US housing starts have reached a new high
US: Housing starts (May): 1350k vs 1311k expected (prior: 1286k revised from 1287k)
- Building permits: 1301 k vs 1350 k expected (1364 k prior month).
- A strong rebound in housing starts (concentrated in one region), but weak permits point towards some moderation in housing starts in the coming months.
- Demand in housing remains strong but it could be limited by rising construction costs, higher mortgage rates and rising house prices.
Sweden: Unemployment rate (May): 6.1% vs 6.3% expected (prior: 6.3%)
- Unemployed has decreased and rate is coming back to low levels.
Poland: Industrial production (May): 1.6% m/m vs 0% expected (prior: -6.8%)
- All major sectors have rebounded except electricity and gas; manufacturing sector was up by 2.4% m/m.
- The yearly trend has moderated from 9.3% y/y the prior month to 5.4% y/y.
Poland: PPI (May): 1.1%m/m vs 1% expected (prior: 0.3%)
- Prices of mining were up by 2.1% m/m, up by 6.1% y/y.
- Trend in prices has accelerated from 1% y/y to 2.8% y/y, mainly due to higher energy prices.
Russia: PPI (May): 3.9% m/m vs 1.3% expected (prior: 1.2%)
- Rises in energy prices and changes in currency have fueled the rebound in PPIs.
- Yearly trend was up by 12.5% y/y after 7.5% y/y prior month.