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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK GDP advanced less than expected in 1Q 2022
In the UK, gross domestic product (GDP) rose 0.80% on a QoQ basis in 1Q 2022, compared to a rise of 1.30% in the previous quarter. Markets were anticipating GDP to record a rise of 1.00%.
UK industrial production unexpectedly fell in March
In the UK, industrial production unexpectedly dropped 0.20% on a MoM basis in March, compared to a revised drop of 0.30% in the prior month. Markets expectations were for industrial production to rise 0.10%.
UK manufacturing production unexpectedly dropped in March
In the UK, manufacturing production unexpectedly fell 0.20% on a MoM basis in March, compared to a revised drop of 0.60% in the prior month. Markets were expecting manufacturing production to record a flat reading.
UK total trade deficit unexpectedly widened in March
In the UK, trade deficit widened to £11.55 billion in March, compared to a revised deficit of £9.20 billion in the previous month.
US initial jobless claims unexpectedly advanced in May
In the US, initial jobless claims unexpectedly climbed to a level of 203.00 K in May, compared to a revised reading of 202.00 K in the prior month. Markets were anticipating initial jobless claims to drop to 195.00 K.
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