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Guardian Stockbrokers Key Economic News Friday 3 February 2017

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The key points from today’s economic news, brought to you by Guardian Stockbrokers.

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BoE held rates, upgraded UK growth forecast

The Bank of England (BoE) held the benchmark interest rate steady at a record low of 0.25% and maintained government bond purchases at £435.0 billion, indicating that it is in no rush to raise interest rates as the UK’s Brexit negotiations are about to kick off. Further, the central bank expects gross domestic product (GDP) to rise by 2% in 2017, an upgrade from the 1.4% forecast in its November inflation report. For 2018, the policy makers expect growth of 1.6% compared with the 1.5% predicted earlier.

UK construction PMI recorded a drop in January

The construction PMI recorded a drop to 52.20 in January, in the UK, compared to a reading of 54.20 in the previous month. Markets were anticipating the construction PMI to drop to a level of 53.80.

Euro-zone PPI rose more than expected in December

In the Euro-zone, the producer price index (PPI) recorded a rise of 0.70% in December on a MoM basis, more than market expectations for a rise of 0.50%. The PPI had risen 0.30% in the previous month.

Number of people unemployed in Spain recorded a rise in January

In Spain, number of people unemployed registered a rise of 57.30 K in January, lower than market anticipations of an advance of 60.60 K. Number of people unemployed had recorded a loss of 86.80 K in the prior month.

Swiss real retail sales dropped more than expected in December

On a YoY basis in Switzerland, real retail sales dropped 3.50% in December, more than market expectations for a drop of 0.70%. Real retail sales had climbed by a revised 0.80% in the previous month.

US initial jobless claims declined in the last week

In the week ended 28 January 2017, the seasonally adjusted initial jobless claims registered a drop to 246.00 K in the US, compared to a revised level of 260.00 K in the previous week. Market expectation was for initial jobless claims to fall to a level of 250.00 K.

US New York City current business condition index eased in January

The New York City current business condition index registered a drop to 57.70 in January, in the US. The New York City current business condition index had registered a reading of 63.80 in the prior month.

US unit labor costs in non-farm businesses advanced less than expected in 4Q 2016

In the US, the flash unit labor costs in non-farm businesses climbed 1.70% in 4Q 2016 on a QoQ basis, less than market expectations for an advance of 1.90%. The unit labor costs in non-farm businesses had climbed 0.70% in the prior quarter.

US non-farm business productivity advanced more than expected in 4Q 2016

In 4Q 2016, on a QoQ basis, the flash non-farm business productivity in the US climbed 1.30%, more than market expectations for an advance of 1.00%. In the prior quarter, the non-farm business productivity had risen 3.10%.

US continuing jobless claims declined in the last week

The seasonally adjusted continuing jobless claims in the US dropped to 2064.00 K in the week ended 21 January 2017, compared to market expectations of a drop to 2063.00 K. Continuing jobless claims had recorded a revised level of 2103.00 K in the prior week.

US number of planned layoffs by US companies fell in January

In January, on an annual basis, the number of planned layoffs by US companies fell 38.80% in the US. In the prior month, the number of planned layoffs by US companies had registered a rise of 42.40%.

BoJ Minutes: Japan continued moderate economic recovery

The Bank of Japan’s (BoJ) December meeting minutes revealed that most of the monetary policy board members believe that the country remains on a moderate recovery path. At the meeting, the BoJ kept the monetary stimulus unchanged as expected and raised its assessment of the economy.

Japanese consumer confidence index advanced in January

In January, the consumer confidence index rose to a level of 43.20 in Japan, lower than market expectations of a rise to 43.40. The consumer confidence index had recorded a reading of 43.10 in the previous month.

Japanese Markit composite PMI dropped in January

In January, Markit composite PMI in Japan recorded a drop to 52.30. Markit composite PMI had recorded a reading of 52.80 in the prior month.

Chinese Caixin/Markit manufacturing PMI index dropped in January

In January, Caixin/Markit manufacturing PMI index fell to a level of 51.00 in China, compared to market expectations of a fall to a level of 51.80. Caixin/Markit manufacturing PMI index had recorded a reading of 51.90 in the prior month.

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