrolls125k     —177k
6/06/2025Change in Private Payrolls115k     —167k
6/06/2025Change in Manufact. Payrolls-5k     —-1k
6/06/2025Nonfarm Payrolls 3-Mo Avg Chg     —     —155k
6/06/2025Two-Month Payroll Net Revision     —     —-58k
6/06/2025Unemployment Rate4.20%     —4.20%
6/06/2025Labor Force Participation Rate62.60%     —62.60%
6/06/2025Underemployment Rate     —     —7.80%
6/06/2025Average Hourly Earnings MoM0.30%     —0.20%
6/06/2025Average Hourly Earnings YoY3.70%     —3.80%
6/06/2025Average Weekly Hours All Employees34.3     —34.3
6/06/2025Consumer Credit$10.850b     —$10.172b

Hafizan Hamzah

Senior Director, Investment Management Group

LinkedIn

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