First-quarter U.S. GDP was revised slightly downward to -5.0%, from the initial -4.8% The consumer data was noteworthy with personal income surging up 10.5% on the back of federal relief efforts and a plunge in personal spending (down 13.6%). The income was almost entirely attributable to the CARES Act since wages and salaries declined by 8%. Together, this leads to an unprecedented surge in the personal savings rate, up to 33%, which blew by the previous peak of 17.3% back in 1975. University of Michigan consumer sentiment survey was released, showing a slight uptick in overall sentiment, but below expectations and nearly 30 points below May of last year. Jobless claims remain elevated at 2.1M, roughly meeting expectations. However, there is increasing fear that ten weeks into the crisis that these may no longer be temporary layoffs and may point to permanent business closures as PPP funding and other government assistance programs run out.
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