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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
Euro-zone retail sales dropped more than anticipated in July
In the Euro-zone, retail sales fell 0.20% on a MoM basis in July, compared to a revised rise of 0.20% in the previous month. Market expectations were for retail sales to drop 0.10%.
German factory orders fell more than expected in July
In Germany, factory orders declined 11.70% on a MoM basis in July, compared to a revised rise of 7.60% in the prior month. Markets were expecting factory orders to fall 4.00%.
US MBA mortgage applications declined in the week ended 01 September 2023
In the US, the MBA mortgage applications dropped 2.90% in the week ended 01 September 2023, compared to a rise of 2.30% in the previous week.
US ISM services PMI unexpectedly rose in August
In the US, the ISM services PMI unexpectedly advanced to 54.50 in August, compared to a level of 52.70 in the previous month.
Fed’s Beige Book: US economy growing at a ‘modest pace’
According to the US Federal Reserve’s (Fed) latest Beige Book report, the US economic activity expanded at a modest pace during July and August. Moreover, consumer spending on tourism was stronger than expected, while other retail spending continued to slow. Additionally, the report indicated that manufacturing contacts in several Districts noted that supply chain delays improved, and they were able to meet existing orders. On the outlook front, the Beige Book indicated that contracts across all sectors expect relatively stable activity moving forward, while fewer of them mentioned the possibility of a slowdown.
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