Recent Updates
- Australia: Overseas Arrivals and Departures (Dec)
- Korea: Import & Export Price Indexes (Jan)
- Turkey: House Price Index (Dec)
- UK: Rightmove HPI (Feb), LSL/Acadata HPI (Jan)
- Albania: Trade by Commodity (Jan-Prelim)
- Namibia: Government Finance (Dec)
- Hungary: Foreign Currency Liquidity (Jan)
- Sweden: Securities Statistics (Jan)
- more updates...
Economy in Brief
Import Prices Continue Their Decline; Both Oil and Nonoil Prices Move Lower
Import prices fell a greater-than-expected 0.5% during January (-1.7% year-on-year)...
Empire State Manufacturing Activity Improves Modestly
The Empire State Manufacturing Index of General Business Conditions rose to 8.8 during February...
EMU-16 Trade Flows and Balance
EMU-wide exports ticked lower in December as imports were flat...
U.S. Retail Sales Exhibit Extensive Weakness
Total retail sales declined 1.2% (+2.3% y/y) during December...
U.S. Producer Prices Decline; Core PPI Rises
The headline Final Demand Producer Price Index edged down 0.1% for the second consecutive month in January (+2.0% y/y)...
by Robert Brusca March 12, 2008
In January Euro Area IP rose by a strong 0.9%. MFG output
advanced at a 1.2% pace and even consumer goods output was strong with
a gain of 0.8%. Consumer durables output led the advance within
consumption with a rise of 1.9% in the month. But capital goods
expansion was stronger still, rising by 2.7% in January as intermediate
goods output rose by 0.8%. These figures left Yr/Yr trends strong as
MFG output rose at a 3.2% pace over 12 months and capital equipment
rose at a 7.3% pace. Yr/Yr consumer output was up by just 1.3%.
However, in the new quarter with one month’s data overall IP is
expanding at a 7.2% pace led by capital equipment which is up at a
15.5% pace. Even consumer output is rising at a strong 4.4% pace in the
new quarter.
As we saw in the country detail IP reports earlier, several
EMU nations experienced some exceptional factors that augmented growth
in January. The Bundesbank is looking for overall German growth to slow
below trend there. There is also the strong euro’s impact to consider.
While January was a stronger month it is best to be wary of what the
future holds for IP trends in the months ahead.
E-zone and UK IP and MFG | |||||||
---|---|---|---|---|---|---|---|
Saar except m/m | Mo/Mo | Jan-08 | |||||
Euro Area Detail | Jan-08 | Dec-07 | Nov-07 | 3-mo | 6-mo | 12-mo | Qtr-to-Date |
Manufacturing | 1.2% | 0.2% | -0.4% | 3.8% | 3.1% | 3.2% | 7.2% |
Consumer Goods | 0.8% | 0.1% | -0.5% | 1.7% | 1.5% | 1.3% | 4.4% |
Consumer Durables | 1.9% | -0.1% | -1.9% | -0.9% | -0.8% | 0.1% | -- |
Consumer Nondurables | 0.6% | 0.1% | -0.1% | 2.4% | 1.9% | 1.6% | -- |
Intermediate Goods | 0.8% | 0.4% | -0.6% | 2.0% | 1.8% | 2.1% | 4.9% |
Capital Goods | 2.7% | -0.3% | -0.1% | 9.3% | 7.3% | 7.3% | 15.5% |