The early economic data for the second quarter is beginning to come in and it doesn’t look promising so far. Industrial Production data was released today and it declined for the fifth consecutive month. Yearly momentum in industrial production is trending down as well.
The Michigan Survey of Consumer Sentiment came out this morning and it showed the largest monthly decline in more than two years.
It is still a bit early to call this a trend for the second quarter, but the absence of a bounce back from the winter doldrums is nonetheless disappointing.
Jeremy Jones, CFA
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