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Chinese services activity slows down in August 2017, reaching its lowest level since May 2016. The PMI dropped from 54.5 points in July to 53.4 points in August. The service sector generates more than half of the Chinese economy, with rising wages giving consumers the opportunity to shop and travel more. The authorities in Beijing
Retail sales in Germany are falling at a faster-than-expected rate in July 2017. The indicator, which is volatile and is often subject to revisions, is down by 1.2% on a monthly basis, according to data from the federal statistical office Destatis. The data shows that consumer spending is likely to lose some of the momentum
Russian Deputy Finance Minister Alexei Moiseev said that digital currency Bitcoin resembled a “high-risk financial pyramid”. He released that country is planning regulations that could potentially ban the sale of crypto-currencies to ordinary investors or individuals. In an interview Alexei Moiseev commented on the proposed regulations on the Bitcoin in Russia, the idea of which
The US economy GDP growth in the second quarter was revised upwards, accounting for the highest rate of more than two years. There are also indications that inertia remains at the beginning of the third quarter. The US GDP is expanding with an annual growth rate of 3% between April and June, according to the
The US private sector adds 237,000 jobs in August 2017, which is far above expectations, according to ADP’s regular monthly report. The forecast was for 183,000 new positions. The July data were revised upwards to 201,000 from the 178,000 jobs originally calculated. Trade, transportation and utilities contributed the biggest sector gains, at 51,000, while leisure
The Russian Ministry of Economic Development has prepared new measures to increase labor productivity. The agency’s proposals are part of the plan to accelerate the growth of Russia’s Gross Domestic Product (GDP). According to the main forecast by the Ministry of Economic Development, the productivity growth will accelerate from 1.6% in 2018 to 1.9% in
European economic outlook is improving in August 2017, as the Eurozone index reached its highest level in 10 years. The European Commission’s Economic Sentiment Index (ESI) rose by 0.6 points to 111.9 points in August. Economists expected a value of 111.3 points. The positivity was shared by businesses across different sectors, with sub-indices for confidence
US home prices are rising in June 2017 on month-on-month basis. The annual growth rate is 5.8%, which is 0.1 percentage points higher than expected by economists. It was also slightly higher that the 5.7% increase in May. Another key measure that covers home prices in 20 US cities is growing steadily at 5.7%. Nine
The preliminary estimates of the damages caused by Hurricane Harvey are rising, as the storm recovers power in the Gulf of Mexico. According to analysts the economic loss forecast may reach 42 billion USD. The reason is the increasing obstacles to drainage systems and flood control systems. Analysts estimated that spending could reach 100 billion
Russian Ministry of Transport and culture developed a new mechanism to subsidize the travel of tourists to the popular Russian resorts. It will enter into force next year. The subsidies from the state budget are proposed to be directed to tour operators, who will buy seats for tourist groups for regular and charter flights, as
