Indicator scoreboard
EMU - First quarter gross domestic product was revised up to 0.3 percent from the 0.2 percent gain previously reported. When compared with last year, GDP was also revised upward to 0.3 percent from the previously reported 0.1 percent. Domestic demand was revised up, while net exports were revised down. Household consumption, government consumption and gross fixed capital formation (investment) were revised upward from previous estimates.

Germany - May seasonally adjusted industrial production fell 1.3 percent due in large part to special factors. May figures were affected by the 10-day walk-out of metalworkers in Baden-Wuerttemberg and Berlin-Brandenburg as well as the above average number of bank holidays. When compared with last year, industrial production fell 4 percent. The output decline was led by a 4.7 percent drop in construction, underscoring the extent this sector continues to drag on the German economy. Total manufacturing output fell 1.4 percent after edging up 0.1 percent in April. In west Germany, industrial output fell 1.4 percent after falling 0.1 percent in April, while in the east production nudged up 0.2 percent after a 1.3 percent drop in April.

June seasonally adjusted unemployment rate rose to 9.8 percent in June from 9.7 percent in May and 9.6 percent in April. The west Germany unemployment rate remained at 7.8 percent while it jumped to 8.4 percent in east Germany.

May seasonally adjusted merchandise trade surplus stood at €9.9 billion, up from a €9.2 billion surplus in April and up from €7.8 billion in May 2001. Exports were down 5.0 percent on the month and down 3.4 percent on the year. Imports were down 7.6 percent on the month and down 8.7 percent on the year.

France - May seasonally and workday adjusted industrial output fell 0.3 percent but was up 0.3 percent on the year. Manufacturing output dropped 0.7 percent and 0.6 percent when compared with last year. The decline was led by a 2.0 percent drop for autos after four months of strong gains. Consumer goods output fell 1.4 percent after a 1.0 percent increase in April. Capital and semi-finished goods dipped 0.2 percent and 0.3 percent, respectively, retracing a large part of the April gains.

May seasonally adjusted merchandise trade surplus widened to €2.138 billion. Imports fell 3.9 percent led by a drop in capital goods to a three-year low. Consumer goods and auto imports also declined, pointing to a pause in domestic consumption. Exports dipped 0.7 percent. All industry sectors posted declines, especially the food/agriculture sector. Airbus sales fell back to 16 planes from a record 22 planes sold in April. Exports to other European countries and North America declined, while sales to Africa and the Middle East were boosted by large industrial projects.

Britain - May industrial production rose 0.9 percent but fell 1.9 percent when compared with last year. Manufacturing output rose for the second month, this time by 0.7 percent. On the year, manufacturing output fell 2.6 percent. April data were revised higher. The recovery in manufacturing was broad based, with output increases in nine out of the 12 categories. Significant advances in output were seen in the food, drink and tobacco, basic metals and metal products and other manufacturing sectors.

June seasonally adjusted input prices fell 0.9 percent and 7.2 percent on the year. Crude oil prices fell 6.7 percent, the largest monthly drop since October 2001, and were down 21.2 percent on the year. Input prices were also pushed lower by a decline in the cost of imported materials, which fell by 0.5 percent and 7.1 percent on the year. Non-seasonally adjusted output prices remained unchanged on the month and on the year. Output prices were pushed lower by a decline in petroleum and electrical and optical product prices. Seasonally adjusted core output prices, which exclude food, tobacco, petroleum and beverages, also remained unchanged on the month and rose 0.4 percent on the year.

May global merchandise goods trade deficit shrunk to Stg1.716 billion from Stg2.350 billion in April. Most of the improvement came from a sharp narrowing in the non-EU trade deficit, which declined to Stg1.689 billion from Stg2.270 billion previously. Much of this was due to higher exports to the United States. The value of exports to non-EU countries in May rose 15.1 percent while imports rose 4.6 percent. In volume terms, exports to non-EU countries leapt 13.3 percent and imports rose 5.5 percent. Overall, the value of global goods exports rose 3.8 percent while the value of global imports fell 0.1 percent. Global export volumes rose 4.6 percent on the month, while import volumes fell 0.5 percent. The global core trade deficit, which excludes oil and erratic items, narrowed even more sharply in May to Stg1.963 billion from Stg3.102 billion in April. The non-EU trade gap excluding oil and erratic items narrowed to Stg1.2 billion from Stg1.7 billion. Including services, the total trade deficit narrowed to Stg790 million from Stg1.519 billion.

Asia
Japan - June corporate bankruptcies fell 9.5 percent from a year earlier to 1,563 cases for a second straight monthly decline, according to private credit research agency Teikoku Databank Ltd. But debts left behind by insolvent companies rose 1.8 percent on the year. Manufacturers' failures dropped 19.8 percent on the year, the first decline in 10 months. Construction company failures fell 5.5 percent. Bankruptcy cases rose 4.7 percent during the first six months of the year. Bankruptcy debt climbed 3.2 percent in the January-through-June period.

Australia - June seasonally adjusted unemployment rate rose to 6.5 percent from 6.3 percent in May. The number of employed rose by 12,600. The seasonally adjusted workforce participation rate, or the proportion of working-age persons at work or actively seeking work, rose to 63.7 percent from 63.6 percent in May. The total number of people employed was 9.32 million compared with 9.31 million in May. The number of people in full-time work fell while the number of people in part-time work rose.

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