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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
World Bank retained global economic growth forecast
The World Bank kept its global growth forecast for 2017 and 2018 unchanged at 2.70% and 2.90%, respectively, amid improving world trade and recovery in the US, Europe and other advanced economies. However, the bank warned that policy uncertainty is likely to remain high in 2017, and there is risk that financial market volatility could increase from current low levels.
UK construction PMI unexpectedly rose in May
The construction PMI climbed unexpectedly to a level of 56.00 in the UK, in May, compared to market expectations of a fall to 52.60. The construction PMI had registered a level of 53.10 in the prior month.
Euro-zone PPI remained unchanged in April
In April, the producer price index (PPI) remained flat in the Euro-zone on a monthly basis, less than market expectations for an advance of 0.20%. In the prior month, the PPI had registered a drop of 0.30%.
Number of people unemployed in Spain declined in May
Number of people unemployed in Spain registered a drop of 111.90 K in May, more than market expectations of a decline of 110.00 K. Number of people unemployed had recorded a loss of 129.30 K in the previous month.
US average hourly earnings of all employees advanced as expected in May
On a monthly basis in May, average hourly earnings of all employees recorded a rise of 0.20% in the US, compared to a revised similar rise in the prior month. Market anticipation was for average hourly earnings of all employees to climb 0.20%.
US New York City current business condition index declined in May
In the US, the New York City current business condition index fell to a level of 46.70 in May. In the previous month, the New York City current business condition index had registered a level of 55.80.
US average hourly earnings of all employees rose less than expected in May
On an annual basis, average hourly earnings of all employees in the US advanced 2.50% in May, lower than market expectations for an advance of 2.60%. In the previous month, average hourly earnings of all employees had registered a similar rise.
Household employment in the US slid in May
Household employment in the US eased by 233.00 K in May. Household employment had recorded an increase of 156.00 K in the prior month.
Private payrolls in the US rose in May
Private payrolls in the US rose by 147.00 K in May, lower than market anticipations of an advance of 175.00 K. Private payrolls had recorded a revised increase of 173.00 K in the previous month.
US average weekly hours of all employees remained unchanged in May
In May, average weekly hours of all employees in the US remained steady at 34.40, in line with market expectations.
US underemployment rate dropped in May
Underemployment rate fell to a level of 8.40% in the US, in May. In the previous month, underemployment rate had registered a reading of 8.60%.
US unemployment rate surprisingly dropped in May
Compared to a level of 4.40% in the previous month unemployment rate dropped unexpectedly to 4.30% in May, in the US. Markets were anticipating unemployment rate to remain unchanged.
Manufacturing payrolls in the US unexpectedly dropped in May
In the US, manufacturing payrolls recorded an unexpected drop of 1.00 K in May, less than market expectations of an advance of 5.00 K. Manufacturing payrolls had recorded a revised increase of 11.00 K in the prior month.
Non-farm payrolls in the US rose in May
In the US recorded an increase of 138.00 K in May, compared to market expectations of an advance of 182.00 K. Non-farm payrolls had recorded a revised gain of 174.00 K in the prior month.
US trade deficit widened in April
Trade deficit in the US expanded to $47.60 billion in April, compared to a revised trade deficit of $45.30 billion in the previous month. Market anticipation was for the nation to post a trade deficit of $46.10 billion.
Canadian labor productivity advanced more than expected in 1Q 2017
On a QoQ basis, in 1Q 2017, labor productivity climbed 1.40% in Canada, higher than market expectations for a rise of 1.20%. Labor productivity had recorded a rise of 0.40% in the previous quarter.
Canadian international merchandise trade deficit declined in April
The international merchandise trade deficit in Canada dropped to C$0.37 billion in April, compared to market expectations of a international merchandise trade deficit of C$0.02 billion. Canada had reported a revised international merchandise trade deficit of C$0.94 billion in the previous month.
Japanese Markit composite PMI rose in May
Markit composite PMI in Japan advanced to 53.40 in May. Markit composite PMI had recorded a reading of 52.60 in the prior month.
Japanese consumer confidence index rose in May
In May, the consumer confidence index in Japan advanced to 43.60, compared to a level of 43.20 in the previous month. Markets were anticipating the consumer confidence index to advance to a level of 43.50.
Chinese Caixin composite PMI advanced in May
Caixin composite PMI registered a rise to 51.50 in China, in May, compared to a reading of 51.20 in the prior month.
Chinese Caixin/Markit services PMI index advanced in May
In May, the Caixin/Markit services PMI index rose to a level of 52.80 in China, compared to a level of 51.50 in the previous month.
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