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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK CPI climbed in May
In the UK, the consumer price index (CPI) registered a rise of 0.50% on a YoY basis in May, compared to a rise of 0.80% in the prior month. Markets were anticipating the CPI to climb 0.50%.
Euro-zone CPI rose in May
In the Euro-zone, the final CPI climbed 0.10% on a YoY basis in May, compared to a rise of 0.30% in the previous month. Markets were expecting CPI to record a rise of 0.10%.
Euro-zone construction output fell in April
In the Euro-zone, the seasonally adjusted construction output slid 14.60% on a MoM basis in April, compared to a revised 15.70% in the prior month.
Jerome Powell warns Congress against withdrawing support for stimulus
The US Federal Reserve (Fed) Chairman, Jerome Powell, in his testimony before the Senate Banking Committee, stated that recent economic improvement could be at risk if Congress curtailed support to workers displaced and businesses closed down due to the coronavirus pandemic. However, he indicated that the Fed would continue to deploy all its financial tools to help strengthen the labor market.
US building permits climbed in May
In the US, building permits advanced 14.40% on a MoM basis in May, compared to a revised drop of 21.40% in the prior month.
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