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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK construction PMI fell in December
The construction PMI in the UK dropped to 52.20 in December, lower than market expectations of a fall to a level of 53.00. The construction PMI had registered a level of 53.10 in the prior month.
German unemployment rate remained steady in December
The seasonally adjusted unemployment rate in Germany remained unchanged at 5.50% in December, at par with market expectations.
German number of people unemployed fell more than expected in December
In December, the number of people unemployed in Germany registered a drop of 29.00 K, more than market expectations for a fall of 13.00 K. In the prior month, the number of people unemployed had fallen by a revised 20.00 K.
Number of people unemployed in Spain fell in December
Number of people unemployed eased by 61.50 K in Spain, in December, higher than market expectations of a decline of 58.90 K. Number of people unemployed had registered a gain of 7.30 K in the prior month.
Swiss SVME manufacturing PMI surprisingly climbed in December
In December, the SVME manufacturing PMI registered an unexpected rise to 65.20 in Switzerland, compared to a level of 65.10 in the previous month. Markets were expecting the SVME manufacturing PMI to fall to 64.50.
FOMC minutes: Officials mulled over path for interest rate hikes in 2018
According to minutes of the Federal Reserve’s (Fed) latest meeting, policymakers remained confident that strength in the US economy and labour market would warrant a gradual pace for interest rate hikes in 2018. Further, officials discussed whether new tax cuts approved by the Trump administration would spur inflation and necessitate a steeper path of interest rate hikes, as many expected it to provide a lift to consumer spending and business investment. However, it also revealed disagreement over the pace of rate hikes if inflation struggles to move up towards the central bank’s 2.00% target.
US construction spending rose more than expected in November
On a MoM basis in November, construction spending advanced 0.80% in the US, higher than market expectations for a rise of 0.50%. Construction spending had risen by a revised 0.90% in the prior month.
US mortgage applications rose in the last week
Mortgage applications in the US recorded a rise of 0.70% in the week ended 29 December 2017 on a weekly basis. In the prior week, mortgage applications had registered a drop of 4.90%.
US ISM prices paid index surprisingly advanced in December
In December, the ISM prices paid index in the US registered an unexpected rise to 69.00, compared to market expectations of a drop to 64.50. The ISM prices paid index had registered a reading of 65.50 in the previous month.
US ISM production advanced in December
ISM production in the US recorded a rise to 65.80 in December. ISM production had registered a level of 63.90 in the prior month.
US ISM manufacturing activity index unexpectedly advanced in December
The ISM manufacturing activity index in the US recorded an unexpected rise to 59.70 in December, compared to a reading of 58.20 in the prior month. Market expectation was for the ISM manufacturing activity index to remain unchanged.
US ISM new orders rose in December
ISM new orders recorded a rise to 69.40 in the US, in December. ISM new orders had recorded a reading of 64.00 in the previous month.
US ISM inventories advanced in December
In December, ISM inventories in the US advanced to 48.50. In the prior month, ISM inventories had recorded a level of 47.00.
US ISM backlog orders advanced in December
ISM backlog orders climbed to 56.00 in December in the US, compared to a level of 55.00 in the prior month.
Japanese manufacturing PMI climbed in December
The final manufacturing PMI advanced to 54.00 in December in Japan, compared to a reading of 53.60 in the prior month. The preliminary figures had recorded a rise to 54.20.
Chinese Caixin/Markit services PMI index surprisingly advanced in December
The Caixin/Markit services PMI index climbed unexpectedly to a level of 53.90 in China, in December, compared to market expectations of a fall to 51.80. In the prior month, the Caixin/Markit services PMI index had recorded a level of 51.90.
Chinese Caixin composite PMI rose in December
In December, the Caixin composite PMI in China recorded a rise to 53.00. The Caixin composite PMI had recorded a level of 51.60 in the previous month.
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