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- Bosnia: CPI (Dec)
- Canada: Wholesale Trade, MSIO (Nov)
- Canada Regional: Wholesale Trade, MSIO by Province (Nov)
- US: Philadelphia Fed Nonmfg Business Outlook Survey (Jan)
- Hungary: Wages (Nov), Fostered Workers, Social Security Balance (Dec), Maturity Profile of Central Government Debt (Q4)
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Economy in Brief
Delay in Release
of Data for Construction, MSIO, Intl Trade, Wholesale Trade, Treasury Statement, Retail Sales, Business Sales & Inventories, and Housing Starts Due to Lapse in Federal Government Funding.
Philadelphia Fed Nonmanufacturing Business Activity Slumps Again in January
The Philadelphia Fed reported that its Nonmanufacturing Business Index of current conditions at the company level slumped further to -0.2 in January...
U.S. Industrial Production Celebrates 100 Years With An Increase
In the 100th anniversary of it release, industrial production rose a greater-than-expected 0.3% (3.9% year-on-year) during December...
U.K. Retail Sales Begin to Lose Momentum
U.K. retail sales fell by a sharp 1% in December...
Philadelphia Fed Manufacturing Index Rebounds; Pricing Pressure Eases
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index increased to 17.0 during January...
by Louise Curley April 25, 2005
The IFO indexes of business conditions and expectations in Germany declined further in April as heralded by the ZEW indicator of market sentiment, released last week.
The respondents to thesurvey have become more pessimistic regarding their expectations than regarding their current conditions since April of 2004 as shown in the first chart where the year-to-year changes in expectations and current conditions are plotted.
Other confidence measures released recently include Belgium's BNB (Banque Nationale de Belgique) indicators of business and consumer confidence, both of which declined in April. The only bit of optimism, surprisingly, was shown in Italy's ISEA (Instituto Nationale de Statistica) index of consumer confidence which increased by 0.58% from March and 3.05% from April, 2004. The year-to-year changes in this measure are shown in the second chart together with the year-to-year changes in Belgium's measure of consumer confidence. Italy's consumers have, so far this year, shown positive changes from the corresponding months of 2004 while Belgium consumers have become negative.
| Euro-Zone countries: | Apr 05 | Mar 05 | Apr 04 | M/M % or Dif |
Y/Y % or Dif |
2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|---|---|
| IFO Index (2000=100) Germany | ||||||||
| Business Climate | 93.3 | 94.0 | 96.4 | -0.74 | -3.22 | 95.7 | 91.7 | 89.4 |
| Business Conditions | 93.1 | 93.3 | 95.0 | -0.21 | -2.00 | 94.0 | 88.4 | 85.3 |
| Business Expectations | 93.6 | 94.6 | 97.8 | -1.06 | -4.29 | 97.4 | 95.1 | 93.8 |
| BNB % Balance Belgium | ||||||||
| Business Confidence | -11.6 | -8.0 | -0.6 | -3.6 | -12.2 | 2.3 | 12.9 | 7.9 |
| Consumer Confidence | -5 | -2 | -4 | -3 | -1 | -4 | -11 | -2 |
| ISEA (1980=100) Italy | ||||||||
| Consumer Confidence | 104.8 | 104.2 | 101.7 | 0.58 | 3.05 | 100.4 | 106.8 | 115.8 |
