German Manufacturing at 3-Year Low, Swiss Money Supply Growth Eases

Arthi Gupta
21 Jun, 2012
New York City

The euro area current account surplus fell in April. German and euro area manufacturing activity contracted but French manufacturing sector rose in June. Swiss watch exports rose but money supply growth eased in May.

[R]1:30 PM Frankfurt – The euro area current account surplus fell in April. German and euro area manufacturing activity contracted but French manufacturing sector rose in June. Swiss watch exports rose but money supply growth eased in May.[/R]

Euro-zone Surplus Drops

The euro-zone current account surplus fell a seasonally adjusted €4.6 billion in April from €10.3 billion in March, the European Central Bank said in a report on Thursday.

The surplus on trade in goods declined to €7.5 billion in April from €8.7 billion in March. The surplus in services fell to €5.9 billion in April from €7.4 billion in March.

Euro Area Private Sector Activity Contracts

Euro-zone private sector output shrank sharply in June, a survey by Markit Economics showed today.

The flash Euro-zone Composite Output Index remained stable at 46 in June, unchanged from the 35-month low reading in May.

The services activity index improved slightly to 46.8 in June from 46.7 in May. The purchasing managers'' index for the manufacturing sector dropped to a 44.8 in June from 45.1 in May a 36-month low.

French Factory Sector Rises

Activity in the French manufacturing sector rose in June, data from a survey by Markit Economics and HSBC Bank showed today.

The seasonally adjusted purchasing managers; index for the manufacturing sector rose to a two-month high of 45.3 in June from 44.7 recorded in May.

The service sector indicator rose to a three month-high of 47.3 in June from 45.1 in May.

The composite output index, which measures activity in both the manufacturing sector and the service sector rose to a three-month high of 46.7 in June from 44.6 in May, data showed.

German Manufacturing Sector Shrinks

German manufacturing activity contracted the most in three years in June, driven by a steeper decline in new export orders, a survey by Markit Economics showed today.

The manufacturing purchasing managers'' index fell to 44.7 in June from 45.2 in May. This was the weakest reading in 36 months.

The services activity index dropped to a seven-month low of 50.3 in June from 51.8 in May.

Swiss Watch Exports Rise, Money Supply Growth Eases

Switzerland''s watch exports climbed 16.2% in May from the previous year, the Federation of Swiss Watch Industry said in a report on Thursday. Exports totaled Sfr1.9 billion.

Over the first five months, watch exports increased 15.2% to Sfr8.2 billion.

Separately, Switzerland''s broad money supply growth eased in May, the Swiss National Bank said.

M3, the broad measure of money supply, grew 6.2% annually in May, following the 6.3% rise in April.

Dutch Unemployment Flat

Unemployment in the Netherlands remained unchanged at 6.2% in May, unchanged from the previous month, data released by the Central Bureau of Statistics showed.

The number of unemployed persons in the country, on a seasonally adjusted basis, remained broadly unchanged at around 489,000 in May.