U.S: Growth accelerates in 4Q10 as consumers boost spending. Gross domestic product grew at a 3.2% annual rate, Commerce Department figures showed. Excluding stockpiles, the economy rose at a 7.1% pace, the most since 1984. (Source: Bloomberg)
U.S: Consumer sentiment in January falls less than forecast. The Thomson Reuters/University of Michigan final index of consumer sentiment decreased to 74.2 from 74.5 in December. (Source: Bloomberg)
Japan: Deflation eased in December and the job market strengthened, supporting the central bank's view that the economy may pick up this quarter. Consumer prices excluding fresh food declined 0.4% YoY, the statistics bureau said, the smallest drop since 2009. The unemployment rate unexpectedly fell to 4.9% from 5.1%, the first decrease since September. (Source: Bloomberg)
S. Korea: Industrial output rose 9.8% YoY in December, supporting the case for the central bank to further raise interest rates. Output climbed a revised 10.7% YoY in November. (Source: Bloomberg)
South Korea: Manufacturers’ confidence declines to two-month low
South Korean manufacturers’ confidence fell to a two-month low as rising commodity prices and an appreciation in the Won clouded the outlook for exporters. An index measuring expectations for February fell to 91 from 92 for January, the Bank of Korea said. A measure of non-manufacturing companies’ expectations slipped to 84 from 87. “Sentiment has been under pressure due to rising raw material costs, sluggish domestic demand and currency rates,” the central bank said. (Bloomberg)
Spain: Approves pension bill in bid to woo investors
The Spanish government agreed to raise the retirement age in a renewed bid to restore investor confidence after a EUR20bn (USD27bn) plan to shore up savings banks failed to tame the nation’s borrowing costs. Four months after Spanish workers disrupted transport and broadcasts in a general strike aimed partly at the pension plan, the Cabinet approved a bill to increase the retirement age to 67 from 65, Deputy Prime Minister Alfredo Perez Rubalcaba told reporters. (Bloomberg)
UK: Consumer confidence plummets most since 1994
UK consumer confidence plunged the most since 1994 this month as an increase in sales tax hurt shoppers’ appetite for spending, a report showed. The index of sentiment fell 8 points from December to minus 29, the lowest since March 2009. All five measures of the index fell, with a gauge on the climate for making major purchases dropping 22 points to minus 29. (Bloomberg)
US: Payrolls probably rose at start of 2011
Payrolls in January probably grew at a pace that underscores the Federal Reserve’s concern it will take years for the job market to recover from the recession, economists said before a report this week. Employment increased by 140,000 workers this month after a 103,000 gain in December, according to the median forecast of 59 economists surveyed ahead of Labor Department data on 4 Feb. The report may also show the jobless rate increased to 9.5% from 9.4%. (Bloomberg)
US: Growth accelerates on consumer spending
The US economy accelerated in the 4Q of 2010 as consumer spending climbed by the most in more than four years. GDP grew at a 3.2% annual rate, Commerce Department figures showed, falling short of the 3.5% median forecast of 85 economists surveyed because of a slowdown in inventories. Excluding stockpiles, the economy rose at a 7.1% pace, the most since 1984. (Bloomberg)
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