world economic news

Economic News Daily – Tuesday 31/05/2022

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US

Consumer confidence index dipped to 106.4 in May from an upwardly revised 108.6 in April, according to a report released by the Conference Board on Tuesday. Economists had expected the consumer confidence index to drop to 104.0 from the 107.3 originally reported for the previous month.

SWITZERLAND

The Gross Domestic Product (GDP) in Switzerland expanded 4.40 percent in the first quarter of 2022 over the same quarter of the previous year, the State Secretariat for Economic Affairs, or SECO, said Tuesday. The rate was forecast to rise to 4.3 percent.

CHINA

China’s official manufacturing Purchasing Managers’ Index (PMI) increased more-than-expected to 49.6 in May from 47.4 in the previous month. The expected level was 48.0. the non-manufacturing PMI, which reflects services and construction activity, advanced notably to 47.8 from 41.9 a month ago.

GERMANY

The jobless rate in Germany stood at 4.9% in May, down by 0.1% in comparison to the previous month’s revised figure, and in line with analysts’ expectations, the country’s Federal Employment Agency revealed in its report issued on Tuesday. “Employment continues to grow and the demand for new workers continues to move at a very high level,” said the head of the labour office, Detlef Scheele