The volume of Irish retail sales (i.e. excluding price effects) increased by 1.0% in June 2010 when compared with June 2009 and there was a monthly decrease of 0.2%. If Motor Trades are excluded the volume of retail sales decreased by 1.3% in June 2010 when compared with June 2009 and the monthly change was -0.5%.
US real GDP (gross domestic product) — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 2.4% in the second quarter of 2010, (that is, from the first quarter to the second quarter), according to the “advance” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 3.7%.
Irish Economy: Central Bank says economy undergoing modest recovery this year; Forecasts growth of GDP and GNP in range of 2.2 to 2.8 % in 2011
Irish Economy: The Central Bank said today that the Irish economy is undergoing a modest recovery this year following an exceptionally deep and protracted decline in the previous two years. It forecast today an increase in GDP (gross domestic product) of about 0.8 % this year and a decline of about 1.0 % in GNP followed by growth in the range of 2.2 to 2.8 % in both measures in 2011.
Eurozone annual inflation expected to be 1.7% in July; Unemployment rate stable at 10.0% in June; Austria at 3.9%, the Netherlands at 4.4% and Ireland at 13.3%
Eurozone (EA16) annual inflation is expected to be 1.7% in July 2010 according to a flash estimate issued by Eurostat, the statistical office of the European Union. It was 1.4% in June. Meanwhile, the Eurozone unemployment rate was stable at 10.0% in June 2010. Austria was at 3.9%, the Netherlands at 4.4% and Ireland was at 13.3%.
Markets News Friday: IMF says US banks may need up to $76.3bn in additional capital; Additional stimulus measures may be needed to boost the economy
Markets news on stocks, currencies and commodities; The IMF (International Monetary Fund) says the U.S. financial system is “slowly recovering,” but remains vulnerable to crisis, in part because Congress and the administration have failed to streamline a regulatory system marked by turf battles and overlapping responsibilities. The fund said additional capital of .3bn may be required. A separate report says additional stimulus measures may be needed to boost the economy.
German retail sales in June were in nominal terms down 1.1% and in real terms fell 0.9% on May 2010 while the rise in earnings subject to collective bargaining slowed.
Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.
According to the estimates of the 19 Euroconstruct institutes, of which the Ifo Institute, at the University of Munich, is the German representative, the fall expected for 2010 will amount to about 4%. Accordingly, from 2008 to 2010, the extent of construction measures will fall by about 15% to ca. €1.26 trn (in 2009 prices). Construction volume increased in only two Euroconstruct countries in 2009 – – in Poland and Switzerland. In the other 17 member countries, developments were quite mixed. Whereas the decline was quite moderate in Germany, for example, Ireland and Spain reported dramatic drops.
Japan’s manufacturing growth slowed in July; Industrial production dipped in June and unemployment rose
Japan’s seasonally adjusted Nomura/JMMA Purchasing Managers’ Index (PMI) remained above the neutral 50.0 threshold in July, pointing to a further improvement of operating conditions in the Japanese manufacturing sector. However, the index fell to a four-month low of 52.8, from 53.9 in June, to signal that the rate of improvement was only modest. Japan’s unemployment unexpectedly rose for a fourth straight month and industrial production in June fell the most in more than a year, signalling a slowing in the economic expansion.
The English dramatist Micheál Mac Liammóir (1899-1978; born Alfred Willmore) who with his life partner, Hilton Edwards, founded Dublin’s Gate Theatre in 1928, is reputed to have said that America was a country you cannot tell a lie about. In 1983, the late Harvard political scientist Samuel Huntingdon wrote of the 1960s student radicals who he saw as part of a recurring tradition of American puritans, enraged that American institutions didn’t live up to the country’s founding principles: “[They] say that America is a lie because its reality falls so far short of its ideals. They are wrong. America is not a lie; it is a disappointment. But it can be a disappointment only because it is also a hope.”