Global economic update

Highlights of the past week, from central bank policies to trade and currency trends.

January 16, 2018

Employment trends

EUROZONE: The unemployment rate declined to 8.7% in November from 8.8% in October, reaching the lowest rate since January 2009.

U.S.: Initial claims rose by 11,000 to 261,000 in the week.

Growth

EUROZONE: Industrial production grew 1.0% in November.

EUROZONE: Retail trade jumped 1.5% in November.

GERMANY: GDP grew 2.2% in 2017, compared with a year earlier.

GERMANY: Industrial production surged 3.4% in November.

CHINA: The Producer Price Index grew 4.9% year over year in December.

U.S.: Consumer credit increased at an annual rate of 8.75% in November.

U.S.: Wholesale sales increased 1.5% in November.

U.S.: Wholesale inventories rose 0.8% in November.

U.S.: The Producer Price Index declined in December.

U.S.: Retail sales increased 0.4% in December.

Inflation/deflation

CHINA: The CPI increased 1.8% year over year in December.

U.S.: The CPI increased 0.1% and core CPI rose 0.3% in December.

Currency

EUROZONE: The euro rose versus the U.S. dollar after the ECB noted the possibility of revisiting its policy in 2018.

Market sentiment

EUROZONE: The Economic Sentiment Indicator increased in December.

EUROZONE: The Business Climate Indicator rose in December to the highest level since 1985.

U.S.: The NFIB Small Business Optimism Index posted a record high level of confidence in 2017.

Trade

GERMANY: Exports surged 8.2% in November.

U.K.: The trade deficit narrowed in the third quarter.

U.K.: The Index of Production increased 1.2% in the third quarter.

U.S.: Export prices declined in December.