The incoming data were fairly positive last week. The rebound in the non-manufacturing surveys more than made up for the continuing softness in the manufacturing surveys, while the sharp recovery in motor vehicle sales last month underscores that news of the demise of the US consumer has been greatly exaggerated. The 160,000 gain in employment in April was a negative, but the rebound in weekly hours worked and the acceleration in hourly wage growth suggest that labour market conditions are still improving.
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