Retail sales in the U.K. fell more than expected in October, as shoppers cut back on clothing and food, adding to concerns that the British economy is likely to fall into a triple-dip recession. Sales, including fuel, erased 0.8%, down from a 0.5% gain in the preceding month. At the same time, analysts had expected retail sales volume to decline
The number of people who applied for U.S. jobless benefits rose more than expected in the week ended November 10, however, as the Hurricane Sandy wreaked havoc on the labour market, the U.S. Department of Labor said Thursday. Initial applications for unemployment benefits soared 78,000 to 439,000, compared to expectations for an increase of 14,000 to 375,000. The four-week moving
Swiss investor confidence improved slightly this month, however, still remains in the negative territory, suggesting the economy may struggle to gain the momentum. According to the ZEW Center for European Economic Research, its index, which reflects the expectations of the future economic performance, rose to minus 27.9 in November, up from minus 28.9 in the previous month. At the same
Japanese largest manufacturer, Toyota Motor Corp., is going to recall 2.77 million vehicles worldwide in order to fix shaft and water-pump defects. While the defect had caused no accidents and could each be fixed in an hour, it can cost several millions to fix the issue. It is already second multi-million car recall in two months. However, despite a dramatic
The number of people, who filed applications for jobless benefits in the U.K., rose at its fastest pace in more than a year in October. The Office for National Statistics said on Wednesday that jobless benefit claims soared 10,100 to 1.58 million, up from an 800 increase in the prior month. In the meanwhile, the overall unemployment rate came at
Americans cut their spending at retail businesses in October, as automobile purchases were slammed by the super storm Sandy. The Commerce Department said that sales dropped 0.3% last month, after a 1.3% increase in September, posting a first loss after a three-month shopping spree. At the same time, wholesale prices lost 0.2% last month, after rising 1.1% in September, while
Output from the eurozone factories tumbled to the lowest level since January 2009 in September, a sign region's debt crisis is deepening. Industrial output slumped 2.5% on month in September, down from 0.9% increase in August. On a yearly basis, industrial production was 2.3% lower than in September 2011. The contraction in data adds to expectation that eurozone's economy will
Japanese industrial output tumbled in September, due to the weak domestic demand and exports, the Ministry of Economy, Trade and Industry said on Tuesday. Nation's industrial production dropped a seasonally adjusted -4.1% from the same reading in the preceding month. The weak data are putting more pressure on the BoJ to expand its stimulus programme to bolster economic growth, as
Producer and import prices in Switzerland advanced slightly last month, helped by the Swiss National Bank's policy of keeping the local currency from becoming overly strong. The Federal Statistical Office said producer and import prices rose 0.4% in October from a year earlier, up from a 0.3% rise in the previous month, but below analysts' expectations of a 0.5% increase.
Consumer prices in the U.K. accelerated more than was initially expected, boosted by the jump in university tuition fees and food prices. The Office for National Statistics said the U.K. inflation rate rose to the highest level since May, reaching 2.7% in October, compared to 2.2% the month before. In the meanwhile, education costs soared 19.1% after the government tripled
U.S. small-business sentiment soared to the five-month high in October, as companies projected an increase in sales. The NFIB Small Business Optimism Index rose 0.3 in October to 93.1 from 92.8 in September. At the same time, the gauge, which measures expectations for improved business conditions, stood at 2%, unchanged from the previous month's reading. Small companies are now focused
German business confidence declined for the first time since August, as the eurozone's debt crisis weighed on Europe's largest economy. The report, made by the ZEW Center for European Economic Research, showed that economic sentiment fell to -15.7, down from -11.5 in October, while analysts had predicted the index to improve by 1.7 points in November. At the same time,
Japanese economy contracted last quarter, amid weak exports and consumer spending, adding to sings the world's third biggest economy is heading towards recession. According to the Cabinet Office, nation's gross domestic product erased 3.5% from a year earlier, while on a monthly basis the economy contracted 0.9%. Japan's exports fell 5.0% in July-September, private consumption lost 0.5%, and capital investment
The amount of cash Swiss commercial banks hold with nation's central bank rose slightly in the week to November 9, a sign that investors are getting less anxious over Eurozone's financial woes. Sight deposits of domestic banks jumped 0.3% to 291.522 billion francs last week, up from 290.679 billion a week earlier. Despite the improvement, the tendency remains negative, proving
The consumer prices in the U.K. are likely to rebound in October, due to the higher energy and food prices, pushing up the pace of inflation away from the closest level to the Bank of England's target in almost three years. Consumer price inflation last month is expected to rise to 2.4%, up from 2.2% in September, remaining above the
The United States is expected to become the world's largest oil producer by 2020, even overtaking Saudi Arabia and Russia, the International Energy Agency reported Monday. Due to the growing supplies of crude extracted by unlocking hydrocarbon resources from shale, North America will become a net oil exporter by 2030, while the world's biggest economy will be almost completely self-sufficient
Eurozone finance ministers are meeting today in Brussels to discuss whether to provide Greece with bailout funds or not. Greek government passed its new austerity budget for 2013 in order to meet the conditions of the next tranche of 31.5 billion euros of emergency loans from the "troika" to avoid bankruptcy. However, they have asked for extra time, saying the
Japanese household mood deteriorated last month, posting the second consecutive month of decline, a sign economic uncertainty weighed on sentiment. According to the report, made by the Cabinet Office, Japanese consumer confidence fell to 39.7 last month from 40.1 in September after a temporary rise in August. At the same time, analysts' had expected household mood to rise 39.7 last
The Swiss National Bank pledged its readiness to continue defending a cap of 1.20 per euro, considering this measure as an appropriate, according to governing board member Fritz Zurbruegg's statement. The SNB has been selling francs for other currencies, mostly euros, in order to avoid the risk of deflation and a recession, when investors rushed to buy Swiss francs as
Britain's trade performance improved more than expected in September, helped by the stronger exports and weaker imports, however, trading outlook remains bleak due to the deepening eurozone's debt crisis. The U.K. trade gap narrowed £8.4bn in September, down from £10.0bn in the prior month. At the same time, exports soared 1.1%, while imports erased 3.9%. In the meanwhile, exports to
Confidence among the U.S. consumers soared to the highest level since July 2007, as the labour market is showing some signs of the improvement and the outlook for the world's biggest economy is getting more optimistic. The preliminary reading of the University of Michigan/Thomson Reuters consumer-sentiment index advanced to 84.9 in November, compared to 82.6 in the prior month. The
Growth in the Europe's largest economy is likely to slow in the last quarter of 2012, and the beginning of the next year, the Ministry for Economics and Development said on Friday. German economy is expected to expand only 0.2% in the third quarter, down from 0.5% and 0.3% increases in the first and second quarters, respectively. The slowdown may
Japanese machinery orders plunged unexpectedly in September, adding to concerns that the world's third biggest economy will almost certainly experience a recession by the end of this year. According to the Economic and Social Research Institute, orders, which is an indicator of capital spending in the nearest future, tumbled 4.3% from the previous month, hit by the weak domestic demand
The number of unemployed people in Switzerland rose last month, as companies eliminated more jobs due to weak economic performance. The jobless rate rose to a seasonally adjusted 3.0% in October, up from 2.9% in the previous month, in line with analysts' expectations. While the overall unemployment rate soared to the highest level since March 2011, the number of job