Rosenberg Daily Soundbites

• Global equity markets are mimicking yesterday’s dramatic bearish reversal
• Is the loonie too strong for its own good? We remain long-term Canadian dollar bulls, but there is one signpost that perhaps it may be a tad too strong for its own good
• In the U.S., the problem with a “soft patch” in the economy is that you don’t get two of them in the first two years of a normal recovery
• The ISM manufacturing index slid to 53.5 in May from 60.4 in April
• The ADP employment tally came in at +38k, well off the +177k print in April and +203k headline in March
• Some good news (sort of)! Total construction spending eked out a 0.4% gain in April, the second in a row
• U.S. retail sales really sputtered in April and we are not seeing any improvement in May either