US and European economies
2024-03-21
■ U.S. economy: Despite intensifying inflationary pressure, personal consumption growth slowed down
■ European economy: Mining industry output rebounded sharply and declined, and the downward trend continued.
In the Consumer Price Index (CPI) in February, except for food and energy The year-on-year growth rate of the core CPI (up 3.8% year-on-year and 0.4% month-on-month) has slowed down, but the month-on-month growth rate is almost the same as in January, indicating the persistence of inflation. Housing costs continue to rise sharply, and inflation in other services such as transportation accelerates.
Retail sales in February (up 0.6% month-on-month) increased for the second consecutive month. However, the growth rate was lower than last month's decline (down 1.1%). Core sales (excluding automobiles, restaurants, building materials, and gasoline), are the basic data for personal consumption were unchanged from the previous month. Overall, the growth since the fourth quarter of last year has tended to weaken, and the expansion momentum of personal consumption is also weakening.
The mining industry production in February (a month-on-month increase of 0.1%) increased for three consecutive months due to past corrections. However, the lower growth rate compared to the decline rate in the past two months indicates a slight decline in production levels. Despite a significant decrease in business equipment and building materials last month, consumer goods decreased and production levels declined.
In January, the mining industry production in the Eurozone (down 3.2% month-on-month) significantly decreased, reaching its lowest level since September 2020. Divided by sector, in terms of capital goods and country, Ireland's sharp growth rebound has led to a significant decrease. Among the major countries, Germany has seen two consecutive months of growth, France has seen three consecutive months of decline, and the entire Eurozone continues to show a downward trend
The euro area vacancy rate (2.7%) fell for the third consecutive quarter in the fourth quarter of last year, reaching its lowest level since July-September 2021. The manufacturing and service industries have declined, and labor demand has gradually decreased. By industry, administrative services and construction industries have higher vacancy rates, and labor demand in labor-intensive industries remains strong.
■ European economy: Mining industry output rebounded sharply and declined, and the downward trend continued.
In the Consumer Price Index (CPI) in February, except for food and energy The year-on-year growth rate of the core CPI (up 3.8% year-on-year and 0.4% month-on-month) has slowed down, but the month-on-month growth rate is almost the same as in January, indicating the persistence of inflation. Housing costs continue to rise sharply, and inflation in other services such as transportation accelerates.
Retail sales in February (up 0.6% month-on-month) increased for the second consecutive month. However, the growth rate was lower than last month's decline (down 1.1%). Core sales (excluding automobiles, restaurants, building materials, and gasoline), are the basic data for personal consumption were unchanged from the previous month. Overall, the growth since the fourth quarter of last year has tended to weaken, and the expansion momentum of personal consumption is also weakening.
The mining industry production in February (a month-on-month increase of 0.1%) increased for three consecutive months due to past corrections. However, the lower growth rate compared to the decline rate in the past two months indicates a slight decline in production levels. Despite a significant decrease in business equipment and building materials last month, consumer goods decreased and production levels declined.
In January, the mining industry production in the Eurozone (down 3.2% month-on-month) significantly decreased, reaching its lowest level since September 2020. Divided by sector, in terms of capital goods and country, Ireland's sharp growth rebound has led to a significant decrease. Among the major countries, Germany has seen two consecutive months of growth, France has seen three consecutive months of decline, and the entire Eurozone continues to show a downward trend
The euro area vacancy rate (2.7%) fell for the third consecutive quarter in the fourth quarter of last year, reaching its lowest level since July-September 2021. The manufacturing and service industries have declined, and labor demand has gradually decreased. By industry, administrative services and construction industries have higher vacancy rates, and labor demand in labor-intensive industries remains strong.