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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
BoE raised its benchmark interest rate, but signalled further rate hikes would be gradual
The BoE Monetary Policy Committee (MPC) increased the key interest rate to 0.50% from 0.25% by a majority vote of 7-2, its first hike since July 2007, in an effort to combat rising inflation and bring it back to its 2.00% targeted level. However, the central bank added that future interest rate hikes would be “very gradual” and to a limited extent. BoE Governor, Mark Carney, stated that the Brexit talks would be the most important factor for the next move on interest rates, which could either go up or down.
UK construction PMI rose in October
In October, the construction PMI recorded a rise to 50.80 in the UK, compared to market expectations of an advance to a level of 48.50. In the previous month, the construction PMI had recorded a level of 48.10.
Euro-zone manufacturing PMI advanced in October
The final manufacturing PMI advanced to 58.50 in the Euro-zone, in October, lower than market expectations of an advance to a level of 58.60. The manufacturing PMI had registered a reading of 58.10 in the previous month. The preliminary figures had indicated an advance to 58.60.
German manufacturing PMI remained unchanged in October
In Germany, the final manufacturing PMI remained unchanged at a level of 60.60 in October from September. Markets were expecting the PMI to ease to a level of 60.50. The preliminary figures had indicated a drop to 60.50.
German unemployment rate remained steady in October
In Germany, the seasonally adjusted unemployment rate remained unchanged at 5.60% in October. Markets were anticipating unemployment rate to remain unchanged.
German number of people unemployed dropped more than expected in October
In Germany, the number of people unemployed dropped 11.00 K in October, more than market expectations for a drop of 10.00 K. In the prior month, the number of people unemployed had dropped by a revised 22.00 K.
French manufacturing PMI remained unchanged in October
In October, the final manufacturing PMI in France remained unchanged at 56.10, compared to market expectations of an advance to a level of 56.70. The preliminary figures had recorded an advance to 56.70.
Italian manufacturing PMI advanced in October
In October, the manufacturing PMI in Italy registered a rise to 57.80, compared to market expectations of an advance to 56.50. In the prior month, the manufacturing PMI had registered a level of 56.30.
Spanish manufacturing PMI advanced in October
The manufacturing PMI climbed to 55.80 in Spain, in October, compared to a reading of 54.30 in the previous month. Market anticipation was for the manufacturing PMI to climb to a level of 54.80.
Swiss real retail sales unexpectedly dropped in September
In September, real retail sales unexpectedly eased 0.40% in Switzerland on a YoY basis, compared to a revised drop of 1.00% in the previous month. Market anticipation was for real retail sales to advance 0.30%.
Swiss SECO consumer climate advanced in 4Q 2017
The SECO consumer climate rose to a level of -2.00 in Switzerland, in 4Q 2017, compared to a level of -3.00 in the prior quarter.
US number of planned layoffs by US companies slid in October
In October, on an annual basis, the number of planned layoffs by US companies slid 3.00% in the US. In the prior month, the number of planned layoffs by US companies had recorded a drop of 27.00%.
US initial jobless claims unexpectedly dropped in the last week
The seasonally adjusted initial jobless claims unexpectedly fell to a level of 229.00 K in the week ended 28 October 2017, in the US, compared to a revised reading of 234.00 K in the prior week. Market anticipation was for initial jobless claims to rise to 235.00 K.
US continuing jobless claims declined in the last week
The seasonally adjusted continuing jobless claims in the US registered a drop to 1884.00 K in the week ended 21 October 2017, compared to market expectations of a drop to 1894.00 K. Continuing jobless claims had recorded a revised level of 1899.00 K in the prior week.
US non-farm business productivity rose more than expected in 3Q 2017
The flash non-farm business productivity rose 3.00% on a quarterly basis in the US in 3Q 2017, more than market expectations for an advance of 2.60%. In the prior quarter, the non-farm business productivity had climbed 1.50%.
US number of planned layoffs by US companies slid in October
The number of planned layoffs by US companies registered a drop to 29.83 K in October, in the US. In the previous month, the number of planned layoffs by US companies had recorded a reading of 32.35 K.
US unit labor costs in non-farm businesses rose more than expected in 3Q 2017
The flash unit labor costs in non-farm businesses in the US rose 0.50% on a quarterly basis in 3Q 2017, more than market expectations for an advance of 0.40%. In the prior quarter, the unit labor costs in non-farm businesses had registered a rise of 0.20%.
Japanese consumer confidence index unexpectedly climbed in October
The consumer confidence index recorded an unexpected rise to 44.50 in Japan, in October, compared to a reading of 43.90 in the previous month. Market expectation was for the consumer confidence index to ease to a level of 43.60.
Chinese Caixin/Markit services PMI index climbed in October
The Caixin/Markit services PMI index advanced to 51.20 in October, in China, compared to a level of 50.60 in the previous month.
Chinese Caixin composite PMI declined in October
In China, Caixin composite PMI fell to a level of 51.00 in October. In the previous month, Caixin composite PMI had recorded a level of 51.40.
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