USA: Number of job vacancies as low as last seen in early 2021
WASHINGTON – The number of job vacancies in the United States fell to its lowest level since January 2021 in July. It fell from 7.91 million in the previous month to 7.67 million jobs, the U.S. Department of Labor announced in Washington on Wednesday in the so-called Jolts report. Economists, on the other hand, had expected an average of 8.1 million.
USA: Industrial orders rise more than expected
WASHINGTON – The US industrial order intake rose more than expected in July. Orders increased by 5.0 percent compared to the previous month, the US Department of Commerce announced in Washington on Wednesday. Analysts had expected an increase of 4.9 percent on average. Excluding transport goods such as aircraft, orders increased by 0.4 percent.
ROUNDUP: IfW expects economic output to decline in 2024
KIEL – The Kiel Institute for the World Economy (IfW) expects Germany’s economic output to shrink this year. Gross domestic product is likely to fall by 0.1 percent this year compared to last year, according to the Kiel-based institute’s autumn forecast. Private consumption is weak, and industry and the construction sector are in deeper recession.
Bundesbank President: Major wave of inflation is over
FRANKFURT – Bundesbank President Joachim Nagel is optimistic about inflation in the euro area. “The big wave of inflation is over,” Nagel told the “Frankfurter Allgemeine Zeitung” (FAZ/Wednesday). “If there is no further unexpected major shock, such as Russia’s attack on Ukraine in February 2022, then inflation should continue to trend towards 2 percent.”
Eurozone: Decline in producer prices weakens again
LUXEMBOURG – In the eurozone, the decline in producer prices has weakened again in July. Prices fell by 2.1 percent compared to the same month last year, the statistics office Eurostat announced in Luxembourg on Wednesday. Economists had expected a decline of 2.5 percent on average. In June, producer prices fell by 3.3 percent. Since last September, the price decline has tended to weaken.
Great Britain: Sentiment in the services sector brightens
LONDON – The mood in the UK’s service sector brightened more than expected in August. The S&P Global purchasing managers’ index rose by 1.2 points month-on-month to 53.7 points, S&P announced on Wednesday according to a second estimate. In an initial estimate, only an increase to 53.3 points had been determined. Economists on average had expected the initial estimate to be confirmed. The indicator is thus somewhat clearly above the important growth limit of 50 points.
ROUNDUP: Business sentiment in the eurozone brightens thanks to France
LONDON – Business sentiment in the eurozone has improved, partly due to a strong increase in the French services sector. The S&P Global purchasing managers’ index rose by 0.8 points to 51.0 points in August compared to the previous month, S&P announced in London on Wednesday after another round of surveys. Previously, the sentiment indicator had fallen for two months in a row.
China: Caixin service sentiment deteriorates
BEIJING – In the ailing Chinese economy, sentiment is dampening in the service sector. In August, the sentiment barometer for service providers determined by the business magazine “Caixin” fell. The value fell by 0.5 points to 51.6 points compared to the previous month, as Caixin announced on Wednesday. Analysts had expected a decline, but had on average assumed a value of 51.8 points.
Ifo: Sentiment in the auto industry ‘in free fall’
MUNICH – According to the Ifo Institute, the German car industry is looking to the future with concern. Extremely pessimistic expectations caused the Munich Institute’s business climate index for the industry to drop by 6.2 points to minus 24.7 points in August. After a temporary slight recovery, this was the fourth decline in a row. “The mood in the car industry is in free fall,” says Ifo expert Anita Wölfl.
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