All your economics news in one fell swoop, courtesy of Action Economics:
Today's slew of U.S. reports were skewed toward the factory sector, and the figures—though dynamic—did little to change the overall outlook. Industrial production showed the concentrated weakness we expected in the April auto sector...but the two factory sentiment measures for May show that sentiment elsewhere remains surprisingly resilient. The sentiment figures continue to track a slowdown rather than recession path, while the big production drop in April will likely be reversed in May and June with a likely end of the American Axle strike. Similarly, the sideways trend in initial claims around the elevated but sub-recessionary 370k area suggests a similar sideways path for the labor market.