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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK retail sales across all sectors dropped in March
In the UK, retail sales across all sectors slid 3.50% on a YoY basis in March. Retail sales across all sectors had recorded a drop of 0.40% in the previous month.
US industrial production fell more than expected in March
In the US, industrial production dropped 5.40% on a MoM basis in March, compared to a revised rise of 0.50% in the prior month. Markets were expecting industrial production to record a drop of 2.20%.
US advance retail sales declined more than expected in March
In the US, advance retail sales eased 8.70% on a MoM basis in March, compared to a revised drop of 0.40% in the previous month. Market expectations were for advance retail sales to fall 8.00%.
Fed’s Beige Book: US economy contracted sharply and abruptly
According to the US Federal Reserve’s (Fed) latest Beige Book report, the US economy contracted sharply and abruptly across all regions, amid impact of Covid-19 pandemic. The report indicated that most areas saw manufacturing declines, while food and medical product producers saw strong demand but faced obstacles in production and supply chains. On the outlook front, report indicated that the all districts reported highly uncertain outlook among business contacts, with more worsening conditions expected in the next several months.
BoC keeps interest rate unchanged
The Bank of Canada (BoC), in its latest monetary policy meeting, maintained its target for the overnight rate at 0.25% and announced new measures to provide additional support to Canada’s financial system. The central bank stated that it considers the current level of its rate to be its “effective lower bound” and expects widespread lockdowns, layoffs and other drastic measures to have a dramatic impact on Canada’s economy in the months ahead.
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