The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK manufacturing PMI dropped in May
In the UK, the manufacturing PMI dropped to a level of 49.40 in May, compared to a reading of 53.10 in the prior month. Market expectation was for the manufacturing PMI to fall to level of 52.20.
Euro-zone unemployment rate unexpectedly slid in April
In the Euro-zone, unemployment rate recorded an unexpected drop to a level of 7.60% in April, compared to a level of 7.70% in the prior month. Market expectation was for the unemployment rate to record a flat reading.
Euro-zone CPI advanced less than expected in May
The final consumer price index (CPI) in the Euro-zone climbed 1.20% on an annual basis in May, compared to a rise of 1.70% in the previous month. Market anticipation was for the CPI to climb 1.30%.
Powell: Fed ready for rate cuts if needed over trade tensions
The US Fed Chairman, Jerome Powell, indicated that the central bank is prepared to trim its key interest rates if US President Donald Trump’s administration trade conflicts continue to affect the US economy. He stated that the central bank is watching current economic developments and will do what it must to keep the near-record expansion going.
US factory orders declined less than expected in April
In the US, factory orders fell 0.80% on a MoM basis in April, less than market expectations for a drop of 1.00%. In the prior month, factory orders had recorded a revised rise of 1.30%.
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