Statistical Notes Friday July 8
-The ISM non-manufacturing survey fell back from 54.6 to 53.3, contradicting the manufacturing survey, while confirming the picture given by the employment report discussed separately in the previous post.
-Contradicting some other recent reports, the latest numbers from Germany indicates a continued strong recovery, with factory orders, industrial production and exports all booming in May.
-Similarly to neighboring Estonia, Latvia's industrial production fell in May this year compared to April (-1.3%) , but rose compared to May 2010 (+10.2%).
-Canada's employment report was stronger than that of the United States, but weaker than Australia's and Israel's (see below), with employment increasing 0.16% on the month and 1.4% over the latest year.
-After a drop the previous month, employment rose 0.2% in Australia. As part-time employment fell while full time employment rose 0.7% this masked an even greater rebound in hours worked. During the latest year, employment is up 2%.
Meanwhile, Australia's trade surplus rose from A$1.7 billion to A$2.3 billion.
-Retail sales in Hong Kong continued to boom in May, up by 27.8% in nominal terms and 21.6% in real terms.
-Employment in Israel was up by 2.5% in the latest year, while real wages rose 1.3% during the same period.