A busy day from which I selected two strands which I thought are interesting:
First, I look at the sharply divergent trends in Japan's wholesale sales relative to retail sales. Disentangled, it looks as if the initial disequilibrium between supply and demand which opened up so sharply in March and April had begun to close quite nicely by May. This is almost certainly good news for how Japan's inventory/shipment spikes are being dealth with.
Second, I look at May's UK money and credit numbers, note the continuing fall in consumer credit, the absence of mortgage lending and the rise in household financial asset holdings, and conclude that whilst that's bad for Kalecki profits in the short term, it looks like the sort of structural change which the UK's growth model badly needs.
