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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
BoE raises interest rate for the fifth time in a row
The BoE, at its June monetary policy meeting, raised its benchmark interest rate by 25 basis points to 1.25%, for the fifth time since December, to combat rising prices. The British benchmark rate is now at its highest level since January 2009. Further, the committee indicated that it will take necessary steps to return the inflation rate to 2.00% sustainably in the medium term. The central bank now expects inflation to rise to “slightly above 11%” in October, reflecting higher projected household energy prices.
US initial jobs claims dropped for the week ended 10 June 2022
In the US, initial jobs claims fell to 229.00 K in the week ended 10 June 2022, compared to a revised level of 232.00 K jobs in the prior month.
US housing starts declined in May
In the US, housing starts dropped 14.40% on a MoM basis in May, compared to a revised rise of 5.50% in the prior month.
US building permits dropped more than anticipated in May
In the US, building permits dropped 7.00% on a MoM basis in May, compared to a drop of 3.20% in the prior month.
US Philadelphia Fed manufacturing index dropped in June
In the US, the Philadelphia Fed manufacturing index dropped to -3.30 in June, compared to a reading of 2.60 in the prior month.
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