May 14, 2024
United States:
US Producer Prices Top Forecasts, But Details Offer Some Relief
US producer prices rose in April by more than projected, though key components that feed into the Federal Reserve’s preferred inflation gauge were more muted.
The producer price index for final demand increased 0.5% from a month earlier, driven largely by services and following a downwardly revised 0.1% drop in March, Bureau of Labor Statistics data showed Tuesday. Compared with a year ago, the PPI rose by the most since April 2023.
United Kingdom:
UK Jobs Market Cools, Keeping BOE on Track for Rate Cuts
UK unemployment rose and private-sector wage growth eased, signs of a broad-based cooling in the labor market that are likely to give the Bank of England more confidence to cut interest rates in the coming months.
The jobless rate climbed 0.1 percentage point to 4.3% in the three months to March, the highest since last summer, the Office for National Statistics said on Tuesday. While overall wage growth excluding bonuses was unchanged, it slowed to 5.9% in the private sector — less than the 6% the BOE had forecast.
Asia:
Japan’s Suzuki Sees Need to Keep Close Coordination With BOJ
Japanese Minister of Finance Shunichi Suzuki stressed the importance of coordination and collaboration between the government and the Bank of Japan to ensure they don’t hinder each other in pursuing their policy objectives.
“It’s important to maintain close policy coordination so as not to hinder the implementation of other policies and reduce the overall effectiveness of policy making,” Suzuki said at a press conference on Tuesday.
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