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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
German unemployment rate surprisingly rose in May
In Germany, the seasonally adjusted unemployment rate advanced unexpectedly to 5.00% in May, compared to a level of 4.90% in the previous month. Markets were expecting unemployment rate to remain unchanged.
US Richmond Fed manufacturing index advanced in May
In the US, the Richmond Fed manufacturing index rose to a level of 5.00 in May, compared to market expectations of an advance to a level of 7.00. The Richmond Fed manufacturing index had registered a reading of 3.00 in the prior month.
Bank of Canada kept its key interest rate unchanged
The Bank of Canada, in its May monetary policy meeting, as widely expected, kept its benchmark interest rate unchanged at 1.75%, citing the recent slowdown in the Canadian economy as temporary. The central bank stated that there is growing evidence of the economy re-emerging in the second quarter of this year, following a slowdown in late 2018 and early 2019.
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