The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK construction PMI dropped more than expected in June
In the UK, the S&P Global construction PMI fell to 52.60 in June, compared to a reading of 56.40 in the prior month. Markets were expecting the construction PMI to drop to 55.00.
Euro-zone retail sales advanced less than anticipated in May
In the Euro-zone, retail sales rose 0.20% on a MoM basis in May, compared to a revised drop of 1.40% in the previous month. Markets were anticipating retail sales to rise 0.40%.
Germany factory orders unexpectedly advanced in May
In Germany, factory orders unexpectedly rose 0.10% on a MoM basis in May, compared to a drop of 2.70% in the prior month. Market expectations were for factory orders to record a fall of 0.60%.
FOMC meeting minutes signals Fed sees ‘more restrictive’ policy if inflation fails to come down
Minutes of the US Fed June monetary policy meeting revealed that policymakers are considering another 50 or 75 basis point rate hike in the July meeting. Further, the officials expressed the need to fight inflation even if it meant slowing an economy that already appears on the brink of a recession.
US JOLTS job openings declined less than expected in May
In the US, the JOLTS job openings fell to 11.25 million in May, compared to a reading of 11.68 million jobs in the prior month. Markets were expecting the job openings to fall to 11.00 million.
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