ISM: US Services Sector Expands for 4th Straight Month in October on More Jobs but Surprise Index Rise Also Caused by Slower Deliveries in Wake of Hurricanes
–ISM Services Index at 56.0 Vs. 54.9 in September, Well Above Median Forecast 53.5 –ISM’s Miller: Index Likely to Slip Back to 53 or 54 in November as Impact of Hurricanes Subsides –Miller: Positive Comments Spreading to More Industries but Uncertainty over US Political Climate Lingers By Max Sato (MaceNews) – Business activity in the […]
Japan July Overall Household Spending Up Just 0.1% Y/Y, Core Reading Dips 0.8%; Air Conditioner Demand Strong but Too Hot to Stay Outdoors
–High Wage Hikes amid Labor Shortages Lead to 3rd Straight Rise in Real Average Household Income–Real Wages Up 0.4% Y/Y in July After Marking 1st Rise in 27 Months in June By Max Sato (MaceNews) – Japan’s real household spending posted its first year-over-year rise in three months in July but with a sluggish undertone […]
Japan Government Slightly Upgrades Its View on Economic Recovery after BOJ Conducts 2nd Rate Hike in July
By Max Sato (MaceNews) – Japan’s government upgraded its overall economic assessment for the first time in six months, noting consumer spending is supported by wage hikes and temporary income tax credits, but the change in wording is subtle and it continues to say the economy is recovering “moderately.” In its monthly report for August […]
Japan July Core CPI Annual Rate on Gradual Uptrend at 2.7% Vs. 2.6% in June as Government Ends 18-Month Utility Subsidies, Heat Wave Boosts Air Conditioner Price
–Total CPI Y/Y Rise Steady at 2.8%; Fresh Food Markups Ease After Recent Spike–Core-Core CPI (Ex-Fresh Food, Energy) Up 1.9% Vs. 2.2% amid Easing Pressure from Processed Food Costs By Max Sato (MaceNews) – Consumer inflation in Japan continued accelerating slightly in the core reading in July after the government ended 18-month long utility subsidies […]
Japan July Export Rise Led by Semiconductors, Autos from US, Asia, Offsetting Slow Shipments to Europe; Trade Deficit Wider Than Expected
–Imports Surge on Drugs, Computers, Crude Oil as Relatively Weak Yen Keeps Costs High–Exports to China Post 8th Straight Y/Y Rise Following Last Year’s Slump–Exports to US Remain Robust; Those to EU Mark 4th Straight Y/Y Decline By Max Sato (MaceNews) –Japanese export values rose 10.3% for the eighth straight year-over-year increase in July, led […]
Japan Q2 GDP Rebounds on Resumed Auto Output, Wage Hikes; Heat Wave Also Boosts Consumer Demand for Air Conditioners, Summer Goods
–Q2 GDP +0.8% Q/Q, +3.1% Annualized, Above Median Forecasts of +0.6%, +2.3%–Domestic Demand Pushes Up GDP by 0.9 Point, Net Exports Trim Growth by 0.1 Point By Max Sato (MaceNews) – Japan’s gross domestic product for the April-June quarter posted a stronger-than-expected rebound after suffering its first contraction in two quarters in January-March, up a […]
Preview: Japan Q2 GDP to Post Modest Rebound After Slumping in Q1 but Consumption Remains Sluggish amid High Costs
By Max Sato (MaceNews) – Japan’s gross domestic product for the April-June quarter is forecast to post a modest rebound after suffering its first contraction in two quarters in January-March, up 0.6% on quarter, or an annualized 2.3%, as consumption and business investment picked up from the drag of suspended output at Toyota group factories […]
BofA Global Research Fund Manager Survey: Global Investors Buy Bonds on Declining Global Growth Expectations
–US Recession Concern Top Tail Risk –Sixty percent of Managers Expect Four Or More Fed Cuts in Next 12 Months By Vicki Schmelzer NEW YORK (MaceNews) – Global investors made a beeline into bonds in July, driven by declining world growth expectations, according to BofA Global Research’s monthly fund manager survey, released Wednesday. Jitters about […]
Japan June Producer Prices Up 3.0% Y/Y As Expected After 2.9% Rise in June; Utility Subsidies End, Global Demand for Lumber, Steel Picks Up Amid Rising Concerns Over Chinese Recovery
–Import Costs High as Yen Stayed Weak Before Firming on Stealth MOF Intervention at End-July, Fears of Faster BOJ Rate Hikes—Producer Inflation Remains Below Recent Peak of 10.6% in December 2022–Producer Prices Up 0.3% M/M on Utilities, Farm Produce, Summer Beverages, Cars By Max Sato (MaceNews) – Producer inflation in Japan continued accelerating to 3.0% […]
Bank of Japan Board Members See Upside Risks to Inflation Outlook at July Meeting; Some Note Low Real Rates, Others Warn of Weak Consumption
–One Member Estimates Minimum 1% Neutral Rate, Calls for Gradual Pace of Rate Hikes By Max Sato (MaceNews) – Bank of Japan board members called for a close watch on upside risks to their inflation outlook amid labor shortages and higher import costs, with a majority seeking to justify a follow-up interest rate by pointing […]