According to analysts at Nomura, incoming container data at US ports suggest that goods imports likely rebounded in May after declines in April and March.
Key Quotes
“Goods exports likely rebounded modestly, but with the recent USD appreciation, there is some downside risk. Altogether, we estimate a $69.0bn deficit for the May advance goods trade balance, following a $67.3bn deficit in April.”
“Pending home sales: While consumer demand likely remained firm, the May existing home sales report indicated that inventory shortage continued to lower sales. Pending home sales, which tend to lead existing home sales, were likely affected by this structural constraint as well in May.”
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