Friday, June 03, 2011

Statistical Notes Friday June 3

-The U.S. employment report was as expected pretty weak, but slightly less so than the ADP payroll survey. Average hourly earnings posted a seemingly robust 0.3% gain, but this is largely cancelled out by a downward revision of previous months increases.

Meanwhile, the ISM non-manufacturing survey rose slightly, contradicting the otherwise consistent flow of data suggesting weaker growth.

-Declines in the manufacturing survey and the service sector survey in the U.K. indicates that British growth is weakening too.

-Euro area manufacturing and service sector surveys also declined, also suggesting weaker growth in the euro area.

-Finland's first quarter GDP growth remained at 5.5%, while Denmark's economy fell back into a recession. A rising trade surplus thanks to rising exports to booming Baltic sea neighbors like Germany, Sweden, Finland and Estonia provides a boost to Danish growth, but not enough to offsett falling domestic demand.

-New Zealand's trade surplus rose to an all-time high in April. New Zealand has traditionally had a deficit, but it has recently turned into a large surplus, owing largely to higher prices for key export items dairy and meat.

-While traditional rival/enemy Greece suffers from a contracting economy and excessive government deficit, Turkey's economy is showing obvious signs of over-heating with consumer price inflation up to 7.2% and the current account deficit approaching 10% of GDP.


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