US Fed’s inflation indicator eases to 3.9% in Q4, from 4.7% in Q3 of 2022[Anadolu Agency (Turkey)]

Posted on February 2, 2023February 2, 2023 Posted in NewsTagged economy, investing, stock market, USA, voiceoverLeave a comment

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The US Federal Reserve’s preferred inflation indicator eased to 3.9% in the fourth quarter of last year, down from 4.7% in the third quarter, according to the Commerce Department figures released Thursday.

The core personal consumption expenditures (PCE) price index also came lower than the market estimate of 4%.

The PCE price index, which includes food and energy prices, increased 3.2% in October-December 2022, also softening from a 4.3% gain in the July-September period.

The softening in the quarter-to-quarter figures is a result of the Fed’s aggressive monetary tightening cycle and interest rate increases last year.

In 2022 overall, however, the core PCE price index increased 5%, accelerating from a 3.5% gain in 2021, the Commerce Department said.

PCE price index, including food and energy prices, rose 6.2%, also picking up pace from 4% in 2021.

The overall annual gains in the figures are a result of consumer prices significantly picking up pace in 2022, compared to the year before.

Source: https://www.aa.com.tr/en/economy/us-feds-inflation-indicator-eases-to-39-in-q4-from-47-in-q3-of-2022/2798434

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Germany’s unemployment rate at 2.8% in December 2022 [Anadolu Agency (Turkey)]

Posted on February 1, 2023 Posted in NewsTagged economy, europe, investing, stock market, voiceoverLeave a comment

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The unemployment rate was at 2.8% in Germany as of December 2022 , down from 3% in the same month of 2021, official figures showed on Tuesday.

There were 1.22 million unemployed people in December across the country, down by 95,000 people versus December 2021 , according to the Federal Statistical Institute (Destatis).

“Roughly 45.7 million persons resident in Germany were in employment in December 2022 ,” it added.

The seasonally adjusted number of people in employment was slightly up by 21,000 in December on a monthly basis.

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Eurozone posts 0.1% GDP growth in Q4 2022: Eurostat [Indo-Asian News]

Posted on February 1, 2023 Posted in NewsTagged economy, europe, investing, stock market, voiceoverLeave a comment

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Brussels , Feb 1 (IANS) The GDP in the eurozone increased by 0.1 per cent in the fourth quarter of 2022 compared to the previous quarter, according to a flash estimate published on Tuesday by Eurostat, the statistical office of the EU.

Compared with the same quarter of the previous year, the eurozone’s GDP is expected to have grown by 1.9 per cent in the fourth quarter of 2022, and it was up 1.8 per cent in the EU.

According to a first estimate based on seasonally and calendar adjusted quarterly data, in 2022 the eurozone’s GDP increased by 3.5 per cent and that of the EU by 3.6 per cent, Xinhua news agency reported.

“Despite the energy — and subsequent inflation — crisis, the eurozone economy once again defied recession in the fourth quarter, showing incredible resilience. But it was a narrow escape,” Bert Colijn , senior economist for the eurozone at ING , said.

“Most economies are currently stagnating with near-zero growth,” he added.

Germany and Italy have seen slight contractions as they suffer more from the energy crisis, while France and Spain have managed to eke out small growth rates.

Latvia’s GDP is expected to have increased by 0.3 per cent between the third and the fourth quarters of 2022, while Spain and Portugal should both record a GDP increase of 0.2 per cent in the last quarter of 2022 compared to the previous one.

Lithuania is expected to record the largest decline, with a negative growth of 1.7 per cent quarter-on-quarter. Austria’s quarter-on-quarter GDP growth was negative 0.7 per cent and that of Sweden negative 0.6 per cent.

The eurozone’s small growth is very likely to hide contracting domestic demand, Colijn said. Factors such as the reopening of the economy after the pandemic, mild temperatures during the autumn and government support have helped to avoid a recession.

However, it is to be noted that growth is stagnating. Contracting domestic demand is due to consumers adjusting their purchasing power to the loss they incurred last year, according to Colijn.

“An economy performing sluggishly, at best, is expected for early 2023 and a dip below zero cannot be ruled out for the first quarter,” he added.

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China manufacturing activity rebounds in January [Agence France-Presse]

Posted on January 31, 2023 Posted in NewsTagged china, economy, investing, stock market, voiceoverLeave a comment

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China’s factory activity expanded in January after four months of contraction, official data showed Tuesday, as its economy rebounded following the relaxation of strict Covid-19 curbs.

The official manufacturing purchasing managers’ index (PMI) — a key gauge of factory output in the world’s second-largest economy — rose to 50.1 this month, from 47.0 in December, according to data from the National Bureau of Statistics (NBS).

The figures bucked a downward trend since September and broke into expansion territory of above 50 points.

The non-manufacturing PMI, which includes the services and construction sector, stood at 54.4 in January, up from 41.6 in December.

Beijing last month abruptly dropped its strict zero-Covid policy, which had mandated strict lockdowns, sparking protests and hammering business.

The country’s economy grew just three percent last year — its slowest pace in four decades excluding pandemic-hit 2020 — as Covid restrictions and a crisis in the property market hampered growth.

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China’s services trade up 12.9 pct in 2022 [Xinhua News]

Posted on January 30, 2023 Posted in NewsTagged china, economy, investing, stock market, voiceover2 Comments

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BEIJING , Jan. 30 ( Xinhua ) — China’s services trade value grew 12.9 percent year on year in 2022, data from the Ministry of Commerce showed on Monday.

The total trade value stood at 5.98 trillion yuan (about 884.29 billion U.S. dollars ), according to the data.

Exports of services expanded 12.1 percent year on year to around 2.85 trillion yuan in the period, while imported services totaled 3.13 trillion yuan , up 13.5 percent from a year ago, resulting in a deficit of 275.71 billion yuan .

Trade in knowledge-intensive services raked in 2.51 trillion yuan in 2022, up 7.8 percent year on year.

Exports of Knowledge-intensive services increased by 12.2 percent to reach 1.42 trillion yuan , led by categories such as intellectual property royalties and computing and information services.

Travel services continued recovery momentum in the period, as trade in this sector advanced 8.4 percent from the previous year to about 855.98 billion yuan , data showed.

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