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UK labour market remains tight but real regular wage growth negative

12 April 2022

Emily Nicol
  • UK labour market report suggested further tightness, but real regular wage growth firmly in negative territory and so retail spending fell back
  • Japanese producer price inflation came in above expectations in March, with upwards pressures from higher commodity prices and the weaker yen 

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UK GDP fell short of expectations in February

11 April 2022

Emily Nicol
  • UK GDP fell short of expectations in February as manufacturing bottlenecks weighed on output and the slowdown in vaccination activity partly offset a rebound in tourism-related activity
  • Despite ticking higher in March, Chinese consumer price inflation remained subdued at just 1.5%Y/Y; PPI inflation also fell back to an eleven-month low, raising expectations that the PBoC will provide further support to flagging domestic demand this week
  • US and UK CPI inflation figures for March set to jump to new 40-year and 30-year highs respectively

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UK labour supply and demand imbalances continue

08 April 2022

Emily Nicol
  • Japanese consumers the most downbeat since the start of 2021 amid higher price expectations; economy watchers were given a boost by the lifting of Covid-related restrictions with the headline sentiment index up to a three-month high
  • UK report on jobs continued to flag ongoing labour supply and demand imbalances which drove permanent starting salaries to a survey high.

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Japanese consumption falls

07 April 2022

Emily Nicol
  • Japanese consumption declined for third consecutive month; BoJ consumer opinion survey suggests households’ financial situations will continue to deteriorate.
  • German industrial production ekes out modest increase in February.
  • ECB account from the March Governing Council meeting to offer insight into debate on the expected economic impact of Russia’s invasion of Ukraine.

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German factory orders weaker than expected

06 April 2022

Chris Scicluna
, 
Emily Nicol
  • Chinese Caixin services PMI plummets to its lowest level since February 2020 to signal sharp contraction amid rising Covid cases and tighter restrictions.
  • Euro area PPI inflation set to rise to new series high; construction PMIs likely to suggest ongoing expansion in sector at end-Q1.
  • Fed’s minutes of its March policy meeting should provide further plenty of information on the FOMC’s plans to reduce its balance sheet.

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