"World economic reports (April 8-15): some hope, but still shockingly bad
Every Wednesday or Thursday, I present the latest week's global economic reports to get a feel for world economic trends. This week's reports bring news of continued economic decline in key economies, i.e., Germany, and perhaps slight glimmers of hope for others, Malaysia. There is no spinning the message, though, no strong trends of recovery have emerged. Some highlights are:
- Annual import demand slumps. China's February report on annual import growth has not been totally rescinded.
- Inflation trends continue downward, except in Norway, whose annual inflation rate remains unchanged.
- Industrial production is a serious impediment to growth and jobs. Germany's industrial sector maintains its rapid decline, driven by stalled global trade.
Slack import demand signals anemic aggregate demand, which is dragging down prices around the world, especially those on energy and food.
Just out: the Bureau of Labor Statistics released its report on U.S. consumer price, which is still a mostly-energy story:
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent in March, before seasonal adjustment, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The index has decreased 0.4 percent over the last year, the first 12 month decline since August 1955. On a seasonally adjusted basis, the CPI-U decreased 0.1 percent in March after rising 0.4 percent in February.Industrial production in Malaysia improves slightly over the year, while that in Germany falls to new lows.
Unfortunately, the worst is yet to come. Unemployment continues its relentless surge.
Rebecca Wilder"
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