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The Biggest Concern Is Stagflation - Factory Orders Tumble As Services Surveys Signal Soaring Inflation
zerohedge.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zerohedge.com Daily Mail and Mail on Sunday newspapers.
US Manufacturing Surveys Soar As Supply Chain Disruptions Spark Surge In Prices
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US Services Sector Jobs Slide As Input Prices Explode Higher
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March 3, 2021 - Written by John Cameron
EUR/USD Exchange Rate Rangebound as EU Lockdowns Weigh on Eurozone Economy
The Euro to US Dollar (EUR/USD) exchange rate was largely muted today, with the pairing currently fluctuating around $1.20.
The Euro has suffered this week owing to largely underwhelming Eurozone economic data. Germany’s retail sales for January tumbled by -4.5, despite forecasts for a more modest contraction of 0.3%.
The Federal Statistics Office commented:
‘This decline can be explained by the ongoing coronavirus lockdown, which meant a closure of many retail stores since Dec. 16, 2020.’
Today also saw the publication of the latest Eurozone PMI Composite report for February, which came in at a lacklustre 48.8.
Manufacturing Growth Sped Up in February
1 Mar 2021
The growth of manufacturing in the U.S. accelerated further in February, a survey by the Institute for Supply Management showed Monday.
The ISM Manufacturing Report on Business PMI jumped at 60.8 in February, up from 58.7 in January. That’s the highest level since August 2018 and indicates a powerful expansion for the manufacturing sector.
The manufacturing sector figure suggests that the overall economy expanded for the ninth month in a row after the economy shrank in in March, April, and May of 2020.
The reading beats the forecast of 58.9 from economists polled by Econoday.
“Another month of strong production growth suggests that the US manufacturing sector is close to fully recovering the output lost to the pandemic last year, and a renewed surge in optimism suggests the recovery has much further to run,” said Chris Williamson, Chief Business Economist at IHS Markit said.