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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK construction PMI advanced more than anticipated in February
In the UK, the construction PMI rose to a level of 53.30 in February, compared to a reading of 49.20 in the previous month. Markets were expecting the construction PMI to record a rise to a level of 51.00.
Euro-zone retail sales dropped more than expected in January
In the Euro-zone, the seasonally adjusted retail sales dropped 5.90% on a MoM basis in January, compared to a revised rise of 1.80% in the previous month. Markets were expecting the retail sales to record a fall of 1.10%.
Euro-zone unemployment rate remained unchanged in January
In the Euro-zone, the unemployment rate remained unchanged at 8.10% in January. Markets were expecting the unemployment rate to record a rise to 8.3%.
Fed Chairman Jerome Powell says reopening could cause inflation
US Federal Reserve Chairman, Jerome Powell, in his latest speech, stated that reopening of the US economy could result in higher inflation, but he expects the increase in inflation to be “transitory,”. Further, he reiterated that the central bank will remain “patient” with regard to monetary policy.
US factory orders rose in January
In the US, factory orders climbed 2.60% on a MoM basis in January, compared to a revised rise of 1.60% in the prior month.
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