UK GDP declines in December by 0.5%
The United Kingdom’s recently released GDP statistics showed a loss of 0.5% in December as a result of a sharp decline in services activity. This almost caused a “technical” recession at the end of 2022, which is defined as two consecutive quarters of negative growth. The factors influencing GDP growth in the fourth quarter revealed that the rise was caused by a greater domestic demand, which was largely offset by a decline in global trade.
Industrial Production in Italy is Predicted to Rise Moderatly
It is predicted that Italy’s industrial production grew modestly in December. The statistics from Italy released today will provide us further information on how the industrial sector in the Eurozone is adjusting to the problems posed by high energy costs and rising interest rates.
Data about the Canadian labor market for January
The monthly labor market figures for January in Canada are anticipated to reflect a tight labor market as well as a sign of slowing pay growth. Furthermore, it is anticipated that domestic inflationary pressures from this industry would lessen. A study with even stronger findings is unlikely to alter the Bank of Canada’s decision to “pause” after enacting large interest rate rises.
Consumer confidence in the US is rebounding
After suffering a severe decline last year, consumer confidence in the United States has just begun to increase. This can be partly attributable to the recent drop in inflation, but given the increase in fuel prices last month, it will be interesting to see whether the University of Michigan Consumer Sentiment Survey released today reveals any signs of weakness.