China: Manufacturing PMI fell to 44.1 in February
China’s non-manufacturing industries contracted in February for the first time in a year because of a weeklong Lunar New Year holiday. The Non-Manufacturing Purchasing Managers’ Index dropped to 44.1 from 56.4 in January, the China Federation of Logistics and Purchasing said, falling below the 50 level that divides expansion and contraction. (Bloomberg)
India: Food inflation slows to near 3-month low on harvest
India’s food inflation slowed to near a three-month low after supplies of fruits and vegetables increased from the winter harvest. An index measuring wholesale prices of agricultural products including lentils, rice and vegetables rose 10.39% in the week ended Feb 19 from a year earlier, the commerce ministry said. The gain is the least since Nov 27 and compares with an 11.49% increase the previous week. (Bloomberg)
Australia: Trade surplus narrows as floods disrupt mining
Australia’s trade surplus narrowed in January as floods inundated the nation’s northeast, disrupting exports of coal and other commodities. The excess of exports over imports totaled AUD 1.88bn (USD 1.91bn), down from a revised AUD 2bn surplus in December, the Bureau of Statistics said. The surplus exceeded the median estimate in a Bloomberg News survey of 24 economists for a surplus of AUD1.6 bn. (Bloomberg)
EU: Investment falls most in a year, export growth slows
European companies cut investment by the most in a year in the fourth quarter and export growth weakened, curbing economic growth even as consumers stepped up spending. Euro-region investment including construction spending dropped 0.6% from the third quarter, when it fell 0.1%, the European Union’s statistics said. Export growth slowed to 1.8% from 2.2% and consumer-spending growth accelerated to 0.4% from 0.1%. Gross domestic product rose 0.3% in line with Feb 15 estimate. (Bloomberg)
US: Productivity rises 2.6% in fourth quarter, costs fall 0.6%
The productivity of US workers increased in the fourth quarter at a faster pace as companies sought to pare costs to preserve profits. The measure of employee output per hour rose at an unrevised 2.6% annual rate after a third-quarter gain of 2.3%, figures from the Labor Department showed. Labor expenses fell for a second straight year. (Bloomberg)
US:Claims fall to 368,000, lowest since 2008
Initial jobless claims unexpectedly declined last week to the lowest level since May 2008, pointing to a strengthening labor market. Applications for unemployment benefits decreased by 20,000 to 368,000 in the week ended Feb 26, Labor Department figures showed. Economists forecast claims would climb to 395,000, according to the median estimate in a Bloomberg News survey. The total number of people receiving unemployment insurance fell to the lowest level since Oct 2008. (Bloomberg)
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