world economic news

Economic News Daily – Friday 06/05/2022



Austria’s wholesale price inflation increased 26% yearly in April, the highest since the series began in 1973, data from Statistics Austria showed on Friday. There were significant price increases for solid fuels (+109.5%), other petroleum products (+97.4%), iron and steel (+85.8%), fertilizers and agrochemicals (+ 82.6%). On a monthly basis, wholesale prices went up by 0.9%.


At 58.2 in April, down from 59.1 in March, the headline S&P Global / CIPS UK Construction Purchasing Managers’ Index (PMI) – which measures month-on-month changes in total industry activity – signalled the weakest rate of output growth since January. The index has nonetheless posted above the crucial 50.0 no-change mark in each month since February 2021. Of the three main construction segments monitored by the survey, the fastest-growing remained commercial work (index at 60.5), followed by civil engineering (56.2).


India’s services Purchasing Managers’ Index rose to 57.9 in April from 53.6 in March, according to survey results from S&P Global, amid strong growth in output and demand, while rising inflationary pressures damped business confidence.


Passenger car sales in China stood at 1.17 million units in April, dropping 48.1% year on year, according to a preliminary report by the China Association of Automobile Manufacturers (CAAM). On a monthly basis, sales fell 47.6% amid lockdowns. Since the start of the year, 7.68 million cars have been sold in the country, down 12.3% compared to the same period in 2021.