The economic activity in the US' manufacturing sector contracted at a softer pace in May than it did in April with the ISM's Manufacturing Purchasing Managers' Index (PMI) improving to 43.1 from 41.5. This reading came in slightly worse than the market expectation of 43.6. Further details of the publication showed that the Employment Index rose to 32.1 from 27.5 and the New Orders Index edged higher to 31.8 from 27.1. Assessing the report, "three months into the manufacturing disruption caused by the coronavirus (COVID-19) pandemic, comments from the panel were cautious (two cautious...
The U.S. economy contracted at an annual 5% pace in the first quarter instead of 4.8%, revised government data show. A downward revision to inventory investment mostly accounted for the downward revision, the Commerce Department said. Looking ahead, economists surveyed by MarketWatch predict GDP will plunge at a 27.7% annual rate as people stayed home to try to stem the spread of the coronavirus. Source : Marketwatch
Australian employment in the June quarter may have fallen by only 15% from a year earlier, less than a previous 20% estimate, as there are signs of job increases in the industries most affected by the novel coronavirus, the central bank chief said on Thursday. Reserve Bank of Australia (RBA) Governor Philip Lowe reiterated that the economic outlook was still incredibly uncertain. Lowe was speaking before a parliamentary committee which is looking at the Australian governments response to the coronavirus pandemic. Source : Reuters
A nationwide lockdown due to the coronavirus outbreak triggered a record fall in U.K. retail sales in April, the Office for National Statistics reported Friday. The volume of sales fell 18.1% in April on the year, the biggest monthly drop on record, following a slide of 5.2% in March. All sectors saw a monthly decline in volume sales except for a record rise in sales for non-store retailing of 18% and a continued gain in sales for alcohol stores at 2.3%. The volume of clothing sales plunged by 50.2% compared to March, which had seen a 34.9% drop. The data also revealed the biggest amount...
U.S. private sector firms reported a slightly slower rate of contraction in activity in May, according to latest PMI data from IHS Markit. The firm said its flash manufacturing purchasing index rose to 39.8 in May from 36.1in April. Meanwhile the flash services purchasing managers index rose in May fell to 36.9 from 26.7. Any reading below 50 indicates worsening conditions. The flash estimate is typically based on approximately 85%-90% of total survey responses each month. Source : Market Watch
Millions more Americans filed for unemployment benefits last week as backlogs continue to be cleared and disruptions from the novel coronavirus unleash a second wave of layoffs, pointing to another month of staggering job losses in May. Initial claims for state unemployment benefits totaled a seasonally adjusted 2.438 million for the week ended May 16, the Labor Department said on Thursday. Data for the prior week was revised down to show 2.687 million claims filed instead of the previously reported 2.981 million. Connecticut said last week it had misreported its numbers. Economists polled...
A report on the health of China™s manufacturing sector improved in September, although it was still below the line indicating contraction.
The manufacturing purchasing...
The U.S. trade deficit narrowed in April as both exports and imports tumbled, highlighting the impact of President Donald Trump™s tariffs even before negotiations with China unraveled and he...
Output from Germany's private sector remained unchanged in June, as a decline in manufacturing was offset by continued growth in services.
A flash reading of the country's composite Purchasing...
A trade deal between the United States and China, separately announced Friday by both countries, will be such a boon for American farmers they will "have to go out and buy much larger tractors,"...