European Data Shows Contraction
February 22, 2012 - 19:01
Markit reported the February composite euro-zone purchasing manager’s index (P.M.I.) came in at 49.7, the second highest it has been in six months although lower than January’s 50.4 average. The reduction suggested a slight contraction in business activity from January to February. Yet, the second six-month-high indicated that Europe’s economy is stabilizing in the beginning of 2012. Output had been greater in France and Germany (higher in January) while the rest of the region’s output lowered. January and February...
Australia's Growth not Positively Ensured
February 22, 2012 - 15:09
The Australian Bureau of Statistics reported the index for all employees’ hourly pay increased by 0.9% for the September to December 2011 quarter. More specifically, industrial index increases included 0.5% for transportation, postal and warehousing while industries like arts and recreation services rose 1.6%. In terms of annual change, the hourly pay increases went up by 3.7% for all employees.
Despite the optimistic reports, other indicators suggest Australia’s economy may not wholly deserve a good...
Canadian Retail Sales Down
February 21, 2012 - 19:52
Canada released the country’s retail sales for December 2011, reporting sales edged down by a seasonally adjusted 0.2% to $38.6 billion. Decline was largely due to lower sales in motor vehicle and parts that went down by 1.0% while volume remained stable. Increases were contributed by food and beverage stores who added 1.2% to their sales numbers while the majority of the additions (1.0%) were provided by supermarkets and other grocery stores. Stores associated with holiday shopping performed fewer sales in December including...
RBA Meeting Minutes Show No Rate Cuts in Sight
February 21, 2012 - 13:59
The Reserve Bank of Australia reported they have the resources to ease monetary policy if it becomes necessary. The Reserve Bank left the country’s overnight cash rate unchanged for this month in their last (February 7th) meeting. Conditions that could call for a change in action by the bank included increased inflation. The bank was concerned with events proceeding in Europe but was less concerned that an “extremely bad outcome” would result from it. The central bank unexpectedly left the overnight cash rate unchanged...
Euro Rallies on Greek Promise
February 20, 2012 - 23:13
United States (U.S.) publications for employment, manufacturing, and housing sectors have shown that the country’s economy is improving slowly. Data for this week looks sparse with only a few releases expected which include home sales and consumer confidence. Nothing indicates we should expect much change in the overall economic trend. U.S. manufacturing has been leading the recovery with increased production and additional hiring. In addition to this, most industry sectors have shown some employment increases. As a result, gaining...
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