UK Budget Logs Biggest June Deficit In 4 Years

The UK budget deficit widened to the highest June level in four years on bigger government spending, the Office for National Statistics reported Friday. Public sector net borrowing excluding public sector banks rose by GBP 3.8 billion from the previous year to GBP 7.2 billion, the highest June borrowing since 2015 and well above the expectations of GBP 3.9 billion. Receipts grew only 1.5 percent annually, driven by higher income tax related revenue, while government expenditure increased 7.2 percent from last year. The current financial year-to-date borrowing increased by GBP…

Belgium Consumers Slightly Less Pessimistic In July

Pessimism among Belgium’s households eased in July as their assessment of the future economic situation and savings were less gloomy, survey data from the National Bank of Belgium showed on Friday. The consumer confidence index edged up to -6 from -7 in June. The reading was -5 in May. The sub-index reflecting consumers’ expectations regarding the economic situation in the next 12 months rose to -15 from -16. Similarly, the measure mirroring saving intentions climbed to -1 from -2. The indexes showing households’ view on future unemployment and financial situation…

U.S. Consumer Sentiment Shows Slight Improvement In July

Reflecting an uptick in expectations, the University of Michigan released a report on Friday showing a slight improvement in U.S. consumer sentiment in the month of July. The preliminary report showed the consumer sentiment index inched up to 98.4 in July from the final June reading of 98.2. Economists had expected the index to edge up to 98.5. “Consumer sentiment remained largely unchanged in early July from June, remaining at quite favorable levels since the start of 2017,” said Surveys of Consumers chief economist Richard Curtin. He added, “Moreover, the…

South Korea Producer Price Inflation Slows In June

South Korea’s producer price inflation slowed in June, data from Bank of Korea showed on Friday. Producer prices rose 0.1 percent year-on-year in June, which was slower than the 0.4 percent increase in May. Prices for agricultural, forestry and marine products and manufacturing products dropped 0.1 percent and 1 percent, respectively. The price index for electric power, gas, water and waste, and services gained 2 percent and 1.4 percent, respectively in June. Month-on-month, producer prices fell 0.3 percent in June, reversing a 0.1 percent rise in the previous month. The…

U.S. Leading Economic Index Unexpectedly Drops 0.3% In June

Reflecting weaknesses in new orders for manufacturing, housing permits, and unemployment insurance claims, the Conference Board released a report on Thursday showing an unexpected decrease by its index of leading U.S. economic indicators in the month of June. The Conference Board said its leading economic index fell by 0.3 percent in June after coming in unchanged in May. The drop surprised economists, who had expected the index to inch up by 0.1 percent. “As the US economy enters its eleventh year of expansion, the longest in US history, the LEI…