Global Economic Update

09:24, 16 February

Global Economic Update

  • In the Eurozone, the seasonally adjusted trade surplus expanded more-than-expected to EUR 23.80 billion in December, compared to a revised trade surplus of EUR 22.00 billion in November. The non-seasonally adjusted trade surplus in December declined to EUR 25.40 billion in December, compared to a trade surplus of EUR 26.30 billion in November.
  • In the US, the seasonally adjusted continuing jobless claims advanced surprisingly to 1942.00 K in the week ended 03 February 2018, compared to a revised level of 1927.00 K in the prior week. Capacity utilization dropped unexpectedly to a level of 77.50% in January, compared to a revised level of 77.70% in the last month. The seasonally adjusted initial jobless claims increased higher-than-expected to 230.00 K in the week ended 10 February 2018, compared to a revised reading of 223.00 K in the previous week. The Philadelphia Fed manufacturing index surged surprisingly to 25.80 in February, compared to a level of 22.20 in the prior month. Industrial production fell unexpectedly 0.10% in January, compared to a rise of 0.40% in December. Manufacturing production remained flat on a MoM basis in January, compared to an advance of 0.10% in the prior month. The producer price climbed more-than-anticipated 2.70% on a YoY basis in January, in the US, compared to an increase of 2.60% in the last month. The NY Empire State manufacturing index slid surprisingly to 13.10 in February, compared to a level of 17.70 in the last month.
  • In Japan, the final industrial production increased 4.40% on a YoY basis in December, compared to a climb of 3.60% in the prior month. Capacity utilization rose 2.80% on a MoM basis in December, compared to a flat reading in the last month.
  • Reserve Bank of Australia’s (RBA) Governor, Philip Lowe, said that the progress on lowering unemployment and returning inflation to the midpoint of the central bank’s target will determine the timing of the first interest rate hike since 2010.