Friday, December 23, 2011

Statistical Notes Friday December 23

-Despite the seemingly good headline U.K. GDP number, the details were weaker as I pointed out yesterday. Meanwhile, though the government deficit fell somewhat in November, the current account deficit rose to a new all time high of £15.2 billion in the third quarter while real retail sales in November fell by 0.4% in November compared to October and by 0.7% compared to November 2010-

-Most indicators, including initial jobless claims, new home sales and durable goods orders indicates that the U.S. economy strengthened in the fourth quarter after being weaker than previously estimated in the third. However, real disposable income was stagnant in November, and remains below its June peak.

-Canada's monthly GDP was unchanged in October, after 4 consecutive monthly increases.

-Euro area construction spending fell in October by 1.4% compared to September and by
2.8% compared to October 2010.

-Greece's current account deficit fell by a third to €1.5 billion, but that is still too high and for the January-October period as a whole, the drop was more moderate, from €18.7 billion to €16.5 billion.

Similarly, Portugal's current account deficit fell from €1.2 billion in October 2010 to €350 million in October 2010, but for the whole January-October period it only fell from €13.7 billion to €10 billion.

-Unemployment in Taiwan rose slightly, but this was more than entirely the result of an increase in its labor force participation rate.

-Similarly, Hong Kong unemployment rose slightly but this was also more than entirely the result of faster growth in its labor force. Meanwhile, consumer price inflation fell slightly but was at 5.7% still very high.


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