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50 million Americans have applied for unemployment benefits since mid-March, while 18 million are still receiving aid. New weekly claims remain well above one million and more than six times higher than pre-corona. New restrictions in many states could lead to higher unemployment

Unsurprisingly, construction PMIs have recovered as lockdowns are eased. Levels now indicate increased production (from lockdown levels) in France and Italy, while Germany continues to lag behind. Still early days, but German recovery has been timid so far #macrobond

German manufacturing orders increased by 10% from April to May in first sign of industrial revival. Still down 29% from last year. Orders from euro area and Germany increased sharply, while non-euro were stagnant at lockdown levels. Could be indicator of global trends #macrobond

While German retail sales were surprisingly strong in May, auto sales were anemic. So far, level in Q2 is 38% below Q1. June is likely to improve on that, but government stimulus package did not include aid for fossil-fuel autos. Drag on consumption and manufacturing production

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