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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK construction PMI declined surprisingly in May
In May, the construction PMI in the UK eased unexpectedly to 51.20, compared to market expectations of an unchanged reading. In the previous month, the construction PMI had recorded a level of 52.00.
ECB keeps rates on hold, Eurozone inflation and growth to pick up, says Draghi
The European Central Bank (ECB), in a widely expected move, held the benchmark interest rate steady. In a press conference that accompanied the decision, the ECB President, Mario Draghi, indicated that Eurozone inflation rates will likely recover in 2016. Further, the bank raised its inflation outlook for 2016 to 0.2%, from 0.1% previously, while forecasting an economic growth of 1.6%, up from 1.4%. However, the ECB Chief also noted that subdued economic growth in emerging markets and the UK referendum on the European Union could threaten the Euro region’s recovery.
Euro-zone PPI unexpectedly eased in April
The producer price index (PPI) in the Euro-zone unexpectedly dropped 0.30% on a MoM basis in April, compared to a rise of 0.30% in the previous month. Markets were expecting the producer price index (PPI) to climb 0.10%.
Number of people unemployed in Spain slid in May
In Spain, number of people unemployed dropped by 119.80 K in May, compared to market anticipations of a decline of 104.80 K. Number of people unemployed had recorded a decline of 83.60 K in the prior month.
Robert Kaplan supports a near-term interest-rate increase
The Federal Reserve (Fed) Bank of Dallas President, Robert Kaplan, reiterated that he would advocate a rate hike in the “near future,” as the US economy is getting pretty close to achieving full employment and as inflation is starting to rise. He also added that the rate hikes need to be made slowly, gradually and patiently, as a precipitous increase could catapult the economy back into recession. Further, he noted that a vote in the UK on whether to remain in the European Union could impact the June Fed decision.
US number of planned layoffs by US companies registered a drop in May
The number of planned layoffs by US companies slid 26.50% on an annual basis, in May, in the US. The number of planned layoffs by US companies had advanced 5.80% in the previous month.
US New York City current business condition index registered a drop in May
In the US, the New York City current business condition index recorded a drop to 37.20 in May, compared to a level of 57.00 in the prior month.
US initial jobless claims fell surprisingly in the last week
In the US, the seasonally adjusted initial jobless claims dropped unexpectedly to a level of 267.00 K in the week ended 28 May 2016, compared to a reading of 268.00 K in the previous week. Markets were anticipating initial jobless claims to climb to a level of 270.00 K.
Private sector employment in the US registered a rise in May
In the US, the private sector employment rose by 173.00 K in May, following a revised gain of 166.00 K in the previous month. Market anticipation was for the private sector employment to rise 173.00 K.
US continuing jobless claims surprisingly advanced in the last week
The seasonally adjusted continuing jobless claims advanced unexpectedly to 2172.00 K in the week ended 21 May 2016, in the US, higher than market expectations of a drop to a level of 2150.00 K. Continuing jobless claims had registered a revised level of 2160.00 K in the previous week.
Japanese consumer confidence index advanced unexpectedly in May
The consumer confidence index registered an unexpected rise to 40.90 in Japan, in May, compared to a reading of 40.80 in the prior month. Markets were expecting the consumer confidence index to fall to 40.10.
Japanese Markit composite PMI registered a rise in May
Markit composite PMI recorded a rise to 49.20 in May, in Japan, compared to a level of 48.90 in the previous month.
Japanese labour cash earnings rose less than expected in April
On an annual basis in Japan, labour cash earnings registered a rise of 0.30% in April, lower than market expectations for an advance of 0.90%. In the prior month, labour cash earnings had advanced by a revised 1.50%.
Chinese Caixin composite PMI fell in May
Caixin composite PMI eased to 50.50 in China, in May, compared to a level of 50.80 in the prior month.
Chinese Caixin/Markit services PMI index slid in May
Compared to a level of 51.80 in the previous month the Caixin/Markit services PMI index eased to 51.20 in May, in China.
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