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Guardian Stockbrokers Key Economic News Thursday 22 March 2018

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

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UK CBI trends selling prices slid in March

CBI trends selling prices dropped to 18.00 in March, in the UK. CBI trends selling prices had registered a reading of 25.00 in the prior month.

UK ILO unemployment rate surprisingly dropped in the November-January 2018 period

The ILO unemployment rate fell unexpectedly to 4.30% in the UK, in the November-January 2018 period, compared to market expectations of an unchanged reading. In the October-December 2017 period, the ILO unemployment rate had recorded a reading of 4.40%.

UK average earnings including bonus advanced more than expected in the November-January 2018 period

In the November-January 2018 period, on a YoY basis, the average earnings including bonus in the UK registered a rise of 2.80%, higher than market expectations for an advance of 2.60%. The average earnings including bonus had registered a revised rise of 2.70% in the October-December 2017 period.

UK claimant count rate climbed in February

In the UK, the claimant count rate rose to a level of 2.40% in February. In the previous month, the claimant count rate had recorded a level of 2.30%.

UK balance of firms reporting total order book above normal dropped in March

The balance of firms reporting total order book above normal in the UK recorded a drop to 4.00 in March, compared to a reading of 10.00 in the prior month. Market expectation was for the balance of firms reporting total order book above normal to fall to 8.00.

UK public sector net borrowing posted a deficit in February

In the UK, in February, the public sector net borrowing (excluding temporary effects of financial interventions) has posted a deficit £1.30 billion, following a revised surplus of £10.10 billion in the previous month. Markets were expecting public sector net borrowing to show a deficit of £1.80 billion.

Number of unemployment benefits claimants in the UK rose in February

The number of unemployment benefits claimants climbed by 9.20 K in the UK, in February. Number of unemployment benefits claimants had registered a revised fall of 1.60 K in the prior month.

UK public sector net cash requirement reported a deficit in February

The public finances (public sector net cash requirement) in the UK has posted a deficit £18.60 billion in February, following a revised surplus of £26.20 billion in the previous month.

Employment in the UK advanced in the November-January 2018 period

The employment rose by 168.00 K in the UK, in the November-January 2018 period, higher than market expectations of an advance of 84.00 K. Employment had recorded a gain of 88.00 K in the October-December 2017 period.

UK public sector net borrowing posted a surplus in February

In the UK, in February, the public sector net borrowing has reported a surplus of £0.30 billion, from a revised surplus of £11.70 billion in the previous month. Markets were expecting public sector net borrowing to report a surplus of £0.50 billion.

UK average earnings excluding bonus advanced as expected in the November-January 2018 period

On a YoY basis, the average earnings excluding bonus rose 2.60% in the November-January 2018 period, in the UK, compared to an advance of 2.50% in the October-December 2017 period. Market expectation was for the average earnings excluding bonus to rise 2.60%.

Spanish trade deficit rose in January

Trade deficit in Spain rose to €3.94 billion in January. Spain had reported a trade deficit of €2.05 billion in the previous month.

US mortgage applications dropped in the last week

Mortgage applications dropped 1.10% on a weekly basis, in the week ended 16 March 2018, in the US. In the prior week, mortgage applications had advanced 0.90%.

US existing home sales rose in February

In February, existing home sales in the US climbed 3.00%, on MoM basis, to a level of 5.54 million, compared to a reading of 5.38 million in the prior month. Markets were anticipating existing home sales to rise to 5.40 million.

US current account deficit expanded in 4Q 2017

US has posted current account deficit of $128.20 billion in 4Q 2017, following a revised current account deficit of
$101.50 billion in the previous quarter. Market anticipation was for the nation to register a current account deficit of $125.00 billion.

US Fed raised key interest rates, signalled two more rate hikes this year

The Federal Reserve’s (Fed) policymakers voted unanimously to lift the benchmark interest rate by a quarter percentage point to a range of 1.50% to 1.75%, citing an improving economic outlook. Further, Fed’s Chairman, Jerome Powell, stated that the US economy has strengthened in recent months and inflation appears to be moving towards the central bank’s 2.00% goal. In its quarterly economic outlook, the central bank stuck to its prior forecast of three rate hikes in 2018 but lifted its 2018 economic growth projection from 2.50% to 2.70%, while growth forecast for 2019 was raised to 2.40%, from 2.10% estimated earlier in December. However, inflation estimate was left unchanged at 1.90% for this year.

Japanese manufacturing PMI dropped in March

The preliminary manufacturing PMI in Japan registered a drop to 53.20 in March. In the prior month, manufacturing PMI had registered a level of 54.10.

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