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Global Economic Update

09:39, 22 февраля

Global Economic Update

  • The Bank of England (BoE) Governor, Mark Carney, said that .interest rates may have to rise at a faster pace than initially .anticipated in order to keep inflation at bay, however, offered .little clarity on the timing of the next rate hike. The average .earnings including bonus rose 2.50% on a YoY basis in the October-December 2017 period, compared to a similar rise in .the September-November 2017 period. The ILO unemployment rate surprisingly rose to 4.40% in the October-December 2017 period, compared to a level of 4.30% in the September-November 2017 period. The public-sector net borrowing posted .a surplus of GBP 11.60 billion in January, compared to a deficit .of GBP 0.30 billion in the prior month.
  • In the Eurozone, the preliminary services PMI eased to 56.70 in February, compared to a level of 58.00 in the last month. The .preliminary Markit manufacturing PMI to 58.50 in February, compared to a reading of 59.60 in January.
  • In Germany, the flash services PMI slid to 55.30 in February, compared to a level of 57.30 in January. The preliminary .manufacturing PMI fell to a level of 60.30 in February, compared to a reading of 61.10 in the previous month.
  • The US Federal Reserve’s January monetary policy meeting .minutes indicated that the policymakers were upbeat on the US economic outlook and were increasingly positive on reaching .their 2.0% inflation target over the medium term. Meanwhile, the flash Markit services PMI rose to 55.90 in February, compared to a reading of 53.30 in January. The flash Markit .composite PMI advanced to 55.90 in February, compared to a reading of 53.80 in the prior month. The flash Markit manufacturing PMI increased unexpectedly to a level of 55.90 in February, compared to a level of 55.50 in the last month. Existing home sales dropped surprisingly by 3.20%, on MoM basis to a level of 5.38 million in January, compared to a revised reading of 5.56 million in the prior month.