U.S. Economic Indicators

Retail sales fell 16.4% in March and were down 21.6% from a year ago. Core sales — which exclude autos, gasoline, building materials, and food services —  declined 15.3%. Census Bureau Report

Industrial production declined 11.2% in April – the largest monthly decline in the index’s 101-year history – and was down 15.0% year-over-year. Capacity utilization fell 8.3 points to 64.9. Fed Report

Business inventories edged down 0.2% in March and are down 0.3% from March 2019. Manufacturers’ sales declined 5.2% in March and were down 5.6% compared to a year ago. Census Bureau Report

The Empire State Manufacturing Survey indicates that business activity continued to deteriorate in May, as the headline index rose 29.7 points but remains well below zero at -48.5. The new orders index rose 23.9 points to -42.4, the shipments index rose 29.1 points to -39.0; and the index for number of employees rose 49.2 points to -6.1. NY Fed Report

The University of Michigan Consumer Sentiment Index rose 1.9 points to 73.7 in the preliminary May reading but is down 26.3 points from May of last year. The Index of Consumer Expectations fell 2.4 points to 67.7, while the Current Economic Conditions Index rose 8.7 points to 83.0. University of Michigan