ROUNDUP: German industry only produces slightly less
WIESBADEN – Industry in Germany produced slightly less at the beginning of the fourth quarter. From September to October, total production fell by 0.1 percent, as the Federal Statistical Office announced in Wiesbaden on Wednesday. Bank economists had expected a more significant decline of 0.6 percent on average. The development in September was better than previously known: instead of an increase of 0.6 percent, new data shows growth of 1.1 percent. Compared to the same month last year, production stagnated in October.
ROUNDUP 2: Weak global economy and lockdowns: China’s foreign trade collapses
BEIJING – Poor global demand and corona lockdowns in China have caused Chinese foreign trade to collapse massively. Calculated in US dollars, exports surprisingly fell by 8.7 percent in November compared to the same month last year – more than since February 2020 at the beginning of the pandemic. It was the second monthly decline in a row. As also reported by customs in Beijing on Wednesday, imports even fell by 10.6 percent and thus much more sharply than predicted. Foreign trade fell by a total of 9.5 percent.
Canada’s central bank raises interest rates again – interest rate hike pause possible
OTTAWA – Canada’s central bank has again raised its key interest rate noticeably. The Bank of Canada announced on Wednesday in Ottawa that the key interest rate would be increased by 0.50 percentage points to 4.25 percent. With a narrow majority, analysts had expected another increase of this magnitude, but quite a few had only assumed 0.25 percentage points. However, the central bank opened the door for a pause in rate hikes.
Productivity of the US economy is growing faster than expected
WASHINGTON – Productivity in the US economy rose more than expected in the summer. The ratio of production and working hours rose by 0.8 percent on an annualized basis in the third quarter, the Department of Labor announced on Wednesday in Washington after a second estimate. This marks an upward revision of a first survey, after a previous increase of just 0.3 percent had been reported.
ECB: Consumers see higher inflation and stronger economic contraction
FRANKFURT – Consumers in the euro zone expect even higher inflation, according to a survey by the European Central Bank (ECB). On a twelve-month horizon, consumers expect inflation of 5.4 percent, as the ECB announced in Frankfurt on Wednesday. A month earlier, the expectation was 5.1 percent. As in the previous month, a rate of 3.0 percent is expected over a three-year period. The ECB is aiming for inflation of two percent in the medium term. Measured inflation eased slightly to 10.0 percent in November.
Eurozone: Economy grows slightly faster than expected in summer
LUXEMBOURG – In the euro zone, economic output increased slightly more than expected in the summer. In the third quarter, the gross domestic product (GDP) of the 19 euro countries grew by 0.3 percent compared to the previous quarter, as the statistics office Eurostat announced on Wednesday in Luxembourg after a third estimate. A previous survey for the months July to September was revised upwards by 0.1 percentage points.
Customer Note:
ROUNDUP: You are reading a summary in the business cycle overview. There are several reports on the dpa-AFX news service on this subject.
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