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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK unemployment rate unexpectedly dropped in the three months to March
In the UK, the unemployment rate recorded an unexpected drop to a level of 3.90% in the three months to March, compared to a level of 4.00% in the previous month. Markets were expecting unemployment rate to advance to 4.40%.
Euro-zone economic sentiment index rose in May
In the Euro-zone, the economic sentiment index registered a rise to a level of 46.00 in May, compared to a reading of 25.20 in the previous month.
Euro-zone construction output declined in March
In the Euro-zone, the seasonally adjusted construction output recorded a drop of 14.10% on a MoM basis in March, compared to a revised drop of 0.50% in the prior month.
Jerome Powell: Fed to start issuing emergency loans by June
The US Federal Reserve (Fed) Chairman, Jerome Powell, in his testimony before the Senate Banking, Housing and Urban Affairs, indicated that the four Fed lending programs not yet operational will begin issuing emergency loans by June. Further, Powell reiterated that Congress may have to authorize additional spending to prevent long-term damage to the economy led by the coronavirus outbreak.
US building permits dropped in April
In the US, building permits eased 20.80% on a MoM basis in April, compared to a revised drop of 5.70% in the previous month
US housing starts declined in April
In the US, housing starts registered a drop of 30.20% on a MoM basis in April, compared to a revised drop of 18.60% in the prior month.
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