Euro Area Industrial Production Grows; Iceland Holds Key Rate

Arthi Gupta
15 Jun, 2011
New York City

Euro-zone industrial production rose unexpectedly in April. OECD unemployment rate declined in April. The factory employment in Germany increased 2.7% annually. French consumer price annual inflation eased to 2% in May.

[R]1:30 PM Frankfurt – Euro-zone industrial production rose unexpectedly in April. OECD unemployment rate declined in April. The factory employment in Germany increased 2.7% annually. French consumer price annual inflation eased to 2% in May.[/R]

Euro Area Industrial Production Grows

Euro-zone industrial production grew by a seasonally adjusted 0.2% in April from March, data released by Eurostat, the statistics office of the European Union showed today.

On a yearly basis, industrial production increased 5.2% as against the 5.8% rise logged in March.

Intermediate goods output increased 5.7% annually and durable consumer goods advanced 5.2%. Non-durable consumer goods gained 3.1% but production of energy declined 4.2%.

OECD Jobless Rate Declines

The jobless rate in the Organization for Economic Co-operation and Development area decreased to 8.1% in April from 8.2% in March, according to data released today. Unemployment has declined steadily since October 2010.

The unemployment rate in the European Union countries declined to 9.4% in April from 9.5% in March, while in the euro area it remained steady at 9.9%.

The number of jobless persons in the OECD area was 44.09 million in April, compared to 44.13 million in March.

Turkish Jobless Rate Dips

The seasonally adjusted jobless rate in Turkey fell to 9.9% in March from a revised 10% in February, data from the Turkish Statistics Institute showed. The previous estimate for February was 10.1%. A year ago, the unemployment rate was 12.6%.

After adjusting to seasonal variations, the number of unemployed persons fell to 2.62 million in March from 2.7 million in February.

German Factory Employment Up

Employment in Germany''s manufacturing industry increased 2.7% annually to 5.04 million in April, data from statistics office Destatis showed today.

Employment in the rubber and plastic industry climbed 5.3% percent and jobs in the chemical industry rose 3.4% in April. There was a 1.8% annual growth in employment in the feed and food production industry.

The number of hours worked increased 0.8% annually to 638 million in April and the total charges increased 11.1% to €19.18 billion.

Danish Employment Falls

Denmark''s employment decreased in the first quarter, data released by the statistics office showed on Wednesday.

The number of employees dropped a seasonally adjusted 0.4% sequentially in the first quarter. Employment in the public sector fell 0.5% and in the private sector it declined 0.3%.

Iceland Holds Key Rate

Iceland''s central bank left its key interest rate unchanged for the third time this year.

The Sedlabanki held the seven-day collateralized lending rate at 4.25%. The deposit rate was held at 3.25% and the maximum bid rate for 28-day certificates of deposit at 4%. The overnight lending rate was left at 5.25%.

Norway Trade Surplus Drops

Norway''s trade surplus declined 0.4% annually to NOK 24.16 billion in May, Statistics Norway said. The amount was almost half of the surplus in April, the statistics office said.

In May, exports climbed 12.5% annually to NOK 67.3 billion. Imports climbed 21.3% to NOK 43.2 billion.

Swiss Producer and Import Price Index Down

Swiss producer and import prices index fell 0.4% annually in May, the Federal Statistics Office said on Wednesday.

The producer price index for the domestically produced goods dropped 0.4% on a monthly basis, and the import prices declined 0.3% in May.

Czech Producer Price Inflation Slackens

The producer price index in the Czech Republic increased 6.2% annually in May, slower than the 6.4% growth recorded in April, data released by the Czech Statistics Office showed on Wednesday. The rate of growth slowed after accelerating for eight straight months.

Prices of food, beverages and tobacco climbed 9.9% in May and energy prices increased 9.3% annually.

On a monthly basis, producer prices advanced 0.5% in May, following the 0.8% increase in April.

French Inflation Eases

France''s harmonized index of consumer prices rose 2.2% on an annual basis in May, the same rate of increase as in April, the statistics office Insee said today. On a monthly basis, the index edged higher 0.1% in May.

Seasonally adjusted consumer price annual inflation eased to 2% in May from 2.1% in April. On a monthly basis, it climbed 0.1% in May after rising 0.3% in April.

Prices of food products grew 1% on a monthly basis in May and prices of energy products fell 1.3%.

Hungary''s Annual Inflation Eases

Hungary''s consumer prices rose 3.9% annually in May, down from the 4.7% increase in April, data from the Central Statistics Office showed.

Monthly inflation slowed to 0.2% in May from 0.6% in April.

Food prices climbed 8.6% from the prior year and clothing and footwear gained 3.8%.