Initial jobless claims in the United States fall; a mixed inflation performance between countries: Economic wrap
The first jobless claims in the United States fell to 184,000 in the week ending Dec. 4 after rising the week before, according to data from the country’s Department of Labor. This is the lowest level since 1969.
In addition, the insured unemployment rate reached 1.5% in the week ending November 27, up 0.1% from the previous week.
The insured unemployment rate is an indicator of unemployment that measures the number of people receiving unemployment insurance as a proportion of the active population.
German exports grew 8.1% per year in October to reach 121.3 billion euros (137.3 billion euros) while imports increased 17.3% to 108.5 billion d euros, revealed provisional data from the country’s Federal Statistical Office.
Exports were now 3.8% higher than pre-pandemic levels, while imports were 13.5% higher.
Exports to the EU increased by 11.6% compared to the same month last year, but sales to the UK fell by 11.5%
Inflation and interest rates
Annual inflation in Russia reached 8.4% in November, reaching its highest level in six years, according to data from the country’s official statistics agency.
A rise in the country’s interest rates should now control inflation, according to Bloomberg. The bank could raise the rate more than the usual 25 basis points.
The inflation rate in November was slightly higher than the 8.13% the previous month. Food prices increased 10.8 percent while costs for non-food items increased 8.32 percent.
In addition, tighter government control triggered a slowdown in Chinese producer prices as they rose by an annual rate of 12.9% in November, declining from the previous month’s 26-year high of 13. , 5%, according to official data.
The slowdown reflects the effectiveness of government policies to control commodity prices and supply shortages in the previous period. In addition, consumer prices rose at an annual rate of 2.3%, up 0.8% from the previous month, reaching their highest level since August 2020.
In other inflation-focused news, a drop in vegetable prices helped slow Egyptian inflation in November, with the rate falling from 7.3% to 6.2%, according to official agency data. country statistics, Capmas.
The cost of food was down 12.6 percent from the 22.8 percent increase in the previous month.
Mexico’s annual inflation rate peaked in 20 years, reaching 7.37% in November, official data showed. In October, consumer prices rose 6.24 percent.
This could cause the country’s central bank to raise its interest rate again, Reuters reported. The rate currently stands at 5 percent, after four consecutive increases.
In addition, Brazil decided to increase its borrowing costs by 150 basis points to 9.25%. The central bank said it made the move due to rising inflation expectations.
Meanwhile, Canada’s central bank has kept its interest rate at 0.25%. The bank expects the inflation rate to be high in the first half of next year before falling to 2% in the second half.