Recent Updates
- US: Employer Costs for Employee Compensation (Q2)
- US: Home Builders (Sep)
- Canada Regional: Manufacturing Shipments by Province (Jul)
- Canada: MSIO (Jul)
- Japan: Construction Works Put in Place (Jul), Current Account by Sector (Aug-Press)
- Turkey: Retail Sales (Jul); South Africa: Manufacturing Survey (Q4); Morocco: Public Finance (Aug); Uganda: Public Finance (Aug-Prelim); UAE: Central Bank Balance Sheet, Monetary
- more updates...
Economy in Brief
U.S. Home Builder Index Holds Steady
The Composite Housing Market Index from the National
Association of Home Builders-Wells Fargo remained unchanged during September at
67...
Empire State Manufacturing Index Eases; Prices Improve
The Empire State Manufacturing Index of General Business
Conditions declined to 19.0 during September from 25.6 in August
British Chamber of Commerce Cuts Forecasts
The British Chamber of Commerce (BCC) today announced cutting its outlook for the UK economy...
U.S. Retail Sales Edge Higher
Total retail sales improved 0.1% (6.6% y/y) during August
following a 0.7% July gain...
U.S. Government Budget Deficit Widens Sharply
Faster growth in spending and a lessened increase in revenues
is a sure formula for widening the budget deficit...
by Robert Brusca August 22, 2008
Import growth in the Euro Area is still firm while export growth is fading. Import growth is of course is supported by strength in oil imports, much of that on the price side. For manufactured goods both exports and imports are weak over 12 months with imports falling by 1.8% and exports up by a scant 0.8%.
The accompanying chart tells the story of the trends with trade deficits posted in five of the past seven months. Europe is slowing down. Europe’s exports are slowing down. It’s a strong euro, weak domestic growth and a weakening global economy at work that is producing these results.
| Euro Area 15-Trade Trends for Goods | ||||||
|---|---|---|---|---|---|---|
| m/m% | % Saar | |||||
| Jun-08 | May-08 | 3M | 6M | 12M | 12M Ago | |
| Balance* | €€ (2,954) | €€ (1,035) | €€ (861) | €€ (440) | €€ 1,543 | €€ (1,610) |
| Exports | ||||||
| All exports | 1.4% | -4.7% | 8.5% | 11.3% | 4.2% | 10.1% |
| Food and drinks | -0.4% | -0.7% | 8.5% | 13.5% | 9.5% | 11.4% |
| Raw materials | 2.4% | -1.1% | 23.4% | 31.3% | 10.4% | 11.1% |
| Other | 1.5% | -5.1% | 8.2% | 10.7% | 3.7% | 9.9% |
| MFG | 1.1% | -3.8% | 6.9% | 11.2% | 0.8% | 13.3% |
| Imports | ||||||
| All imports | 2.9% | -3.0% | 14.8% | 14.1% | 10.6% | 3.8% |
| Food and drinks | 0.6% | 0.2% | 7.9% | -2.1% | 8.3% | 7.4% |
| Raw materials | -1.1% | 1.2% | 1.2% | 6.7% | 2.3% | 15.5% |
| Other | 3.2% | -3.3% | 16.0% | 15.6% | 11.2% | 3.0% |
| MFG | 0.3% | -1.3% | -0.3% | 3.8% | -1.7% | 9.9% |
| *Millions of Euros; mo or period average | ||||||
