Highlights (week 37/2022)
Annual inflation rate in August 2022 - Euro Area
Annual inflation rate in the Euro Area reached 9.1% in August of 2022 (a new all time high), compared to 8.9% in July.
The highest contribution to the annual euro area inflation rate came from energy (+3.95 percentage points, pp), followed by food, alcohol & tobacco (+2.25 pp), services (+1.62 pp) and non-energy industrial goods (+1.33 pp). The lowest annual rates were registered in France (6.6%), Malta (7.0%) and Finland (7.9%). The highest annual rates were recorded in Estonia (25.2%), Latvia (21.4%) and Lithuania (21.1%). Compared to July, consumer prices increased 0.6%. Source:Eurostat
Annual inflation rate in August 2022 - U.S.A
Data on Tuesday the 13th showed that the annual inflation rate in the US eased for a second straight month to 8.3% in August of 2022 from 8.5% in July, the lowest in 4 months, (but above forecasts of 8.1%) mainly from declines in gasoline prices. Compared to the previous month, consumer prices were up 0.1%, following a 0% reading in July. Source: U.S Bureau of Labor Statistics
U.S jobless claims
The number of Americans filing new claims for unemployment benefits decreased by 5 thousand to 213,000 in the week that ended September 10th, well below market expectations of 226,000. It was the lowest number of weekly jobless claims since the end of May, making it more possible for the Fed to aggressively hike interest rates.
Source: U.S department of Labor
German ZEW economic sentiment in September 2022
The ZEW Indicator of Economic Sentiment for Germany fell to -61.9 in September from 55.3 in August, down for the third month and reaching the lowest since October of 2008 (the forecast was -60). The outlook for the next six months has also deteriorated further given the current situation with energy. Source: Centre for European Economic Research (ZEW)