US: PPI (Aug.): 0.7% m/m vs 0.6% expected (prior: 1%)
- Prices remained on sustained trend; food and trade services have strongly increased over the past months.
- Core prices were up by 0.3% m/m after 0.9% m/m the prior month.
- Yearly trend has accelerated further from 7.8% y/y to 8.3% y/y. Core PPIs were up by 6.3% y/y after 6.1% y/y the prior month.
US: Wholesale inventories (July): 0.6% m/m as expected (prior: 0.1%)
- Inventories have been rebuilt in several sectors over the month, except for autos and computers. Sales were up by 2% m/m after 2.3% m/m the prior month.
UK: Industrial production (July): 1.2% m/m vs 0.4% expected (prior: -0.7%)
- Manufacturing production was flat over the month after 0.2% m/m the prior month.
- Activity has shown divergence across sectors, through a rebound in energy and production of durables while other sectors have shown contraction over the month.
- Separately, monthly GDP proxy was up by a mere 0.1% m/m after 1% the prior month.
Germany: CPI (Aug.): 0.1% m/m as expected (prior: 0.5%)
- Final estimate has shown moderate monthly change; several sectors have shown flat or lower monthly changes such as food, clothes, leisure and education after a sharp increase the prior month.
- Yearly trend has continued to rise, up by 3.4% y/y after 3.1% y/y the prior month; note that on national index calculation, inflation was up by 3.9% y/y after 3.8% y/y the prior month.
France: Industrial production (July): 0.3% m/m vs 0.4% expected (prior: 0.6% revised from 0.5%)
- Production in manufacturing sector was up by 0.6% m/m after 0.1% m/m the prior month.
- Despite a strong monthly rebound, details have shown mixed picture across sectors: production was down in energy and autos while it has rebounded in transport ex autos and food sectors.
Spain: Industrial production (July): -1.1% m/m vs 0.5% expected (prior: -1.1% revised from -1%)
- The detailed picture has shown diverging situation across sectors over the month; production has reversed from strong rebound to contraction on consumer goods, while it has contracted further in capital goods; trend remained positive for intermediary goods.
Norway: CPI (Aug.): 0% m/m vs -0.2% expected (prior: 0.9%)
- Monthly rises in housing and leisure sectors have been more than balanced by declining monthly prices for food, clothes, household goods and transport sectors.
- Yearly trend has accelerated further from 3% y/y prior month to 3.4% y/y. Core inflation was down by 0.6% m/m (0.6% m/m prior month) and up by 1% y/y (1.1% y/y prior month).
Italy: Industrial production (July): 0.8% m/m vs -0.1% expected (prior: 1.1% revised from 1%)
- Production remained sustained over the month; except production of consumer durable goods, production has rebounded further in all other sectors over the month.
Brazil: Retail sales (July): 1.1% m/m vs -0.6% expected (prior: -2.1% revised from -2.3%)
- Sales have recovered after large fall in the previous month, being highly volatile in past quarters.
- The rebound was mainly driven by auto sales, household personal goods and clothes.
Turkey: Unemployment rate (July): 12% (prior: 10.6%)
- Unemployed people have strongly rebounded over the month.