Retail sales were flat last month in the U.K., limiting the boost to wider economic growth at the start of the year. Total sales volumes were no higher in March than in February, according to figures released Friday by the Office for National Statistics. This was a weaker reading than had been forecast, with economists polled by The Wall Street Journal expecting sales to climb 0.3% on month. February's total was revised slightly higher, however. For the quarter as a whole, sales were 1.9% higher than in the previous three months, which were marked by a disappointing Christmas sales season....
The New York Fed's Empire State business conditions index, a gauge of manufacturing activity in the state, plunged 42.6 points in May to negative 31.8, the regional Fed bank said Monday. Economists had expected a reading of negative 5, according to a survey by the Wall Street Journal. Any reading below zero indicates deteriorating conditions. Key details: The index for new orders dropped 53.1 points to negative 28 in May, reversing completely a sharp 46.7 point gain in April. The shipments index fell 40.3 points to negative 16.4, almost reversing a 37.3 gain in the prior month. Unfilled...
US long-term inflation expectations unexpectedly accelerated in early May to a 12-year high and consumer sentiment soured, reflecting growing concerns about the economic outlook. Consumers see prices climbing at an annual rate of 3.2% over the next five to 10 years, according to the preliminary May reading from the University of Michigan. They anticipate costs rising 4.5% over the next year, compared to last month's 4.6%, data Friday showed. The consumer sentiment index slid to 57.7, the lowest since November and weaker than all forecasts, from 63.5 last month. Consumer confidence also...
The UK economy eked out a small gain in the first quarter even though strikes sharply curtailed activity in March, further reducing the risk of a recession. Gross domestic product rose 0.1% from the fourth quarter, the Office for National Statistics said Friday. March's figure showed a 0.3% contraction after no change in February and a small gain in January, which was revised up. The figures leave the UK on track for anemic growth in the first half of the year as soaring inflation and rising interest rates eat into the spending power of consumers. Bank of England on Thursday...
Applications for US unemployment benefits rose to the highest level since October 2021, adding to evidence that the labor market is gradually cooling. Initial unemployment claims increased by 22,000 to 264,000 in the week ended May 6, Labor Department data showed Thursday. The reading was higher than all estimates in a Bloomberg survey of economists. Continuing claims, which include people who have received unemployment benefits for a week or more and are a good indicator of how hard it is for people to find work after losing their jobs, rose by 12,000 to 1.81 million in the week...
US wholesale inflation continued to moderate in April, extending a year-long slowdown tied to falling commodities costs and improved supply chains. The producer price index for final demand increased 2.3% from a year ago, the slowest pace since early 2021, according to data out Thursday from the Bureau of Labor Statistics. The gauge rose 0.2% from a month earlier. Excluding the volatile food and energy components, the so-called core PPI increased 0.2% last month and was up 3.2% from April 2022. Source: Bloomberg
Asia-Pacific markets tumbled after U.S. inflation for March came in hotter than expected, stoking worries that the Federal Reserve may keep interest rates higher for longer.
U.S. consumer price...
Stocks tanked on Wednesday after March inflation data came in hotter than expected, likely pushing off interest rate cuts by the Federal Reserve that investors have been anticipating.
Investor...
U.K. consumer prices accelerated well beyond the Bank of England's target for a second month, propelled by the global disruption in supply chains that pushed up transport costs.
Consumer prices...
Australian inflation eased from 33-year highs in the first quarter as the cost of living saw the smallest rise in more than a year, while core inflation dipped below forecasts suggesting less...