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June 29, 2022
Data released by the Commerce Department showed that U.S. economist activity shrank slightly more than estimated in the first quarter of 2022. The report showed that the decrease in real gross domestic product in the first quarter was revised to 1.6% from the previously reported 1.5%. The slightly bigger than previously estimated decline in GDP in the first quarter came on the heels of the 6.9% spike in GDP in the fourth quarter of 2021. 06/29/2022 - 08:35:00 (RTTNews)
Euro traded at 1.0470 against USD at 9:00 am PST.
In June, Eurozone economic confidence weakened to a 15-month low reflecting the deterioration of morale among consumers and construction managers, survey results from the European Commission. The economic confidence index fell to 104.0 in June from 105.0 in May. This was the lowest score since March 2021 but remained above economists' forecast of 103.0. The improvements in industrial and services confidence were offset by the falls in sentiment among consumers, retailers, and construction managers. The industrial sentiment index advanced unexpectedly to 7.4 from 6.5 in the previous month, and the score was forecast to fall to 4.6.
Similarly, the services confidence index improved to 14.8 from 14.1 a month ago, while the reading fell to 12.5. Meanwhile, the consumer confidence index dropped to -23.6 in June, initially estimated, from -21.2 in May. Construction confidence also weakened in June due to the sharp fall in employment expectations and a decline in the level of order books. The construction sentiment index plunged to 3.7 from 6.3. Likewise, the retail confidence index slid to -5.1 from -4.2 in the previous month. The employment expectations index in the currency bloc dropped 1.7 points to 110.9 in June. The downturn was driven by a sharp deterioration in employment plans in construction.
In the EU27, the economic confidence index fell 1.7 points to 102.5 in June. The European Commission's Economic Uncertainty Indicator rose again in June, driven by a substantial increase among consumers, which pushed consumer uncertainty to its highest on record. While uncertainty picked up again in the industry, it eased in retail trade, services, and construction. Selling price expectations rose to a new all-time high in retail trade and remained unchanged in services. In industry and construction, price expectations eased for the second consecutive month. At the same time, consumers' price expectations eased for the third straight month. The Purchasing Managers' survey results last week showed that the private sector expanded at the slowest pace in more than a year in June as the manufacturing output contracted for the first time in two years. 06/29/2022 - 07:11:00 (RTTNews)
Germany's consumer price inflation unexpectedly slowed in June from a record high, preliminary data from Destatis showed on Wednesday. Consumer price inflation eased to 7.6% in June from 7.9% in May. The rate was expected to rise to a new record of 8.0%. Similarly, the E.U. measure of inflation, or HICP, slowed to 8.2% from 8.7% in May. Energy prices advanced 38.0% from the previous year, similar to the rates seen in the previous months. Food prices also increased at an above-average pace of 12.7% in June. The consumer price index gained only 0.1% in June from May. Economists forecast the monthly rate to decrease to 0.3% from 0.9% in May. The harmonized index of consumer prices fell 0.1% month-on-month in June, in contrast to the 1.1% increase in May. Prices were forecast to climb 0.4%. The statistical office is scheduled to issue the final results on July 13. 06/29/2022 - 08:47:00 (RTTNews)
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