Guardian Stockbrokers Key Economic News Friday 1 July 2022

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


UK GDP advanced as expected in 1Q 2022

In the UK, GDP rose 0.80% on a QoQ basis in 1Q 2022, at par with market expectations and compared to a rise of 1.30% in the previous quarter.

UK current account deficit widened more than expected in 1Q 2022

In the UK, current account deficit widened to £51.70 billion in 1Q 2022, compared to a deficit of £7.30 billion in the prior quarter. Markets were expecting the deficit to widen to £39.80 billion.

Germany retail sales advanced more than anticipated in May

In Germany, retail sales rose 0.60% on a MoM basis in May, compared to a drop of 5.40% in the previous month. Market anticipations were for retail sales to record a rise of 0.50%.

Germany unemployment rate unexpectedly advanced in June

In Germany, the unemployment rate climbed to 5.30% in June, compared to 5.00% in the prior month. Markets were expecting the unemployment rate to remain unchanged.

US initial jobless claims dropped less than anticipated in the week ended 24 June 2022

In the US, initial jobless claims fell to 231.00 K in the week ended 24 June 2022, compared to a revised reading of 233.00 K in the previous month. Market anticipations were for initial jobless claims to fall to 228.00 K.

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