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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK average earnings including bonus rose more than expected in December
In the UK, the average earnings including bonus advanced 4.70% on a YoY basis in December, compared to a revised rise of 3.70% in the prior month. Markets were expecting average earnings to record a rise of 4.10%.
UK three month moving average unemployment rate increased in December
In the UK, the three-month moving average unemployment rate rose to 5.10% in December, as expected and compared to 5.00% in the previous month.
Euro-zone CPI climbed as expected in January
In the Eurozone, the final CPI recorded a rise of 0.90% on a YoY basis in January, at par with market expectations and compared to a fall 0.30% in the previous month.
Chairman Jerome Powell reiterated commitment to maintain its accommodative policy stance
Fed Chairman, Jerome Powell, in his congressional testimony before the Senate Banking Committee, reiterated that the central bank will maintain its ultra-easy monetary policy in the foreseeable future. Powell stated that inflation and employment remain well below the Federal Reserve’s goals, and is likely to take some time for substantial further progress to be achieved. Further, he warned that the US economic recovery remains uneven and far from complete.
US consumer confidence index climbed in February
In the US, the consumer confidence index registered a rise to 91.30 in February, compared to a revised reading of 88.90 in the previous month. Markets were anticipating the index to climb to a level of 90.00.
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