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LAST UPDATE:6/5/2021
cqm 20210604 cqm 20210604

Nonfarm payroll employment increased 559,000 in May, lower than the market consensus of 663,500. Employment in private service-providing sector rose 489,000, higher than the CQM forecast of 189,000. As a result, on the income side compensation of employees was adjusted upward from 7.7% to 8.6% in 2021Q2. On the expenditure side PCE was modified upward from 11.35% to 12.14% in 2021Q2. CQM revised upward the growth rate on both the expenditure and income sides. PCA modified upward economic growth rate from 2.78% to 3.97% by updating May stock prices, short-and long-interest rates and employment.


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