U.S. Business Inventories Increase In Line With Estimates In November

Trading 15 Jan 2021 Commentaire »

Business inventories in the U.S. increased in line with economist estimates in the month of November, according to a report released by the Commerce Department on Friday.

The report said business inventories rose by 0.5 percent in November after climbing by an upwardly revised 0.8 percent in October.

Economists had expected inventories to rise by 0.5 percent compared to the 0.7 percent increase originally reported for the previous month.

Manufacturing and retail inventories both increased by 0.7 percent during the month, while wholesale inventories came in unchanged.

Meanwhile, the Commerce Department said business sales edged down by 0.1 percent in November after climbing by 0.9 percent in October.

The modest drop came as retail sales tumbled by 1.1 percent, more than offsetting a 0.7 percent increase in manufacturing sales and a 0.2 percent uptick in wholesale sales.

The report said the total business inventories/sales ratio came in at 1.32 in November, unchanged from the previous month.


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Bank Of Italy Sees 3.5% GDP Growth This Year

Trading 15 Jan 2021 Commentaire »

The Italian economy is set to expand this year and next, but will return to pre-pandemic levels only in 2023, the Bank of Italy projections showed Friday.

Gross domestic product is set to grow 3.5 percent this year, after a massive 9.2 percent contraction in 2020, due to the disruption caused by the coronavirus, or Covid-19, pandemic.

Growth is seen at 3.8 percent in 2022 and then slow to 2.3 percent in 2023.

GDP is set to rise significantly in the spring on the back of the expected improvement in the coronavirus situation as countries have started vaccinating public.

"Starting in the second half of 2021 and continuing over the next two years, the economic support and recovery measures financed through the national budget and using EU funds should provide a further boost," the bank said in its latest economic bulletin.


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UK Economy To Log Negative Growth In Q1: NIESR

Trading 15 Jan 2021 Commentaire »

The UK economy is set to log negative growth in the first three months of this year, the National Institute of Social and Economic research said Friday, as the country went into a third and a tighter lockdown at the start of the year to battle the new and fast-spreading strain of coronavirus and due to the post-Brexit adjustment.

The think thank forecast negative growth of 3.4 percent for the first quarter of 2021.

Growth slowed to 0.9 percent in the fourth quarter of 2020, suggesting a 9.8 percent contraction for the whole year, the NIESR said.

The second lockdown had a far smaller impact on economic economic activity than the first one, the think tank noted.

The NIESR expects the tighter Covid-19 restrictions to linger beyond January.

"Temporary and permanent adjustments post-Brexit transition period are likely to also weigh on growth in the early part of 2021, but the vaccine roll-out provides some encouragement for consumption and investment in the second half of 2021 and beyond," NIESR Principal Economist Rory Macqueen said. "The economic impact of the lockdowns is clearly negative in the short-term but will be significantly positive in the medium term if successful in controlling the virus and restoring confidence."


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U.S. Consumer Sentiment Dips More Than Expected In January

Trading 15 Jan 2021 Commentaire »

Preliminary data released by the University of Michigan on Friday showed a modest deterioration in U.S. consumer sentiment in the month of January.

The report said the consumer sentiment index dipped to 79.2 in January after jumping to 80.7 in December. Economists had expected the index to edge down to 80.0.

"Consumer sentiment posted trivial declines in early January despite the horrendous rise in covid-19 deaths, the insurrection, and the impeachment of Trump," said Surveys of Consumers chief economist Richard Curtin.

He added, "Two offsetting shifts helped narrow the January loss in sentiment: the covid-19 vaccines and a partisan shift in expectations due to the anticipated impact of Biden's economic policies."

The report said the current economic conditions index fell to 87.7 in January from 90.0 in December, while the index of consumer expectations slipped to 73.8 from 74.6.

On the inflation front, one-year inflation expectations jumped to 3.0 percent in January from 2.5 percent in December and five-year inflation expectations rose to 2.7 percent from 2.5 percent.


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*UK GDP To Fall 3.4% In Q1 2021: NIESR

Trading 15 Jan 2021 Commentaire »

UK GDP To Fall 3.4% In Q1 2021: NIESR


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*UK GDP Growth Slowed To 0.9% In Q4 2020, Implying 9.8% Contraction In 2020: NIESR

Trading 15 Jan 2021 Commentaire »

UK GDP Growth Slowed To 0.9% In Q4 2020, Implying 9.8% Contraction In 2020: NIESR


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*U.S. Business Inventories Climb 0.5% In November

Trading 15 Jan 2021 Commentaire »

U.S. Business Inventories Climb 0.5% In November


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*U.S. Consumer Sentiment Index Dips To 79.2 In January

Trading 15 Jan 2021 Commentaire »

U.S. Consumer Sentiment Index Dips To 79.2 In January


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*Italy GDP To Grow 3.5% In 2021, 3.8% In 2022 – Bank Of Italy

Trading 15 Jan 2021 Commentaire »

Italy GDP To Grow 3.5% In 2021, 3.8% In 2022 - Bank Of Italy


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U.S. Industrial Production Jumps Much More Than Expected In December

Trading 15 Jan 2021 Commentaire »

The Federal Reserve released a report on Friday showing U.S. industrial production jumped by much more than expected in the month of December.

The Fed said industrial production surged up by 1.6 percent in December after climbing by an upwardly revised 0.5 percent in November.

Economists had expected production to rise by 0.4 percent, matching the increase originally reported for the previous month.

The spike in production came as utilities output soared by 6.2 percent in December after plunging by 4.5 percent in November, with demand for heating rebounding after an unseasonably warm month.

The report said manufacturing output also climbed by 0.9 percent in December following a 0.8 percent increase in November.

Mining output also showed another notable increase, jumping by 1.6 percent in December after surging up by 2.8 percent in November.

"The December production data underline that while new restrictions are holding back parts of the service sector again, the recovery in manufacturing continues largely unaffected," said Michael Pearce, Senior U.S. Economist at Capital Economics.

He added, "With domestic goods demand still elevated, inventory levels still looking very lean and the dollar weakening, the immediate outlook for the sector remains upbeat."

The Fed also said capacity utilization for the industrial sector rose 74.5 percent in December from 73.4 in November. Economists had expected capacity utilization to inch up to 73.6 percent.

Capacity utilization in the utilities sector jumped to 74.5 percent, while capacity utilization in the mining and manufacturing sectors edged up to 80.5 percent and 73.4 percent, respectively.


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