Statistical Notes Wednesday September 14
Meanwhile, the British employment rate fell in May to July to 70.5%, down by 0.2% compared to the previous quarter and by 0.3 percentage points compared to a year earlier, while unemployment rose. The nominal rate of wage increases rose to 2.8%, but with inflation at 4.5% that still means that real wages are falling. Also, in August the number of people receiving unemployment benefuts continued to rise.
-Producer prices in the United States were unchanged compared to the previous month, but compared to a year earlier they were up 6.5%.
Meanwhile, nominal retail sales in August were unchanged compared to the previous month but up 7.2% compared to a year earlier. With inflation at around 3.5%, real retail sales are likely up also around 3.5%.
-Im contrast to many other bullish signs, employment fell slightly in Canada in August compared to July while unemployment rose. However compared to a year earlier the picture is brighter with employment up and unemployment down.
-Contradicting the bearish signals from manufacturing surveys, the Swedish statistics authority reported increases in both industrial production and factory orders. Meanwhile, Swedish consumer price inflation was unchanged at 1.6% (the EU harmonized index).
-Also contradicting manufacturing surveys, euro area industrial production rose in July by 1% after falling by 0.8% in June.
-Estonia's foreign trade continued to grow rapidly, with exports up 34% and imports up 38% compared to a year earlier. Although this growth rate is slower than previously this year, this slowdown is largely the result of base effects.