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The tightness in the UK labour market may be starting to slowly feed through to stronger pay growth, if today's data is replicated in coming months.
In nominal terms average weekly earnings rose by 2.2pct including bonuses in August 2017, and by 2.1pct excluding bonuses compared to a year earlier. In cash terms, average weekly earnings fell 0.4pct on previous year (ex-bonus) and 0.3pct (incl. bonus)
The number of people in work was up by 94K in the three months to August compared with three months ago. Whilst, over the same period there were 78K more women in employment. (LiveSquawk – Continue Reading)
The ZEW’s indicator of German economic expectations for the next six months rose slightly in October, but the thinktank’s survey of financial industry professionals showed less optimism about the current state of Europe’s largest economy.
The forward-looking indicator of economic sentiment rose to 17.6 from 17 in September, falling short of the consensus of 20. The current situation indicator slipped to 87 from 87.9 last month. Consensus was 88.5. The euro eased on the news.
ZEW President Achim Wambach said the improved outlook for the next six months follows surprisingly positive growth figures, including August data on industrial production and factory orders, which were much better than expected. Furthermore, positive European growth news has improved prospects for German exporters, Wambach noted.
“The fact that the inflation rate is rising again, and expected to climb further, equally points towards a positive economic development in Germany," Wambach said. (LiveSquawk – Continue Reading)
Annual inflation hit its highest level in 5 1/2 years in September 2017, as a rise in food prices and airfares more than offset the fall in clothing prices (caused by base effects).
Headline annual inflation rose to 3.0pct on the month, in line with analysts’ expectations and up from 2.9pct in August (Unrounded: 2.9593pct). The core read, which strips out energy, food, alcohol & tobacco held steady at 2.7pct, as predicted. The ONS's favoured measure, CPIH, also ticked higher to sit at 2.8pct, mirroring forecasts and up from August's 2.7pct.
Factory gate prices were unspectacular, insofar as they came in roughly where they should have. PPI Input prices y/y rose 8.4pct, in line with last month and slightly ahead of an 8.2pct consensus. PPI Output printed in line with the median estimate of 3.3pct y/y, down 0.1 ppt from August, with the core reading unchanged on the month at 2.5% y/y. (LiveSquawk – Continue Reading)
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