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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
OECD downgraded global economic outlook for 2019
The OECD has cut its global economic forecast for 2019 to 3.3% from 3.5%, amid high political uncertainty and ongoing trade tensions between the US and China. Also, the OECD slashed the UK’s growth forecast to 0.8% from 1.4% for the current year.
US economy expanded at slight-to-moderate pace, indicated Fed’s Beige Book
According to the Federal Reserve’s (Fed) Beige Book report, the US economy expanded at a slight-to-moderate growth in late January and February, while St. Louis and Philadelphia reported flat economic conditions. Further, it revealed that the partial government shutdown had weighed on the nation’s economic activity.
Private sector employment in the US increased in February
The private sector employment in the US advanced by 183.00 K in February, compared to market expectations of an advance of 190.00 K. The private sector employment had recorded a revised gain of 300.00 K in the previous month.
US mortgage applications dropped in the last week
In the US, mortgage applications slid 2.50% on a weekly basis, in the week ended 01 March 2019. In the previous week, mortgage applications had advanced 5.30%.
US trade deficit widened in December
Trade deficit in the US rose to $59.80 billion in December, more than market expectations of a deficit of $57.90 billion. The US had posted a revised deficit of $50.30 billion in the prior month.
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