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According to analysts at National Bank Financial, for the US economy, we’ll get information about economic activity in early Q2 thanks to April data and will be in focus this week.

Key Quotes

“Industrial production could have bounced back in the month following March’s lackluster performance, as shrinking production in both the utilities and mining segments may have been offset by a healthy expansion in the manufacturing sector.”

“The April retail sales report will also come out. Poor auto sales during the month hint at a stagnation of headline retail outlays. Ex-auto sales, on the other hand, may have continued to expand, helped by another sharp increase in seasonally-adjusted pump prices which likely boosted station receipts.”

“The week will also provide some important information about the state of the housing market in April with the publication of building permits and housing starts. The latter may have increased to around 1,220K in seasonally adjusted annualized terms if, as we believe, groundbreakings for multis rose to a level more in tune with the growing number of permits granted in this category in recent months.”

“The first clues on the state of the manufacturing sector in May will be available with the publication of the Empire State and Philly Fed manufacturing surveys.”

“Finally, several Fed officials are scheduled to give speeches, notably John Williams (Tuesday), Esther George (Tuesday), Thomas Barkin (Wednesday), Neel Kashkari (Thursday) and Richard Clarida (Monday and Friday).”