world economic news

Economic News Daily – Wednesday 01/06/2022

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UK

House prices increased by 11.2 percent on a yearly basis in May, following the 12.1 percent increase in April. The annual growth was faster than the economists’ forecast of 10.5 percent. Nationwide says it expects the housing market to slow as the year progresses.

EUROZONE

In April 2022, the euro area seasonally-adjusted unemployment rate was 6.8%, stable compared with March 2022 and down from 8.2 percent in April 2021. The EU unemployment rate was 6.2 percent in April 2022, also stable compared with March 2022 and down from 7.5 percent in April 2021. These figures are published by Eurostat, the statistical office of the European Union.

GERMANY

Retail turnover dropped 5.4 percent on a monthly basis in April, reversing a 0.9 percent rise in March, due to a record fall in food sales, data released by Destatis showed on Wednesday. Food turnover decreased 7.7 percent on a monthly basis, which was the biggest fall since the series began in 1994.

JAPAN

The Jibun Bank Japan Services Business Activity Index landed at 53.3 to stand above the neutral 50, but below the figure of 53.5 seen in April.  “Firms cited difficulties in sourcing and receiving raw materials as a key factor behind a steep expansion in safety stocks, with manufacturers indicating the second-fastest rise in pre-production inventories in the survey history” economist at IHS Markit Usamah Bhatti said.