Japan: Exports fall 2.2% and consumer confidence decline after quake
Japan’s exports fell for the first time in more than a year, underscoring concern that the economy will shrink after the nation’s record earthquake killed thousands, knocked out plants, and triggered a nuclear crisis. Overseas shipments declined 2.2% in March y-o-y from February’s 9% gain. The median estimate was for a 1.1% drop. Meanwhile. Japan’s consumer confidence fell the most on record last month after the nation’s unprecedented earthquake. The household sentiment index dropped to 38.6 in March from 41.2 in February. It was the biggest decline since comparable figures were made available in April 2007. (Bloomberg)
Japan: March consumer confidence plunges by record after quake. The household sentiment index dropped to 38.6 in March from 41.2 in February, according to seasonally adjusted figures released. It was the biggest decline since comparable figures were made available in April 2007. (Source: Bloomberg)
China: Foreign direct investment rises 33%
Foreign direct investment surged 33% in March y-o-y as rising inflation and interest rates failed to damp overseas confidence in the world’s fastest-growing major economy. Foreign investments added USD12.5bn to China’s economy. Investments increased at an annual rate of 29% in the first quarter. (Bloomberg)
EU: Services, manufacturing growth quickens in April
European services and manufacturing growth unexpectedly accelerated in April, suggesting the region’s economy is weathering surging energy costs and tougher austerity measures. The composite index based on a survey of euro-area purchasing managers in both industries rose to 57.8 from 57.6 in March. Economists had projected a drop to 57. A reading above 50 indicates growth. The euro-area services indicator fell to 56.9 from 57.2 in March. The manufacturing gauge increased to 57.7 from 57.5. The indicator for Germany’s manufacturing rose to 61.7 from 60.9 in March, while the services gauge slipped to 57.7 from 60.1. (Bloomberg)
US: Housing starts rose 7.2% in March
A gain in March housing starts failed to make up for ground lost the prior month, as US home builders continue to struggle almost two years into the economic recovery. Work began on 549,000 houses at an annual pace, up 7.2% m-o-m and exceeding the 520,000 median forecast. Starts fell 19% in February to the lowest level in almost two years. Building permits, a proxy for future construction, rose 11% to a 594,000 pace. Construction of single-family houses increased 7.7% to a 422,000 rate in March m-o-m. Work on multifamily homes, such as townhouses and apartments, increased 5.8% to an annual rate of 127,000. (Bloomberg)
US: Payrolls increase in 38 US states
Payrolls rose in 38 US states in March, indicating improvement in the labor market is broadening. Texas, with a 37,200 increase, and Missouri, at 24,300, showed the biggest gains in employment from February. The jobless rate fell in 34 states, with the largest decline in New Mexico, where it fell by 0.6 ppt to 8.1%. Florida, North Carolina and Oklahoma rounded out the top five states with the largest increases in employment last month. California, Connecticut, Louisiana and Maryland were among the states with the biggest payroll decreases. North Dakota had the lowest unemployment in the nation, falling to 3.6% from 3.7% the prior month. Nevada remained the state with the highest jobless rate at 13.2%. (Bloomberg)
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