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July 14, 2020
The Labor Department released a report on Tuesday showing US consumer prices increased by slightly more than expected following three straight monthly declines. CPI climbed by 0.6% in June after edging down by 0.1% in May. The bigger than expected increase in consumer prices reflected the strongest price growth since August of 2012. Excluding the higher prices for food and energy, the core consumer price index ticked up by 0.2% in June. Compared to the same month a year ago, consumer prices increased by 0.6%. The annual rate of growth in core prices was unchanged at 1.2%. The June consumer price data suggest the outright deflationary impulse following the nation-wide lockdowns has subsided. The slow recovery in aggregate demand will keep the pace of inflation very subdued in the coming months. The Labor Department said PPI for final demand fell by 0.2% in June. 07/14/2020 - 06:30AM (RTTNews)
Euro traded at 1.1405 against USD at 9:00 am PST.
German economic sentiment weakened for the first time in four months in July as investors expect a slow recovery. The ZEW Indicator of Economic Sentiment fell to 59.3 in July. The assessment of the current situation improved slightly for the second time since January 2020. The current conditions index rose to -80.9 from the previous month. After a very poor Q2 the experts expect to see a gradual increase in GDP in the second half of the year and in early 2021. The indicator for the current economic situation climbed 0.9 points to a level of -88.7 points. 07/14/2020 - 05:27AM (RTTNews)
Spain's consumer prices declined in June as final data from the statistical office INE showed Tuesday. The consumer prices index fell 0.3% YoY in June. Prices for transportation declined 5.2% yearly in June and housing decreased 3.8%. On a MoM basis, consumer prices rose 0.5% in June. The HICP declined 0.3% annually in June, which was slower than the 0.9% decline in the prior month. On a monthly basis, the HICP rose 0.4% in June, as estimated. 07/14/2020 - 08:05AM (RTTNews)
British GBP traded at 1.2545 against USD at 9:00 am PST.
UK economy recovered at a much slower than expected pace in May after contracting the most on record in April. GDP grew 1.8% in May, when the economy shrunk a record 20.3%. The national output was still 24.5% smaller than in February, before the coronavirus pandemic hit the economy. The 1.8% rise in GDP in May was a substandard first step on the road to recovery. Despite the reopening of construction and manufacturing, the May GDP figures were underwhelming. The dominant service sector grew 0.9% after contracting 18.9% in the previous month. A report from ONS showed that the visible trade deficit narrowed to GBP 2.81 billion in April. Exports of goods grew 6.6%, while imports fell 1.7%. The Office for Budget Responsibility said the UK is on track to record the largest decline in annual GDP for 300 years, with output falling by more than 10% in 2020. 07/14/2020 – 05:31AM (RTTNews)