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Tidbits, Economy, Sales Cancellations, Export Sales, Markets & Rain Days Update 5/26/23

Highlights


A load of USA economic news was released yesterday morning and all of it was better than expected, which means we are more likely to see higher interest rates to bring on that recession that all the government officials and ivory tower financial power houses have been predicting.

The numbers:

  • USA new unemployment jobless claims were 229,000, 6.5% less than the expected 245,000.

  • Continuing unemployment claims were 1.794 million, 6,000 less than expected.

  • First quarter GDP was 1.3% vs 1.1% expected.

  • Personal consumption at 3.8% vs 3.7% expected.

President Biden and House Speaker McCarthy are “closing in” on a deal that would raise the government's $31.4 trillion debt ceiling to cover borrowing through the 2024 election while capping spending on most items.

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