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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
Euro-zone industrial production declined less than expected in February
In the Euro-zone, industrial production fell 1.00% on a MoM basis in February, compared to an advance of 0.80% in previous month. Market expectations were for the seasonally adjusted industrial production to ease 1.10%.
Fed’s Beige Book: US economy accelerated to a moderate pace
According to the US Federal Reserve’s (Fed) latest Beige Book report, the US economy “accelerated to a moderate pace” from February to early April, amid rising rates of Covid-19 vaccinations, business reopenings and stimulus support. Further, the report indicated that the labour market in the US also improved as more people returned to work. The pace of hiring grew the most in the manufacturing, construction, and leisure and hospitality sectors. The Fed indicated that outlooks were more optimistic than in the previous report, boosted by the rapid rollout of COVID-19 vaccinations.
US number of mortgage applications dropped in the week ended 9 April 2021
In the US, the number of mortgage applications slid 3.70% on a weekly basis in the week ended 9 April 2021, compared to a drop of 5.10% in the prior week.
Australia’s unemployment rate fell in March
In Australia, the seasonally adjusted unemployment rate dropped to 5.60% in March, compared to a rate of 5.80% in prior month. Markets were expecting the unemployment rate to fall to 5.70%.
Australian consumer inflation expectations dropped in April
In Australia, the consumer inflation expectations eased to 3.20% in April, compared to 4.10% in the previous month.
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