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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK unemployment rate remained unchanged in the three months to April
In the UK, the unemployment rate remained flat at 3.90% in the three months to April, compared to a level of 3.90% in the three months to March. Markets were anticipating the unemployment rate to advance to 4.50%.
Euro-zone economic sentiment index rose in June
In the Euro-zone, the economic sentiment index advanced to a reading of 58.60 in June, compared to a level of 46.00 in the prior month.
Jerome Powell: Prolonged coronavirus downturn could do severe economic harm
The US Fed Chairman, Jerome Powell, in his testimony before the Senate Banking Committee, stated that the US economy is facing a deep downturn with “significant uncertainty” about the timing and strength of a recovery. Further, he warned that a prolonged downturn could inflict severe harm on the job market and businesses. He said that the Fed is committed to using all its financial tools to support the economic damage from the coronavirus.
US advance retail sales climbed more than expected in May
In the US, advance retail sales climbed 17.70% on a MoM basis in May, compared to a revised drop of 14.70% in the previous month. Markets were expecting advance retail sales to record a rise of 7.60%.
US industrial production advanced less than expected in May
In the US, industrial production rose 1.40% on a MoM basis in May, compared to a revised drop of 12.50% in the prior month. Market expectations were for industrial production to advance 2.50%.
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