A new record high in US job openings
US: Industrial production (Sept.): 0.3% m/m vs 0.2% expected (prior: 0.4%)
- Manufacturing production has increased by 0.2% m/m after 0.3% m/m the prior month, driven higher by auto production and some equipment goods. The production in utility sector was down over the month.
- Industrial activity was firmer in Q3 than in Q2, and the impact of hurricanes stayed modest.
US: NAHB housing market index (Oct.): 68 vs 66 expected (prior: 67)
- Sentiment in housing has slightly increased on firmer sales.
- This could point towards some stabilization after regular erosion since Jan.
US: JOLTS Job Openings (Aug.): 7136 vs 6900 expected (prior: 7077 revised from 6939)
- Job openings stayed on an upward trend. The new acceleration in openings came from business services, education and health sectors. The turnover has also marginally increased.
- Pressures on wages could remain in place in this environment.
UK: Unemployment rate (ILO) (Aug.): 4% as expected (prior: 4%)
- Claimant count rate was also stable at 2.6%; nevertheless, jobless claims have increased from 14.2 k the prior month to 18.5 k.
- Despite stable unemployment ratio, unemployed has turned more volatile and slightly on the rise.
UK: Average earnings incl. Bonus (Aug.): 2.7% y/y vs 2.6% expected (prior: 2.6%)
- After a moderation in June, trend in wages is rising again, driven by rises in construction, retail and services.
- This will fuel the BoE's tightening bias already in place; real wage growth has returned to positive territory.
Germany: Zew (Oct.): -24.7 vs -12 expected (prior: -10.6)
- Expectations and views on current situation have plunged among financial community regarding Germany. This reflects rising concerns on trade and deteriorating domestic political situation.
Italy: Industrial orders (Aug.): 4.9% m/m (prior: -2.2% revised from -2.3%)
- Foreign orders have strongly rebounded, while domestic orders were quite flat over the month. On a yearly basis, foreign orders also drive the trend (11% y/y), while domestic orders are depressed (-7.5% y/y).
- Total sales were up by 1.2% m/m (driven by foreign sales), and up by 3% y/y.
Turkey: Industrial production (Aug.): -1.1% m/m vs -2.4% expected (prior: 3.5%)
- Production has fallen less than expected, but trend across sectors is diverging.
- Production in manufacturing was down by 1.5% m/m after the rebound seen in July (3.9% m/m). Yearly trend has moderated from 5.6% y/y in July to 1.7% y/y in Aug.