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Ireland Construction Activity Growth Slows In May
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Ireland's construction activity growth eased to the lowest in four months in May, survey data from IHS Markit showed on Monday.
The Ulster Bank Construction Purchasing Managers' Index, or PMI, fell to 54.9 in May from 56.6 in April. Any reading above 50 indicates expansion in the sector.
The housing sub-category rose at the fastest pace in three monitored sub-sectors for the fifth straight month in May. The corresponding PMI slid slightly to 58.3 from 60.5 a month ago.
Commercial activity increased at the slowest pace since August 2013. The commercial activity index came in 53.1 versus 54.6 in the previous month.
Civil engineering activity fell for the ninth month in a row. The civil engineering activity PMI dropped to 46.3 from 46.4 in April.
"New business and employment levels continued to rise at healthy rates in May, albeit in line with overall trends, both indices eased last month," Simon Barry, chief economist Republic of Ireland at Ulster Bank, said.
"Survey respondents remain optimistic about the sector's prospects over the year ahead, with expectations of stronger customer demand cited as an important source of support."
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European Economics Preview: UK Labor Market Data Due
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Unemployment from the UK and investor confidence from euro area are due on Tuesday, headlining a light day for the European economic news.
At 2.00 am ET, Statistics Norway publishes consumer price data. Economists forecast inflation to remain unchanged at 2.9 percent in May.
At 2.30 am ET, Bank of France business sentiment survey data is due. The business confidence index is forecast to rise slightly to 100 in May from 99 in April.
Half an hour later, the Czech inflation data is due. Inflation is expected to slow slightly to 2.7 percent in May from 2.8 percent in April.
At 4.30 am ET, the Office for National Statistics releases UK unemployment data. The ILO jobless rate is seen unchanged at 3.8 percent in three months to April.
In the meantime, Eurozone Sentix investor confidence data is due. Economists forecast the investor sentiment index to drop to 2.5 in June from 5.3 in May.
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Australia Jobless Rate Steady At 5.2% In May
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The unemployment rate in Australia came in at a seasonally adjusted 5.2 percent in May, the Australian Bureau of Statistics said on Thursday - unchanged from the April reading but missing forecasts for 5.1 percent.
The Australian economy added 42,300 jobs last month - blowing past expectations for an increase of 16,000 following the increase of 28,400 in the previous month.
The participation rate was 66.0 percent, surpassing forecasts for 65.8 percent and up from the upwardly 65.9 percent a month earlier (originally 65.8 percent).
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New Zealand Manufacturing Growth Near Stagnation
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New Zealand manufacturing sector was close to stagnation in May, the latest BNZ survey showed Friday.
The BNZ-BusinessNZ Performance of Manufacturing Index fell 2.5 points to 50.2 in May. This was the lowest score since December 2012.
The production sub-index declined to 46.4 in May from 50.1 a month ago. This was the lowest since April 2012. A score below 50 indicates contraction in the sector.
As a growth risk indicator it may not be flashing bright red just yet, but it is moving in that direction in taking on a darker shade of amber, Doug Steel, a senior economist at BNZ Research said.
The PMI sends a warning signal for near term growth via its mix of falling production, near flat new orders, and rising inventory, Steel added. Next week's first quarter GDP should be reasonable, but beyond this downside risks are accumulating.
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BCC Trims UK Growth Outlook
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The British Chambers of Commerce downgraded its growth outlook for next year as unwinding of historically-high inventory levels amid weak business investment weigh on economic activity.
In the latest economic forecast, released Monday, the growth projection for 2020 was lowered to 1 percent from 1.3 percent and that for 2021 to 1.2 percent from 1.4 percent.
However, the growth outlook for 2019 was lifted marginally to 1.3 percent from 1.2 percent, citing the exceptionally rapid stock-building ahead of the original Brexit deadline in March.
Gross domestic product was forecast to remain flat in the second quarter of 2019 after expanding 0.5 percent in the first quarter.
Over the near-term, the lobby expect that the ongoing Brexit impasse, together with the high upfront cost of doing business in the UK and the running down of excess stock to suffocate investment activity.
Business investment was expected to decline 1.3 percent this year versus prior forecast of 1 percent drop. Further, the lobby projected 0.4 percent growth next year, before improving to 1.1 percent in 2021.
Further, trade was set to make a negative contribution as exchange rate volatility, Brexit uncertainty and a subdued global economy, weaken trading conditions for British exporters.
Export growth was seen at 1.6 percent this year and next and 1.7 percent in 2021, compared to import growth of 4.3 percent in 2019, 1.8 percent in 2020 and 2.2 percent in 2021.
Nonetheless, consumer spending was forecast to remain resilient on low unemployment and earnings growth to stay above inflation. Household consumption growth outlook was lifted to 1.4 percent for 2019 and to 1.4 percent in 2020.
The forecast was based on the assumption that the UK avoids a messy and disorderly Brexit.
"Businesses are putting resources into contingency plans, such as stockpiling, rather than investing in ventures that would positively contribute to long-term economic growth," Adam Marshall, Director General of the BCC, said. "This is simply not sustainable."
Business communities expect the next Prime Minister to quickly find a sensible and pragmatic way forward to avoid a messy and disorderly Brexit, Marshall added.
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New Zealand Consumer Confidence Drops In Q
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New Zealand's consumer sentiment weakened slightly in the second quarter as households remained downbeat about the economic backdrop, survey data from Westpac showed Tuesday.
The Westpac McDermott Miller consumer confidence index dropped 0.3 points to 103.5 in June.
Among sub-components, the indicator for present situation fell to 106.6 from 107.6 a quarter ago. Meanwhile, the expected conditions index rose marginally to 101.4 from 101.3.
The index measuring current financial situation improved to -4.7 in the second quarter from -8.3. Likewise, the expected financial situation indicator climbed to -3.2 from -6.5.
The 1-year ahead economic outlook rose slightly to -4.6 from -5.1. At the same time, the 5-year economic outlook dropped to 11.9 from 15.4 in the previous quarter.
The 'good time to buy' index declined to 17.9 in the second quarter from 23.4 in the preceding period.
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Japan May Trade Deficit Y967.1 Billion
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Japan posted a merchandise trade deficit of 967.1 billion yen in May, the Ministry of Finance said on Wednesday - up 67.5 percent on year.
That exceeded expectations for a shortfall of 1,207.0 billion yen following the 110.9 billion yen deficit in April.
Exports were down 7.8 percent on year to 5.835 trillion yen, also beating forecasts for a drop of 8.4 percent following the 2.4 percent decline in the previous month.
Exports to Asia were down 12.1 percent on year to 3.120 trillion yen, while exports to China alone fell 9.7 percent to 1.148 trillion yen.
Exports to the United States rose an annual 3.3 percent, while exports to the European Union sank 7.1 percent to 647.475 billion yen.
Imports sank an annual 1.5 percent to 6.802 trillion yen versus expectations for an increase of 1.0 percent after soaring 6.5 percent a month earlier.
Imports from Asia fell 3.3 percent on year to 3.100 trillion yen, while imports from China alone eased 0.9 percent to 1.540 trillion yen.
Imports from the United States dipped an annual 1.6 percent to 792.795 billion yen, while imports from the European Union climbed 8.7 percent to 898.979 billion yen.
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New Zealand GDP Expands 0.6% On Quarter In Q1
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New Zealand's gross domestic product grew a seasonally adjusted 0.6 percent on quarter in the first three months of 2019, Statistics New Zealand said on Thursday - matching forecasts and unchanged from the previous quarter.
On an annualized yearly basis, GDP was up 2.5 percent - exceeding forecasts for an increase of 2.3 percent, which would have been unchanged.
Activity in the goods-producing industries rose 2.0 percent in the March 2019 quarter. The growth was mainly driven by increased activity in the construction industry (up 3.7 percent), its largest increase since the September 2017 quarter. The rise in construction was reflected in investment in non-residential building (up 9.9 percent) and residential buildings (up 2.7 percent).
Manufacturing activity rose 1.4 percent in the March 2019 quarter, after a 0.4 percent decline in the December 2018 quarter. Increased food, beverage, and tobacco manufacturing contributed strongly to the rise this quarter. There were also increases in metal product manufacturing; non-metallic mineral manufacturing; and petroleum, chemical, polymer, and rubber product manufacturing.
Activity in the service industries rose 0.2 percent in the March 2019 quarter, the slowest growth rate since the September 2012 quarter. Of the 11 service industries, seven recorded growth.
The main drivers of this quarter's growth were health care and social assistance (up 1.7 percent) and transport, postal, and warehousing (up 1.2 percent). Retail, accommodation, and restaurants fell 0.5 percent. Lower activity in accommodation and restaurants reflected a dip in visitor arrivals to New Zealand in February and March.
Agriculture, forestry, and fishing production fell 2.3 percent in the March 2019 quarter, after a 0.3 percent fall in the December 2018 quarter. The fall in the latest quarter was due to unfavorable weather conditions. Agriculture (down 2.3 percent), forestry and logging (down 1.2 percent), and fishing (down 0.4 percent) all declined. This was offset by a rise in mining (up 9.6 percent), due to higher exploration activity along with an increase in oil and gas extraction.
Household spending grew 0.5 percent in the March 2019 quarter, after a 1.0 percent rise in the December 2018 quarter. Growth was subdued this quarter due to lower spending on services (up 0.3 percent). This was the weakest growth in services expenditure since the December 2014 quarter. Spending on durable and non-durable goods increased 1.4 percent and 0.4 percent, respectively.
Investment in fixed assets was up 2.4 percent in the March 2019 quarter. Higher construction activity was reflected in higher construction-related investment expenditure. Business investment (all investment less residential buildings) rose 1.9 percent.
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European Economics Preview: Eurozone Flash PMI Data Due
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Flash Purchasing Managers' survey from euro area and public sector finance from the UK are due on Friday, headlining a light day for the European economic news.
At 3.15 am ET, IHS Markit releases France's flash composite PMI data. Economists forecast the index to rise marginally to 51.3 in June from 51.2 in May. At 3.30 am ET, Germany's composite PMI data is due. The composite index is seen at 52.5 in June versus 52.6 a month ago.
At 4.00 am ET, IHS Markit is slated to release PMI survey results for euro area. The composite PMI is forecast to rise to 52.0 in June from 51.8 in May.
In the meantime, industrial output and producer price reports are due from Poland. Industrial production is seen rising 7.5 percent annually in May, following a 9.2 percent rise in April. Producer price inflation is expected to ease to 1.6 percent in May from 2.6 percent a month ago.
At 4.30 am ET, the Office for National Statistics releases UK public sector finance data. The budget deficit is expected to narrow to GBP 4.1 billion in May from GBP 5.8 billion in April.
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European Economics Preview: Germany Ifo Business Confidence Data Due
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Business sentiment data from Germany is due on Monday, headlining a light day for the European economic news.
At 1.00 am ET, Statistics Finland releases producer prices for May. Prices had increased 0.1 percent on month in April.
At 3.00 am ET, the Czech business confidence survey data is due for June. The business sentiment index had fallen to 12.7 in May from 15.1 in April.
At 4.00 am ET, Germany's Ifo business sentiment survey results are due. Economists forecast the business confidence index to fall to 97.5 in June from 97.9 in May.
The ifo current conditions index is seen at 100.8 versus 100.6 in May. Meanwhile, the expectations index is forecast to fall to 95.1 in June from 95.3 in May.
In the meantime, retail sales data from Poland is due. Sales are forecast to expand 8.5 percent annually, following a 13.6 percent rise in April.
At 5.00 am ET, Statistics Iceland is scheduled to issue monthly wage data for May.
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