Euro-Area PMI Data Comes in Softer Than Expected | Canadian Wholesales Data Rises
Published May 23, 2019
Purchasing managers’ survey data for Europe came in softer than expected this morning as German manufacturing continues to be weak; both readings (at 44.3) fell below forecasts and experienced a significant drop from April. German IFO survey of business expectations also showed that confidence has fallen to its lowest level in years. Alternatively, French data showed marked private sector expansion at the fastest pace in months. PMI data for the euro-area remained subdued with the reading edging higher, from 51.5 to 51.6.
According to the Chinese Commerce Ministry, the latest US arrangements on trade are preventing negotiations with Beijing from proceeding. A ministry spokesperson commented, “If the US would like to keep on negotiating, it should, with sincerity, adjust its wrong actions.”
Canadian wholesale sales rose for a fourth consecutive month, up by 1.4% to $64.1 billion in March. The notably higher sales were recorded in six sub-sectors, accounting for 82% of total wholesale sales.
US labour data advance figures for seasonally adjusted initial jobless claims was 211,000, a decrease from the previous week’s 212,000. The advance seasonally adjusted insured unemployment rate was 1.2%.
British Prime Minister May’s political leadership claims are barely hanging on. Continued threats to her leadership continues with another resignation of a senior minister yesterday. Today’s European elections in the UK may provide a welcome distraction for the Prime Minister.