US CPI Data Released | German Economic Sentiment Continues to Decrease
Published August 13, 2019
US Consumer Price Index increased 0.3% in July on a seasonally adjusted basis after rising 0.1% in June. The US Bureau of Labor Statistics reported today that over the last 12 months all items on the index increased 1.8% before seasonal adjustment. Increases in the indexes for gasoline and shelter were the major factors in the seasonally adjusted all items monthly increase.
The ZEW Indicator of Economic Sentiment for Germany decreased sharply in August. Expectations are now at minus 44.1 points which corresponds to a drop of 19.6 points compared to the previous month. The indicator’s long-term average is 21.6 points. The ZEW Indicator of Economic Sentiment is at the lowest level since December 2011. Over the same period, the assessment of the economic situation in Germany worsened considerably by 12.4 points.
The UK employment rate was estimated at 76.1%, the highest on record since comparable records began in 1971. The UK unemployment rate was estimated at 3.9% lower, on the quarter the rate was 0.1% higher. The UK economic inactivity rate was estimated at 20.7% a new record low.
Oil prices dropped early this week after concerns over global demand and rising US output offset expectations for major producers to further curtail supply. US West Texas Intermediate futures were at $54.34 per barrel, down about 1%. A deepening trade war between the United States and China has weighed heavily on oil prices in recent months as the two largest economies represent the largest energy consumers.