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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK ILO unemployment rate unexpectedly dropped in March
In the UK, the ILO unemployment rate unexpectedly fell to 3.70% in the three months ended March, compared to 3.80% in the prior month. Markets were expecting the unemployment rate to remain unchanged.
UK average earnings including bonus advanced more than anticipated in March
In the UK, average earnings including bonus rose 7.00% in the three months ended March, compared to a revised rise of 5.60% in the previous month. Markets anticipations were for average earnings to record a rise of 5.40%.
Euro-zone’s GDP rose more than expected in 1Q 2022
In the Euro-zone, gross domestic product (GDP) grew 0.30% in 1Q 2022, compared to a rise of 0.20% in the previous quarter. Markets were anticipating the GDP to rise 0.20%.
Powell says Fed would keep rising interest rate to control inflation surge
US Federal Reserve (Fed) Chairman, Jerome Powell, pledged that the US central bank would raise its benchmark interest rates as high as needed to control a surge in inflation that threatened the foundation of the economy.
US retail sales climbed more than expected in April
In the US, retail sales climbed 0.90% on a MoM basis in April, compared to a revised rise of 1.40% in the prior month. Markets were expecting retail sales to record a rise of 0.70%.
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