Indicator scoreboardEMU — May seasonally adjusted unemployment rate remained at 8.3 percent. In May 2001 the rate was 8.0 percent. Spain continued to show the highest unemployment rate and Luxembourg, the lowest. It was estimated that 11.6 million men and women were unemployed in the eurozone in line with International Labor Organization criteria.  June seasonally adjusted Reuters purchasing managers manufacturing index rose to 51.8, up slightly from 51.5 in the previous month. The reading was the highest recorded since February 2001. An index level above 50 signals expansion and below 50, contraction. The higher the index is above 50, the faster the expansion. The data confirm the upturn in overall industry during the second quarter but also confirm its restrained pace.  June Reuters purchasing managers services index expanded to 52.9 from 52.1 in the prior month. This was the sixth straight month that the index rose, boosted by further gains in new business and a recovery in Germany. Coupled with a rise in the manufacturing PMI index in June, the composite index for services and industry rose to 53.1 from 52.6. May industrial producer prices excluding construction were unchanged but were down 0.9 percent when compared with last year. Monthly increases were recorded in the intermediate goods sector and the capital goods sector, while both durable and non-durable consumer goods remaining unchanged. On the year, price increases were noted for durable consumer goods, capital goods and non-durable consumer goods. Declines were noted for energy goods and for intermediate goods on the year.  April inflation and workday seasonally adjusted retail sales fell 0.6 percent but rose 0.1 percent when compared with last year. Monthly sales declines occurred for food, drink and tobacco in specialized stores, other sales of non-food products in non-specialized stores, books and newspapers, textiles, clothing and footwear and household goods. Increases were noted in mail orders as well as pharmaceutical and medical goods. 
EU — June European Commission's economic sentiment index fell modestly to 99.6 from 99.9 in the previous month. Among the larger eurozone countries, economic sentiment fell in Italy and in France. It was unchanged in Germany. Industrial, consumer, construction and retail sector sentiment all slipped. Industrial confidence slipped to minus 10 from minus 9 in May. Consumer sentiment fell to minus 9 from minus 8 in May. 
Germany — May manufacturing orders jumped 3.1 percent due almost exclusively to foreign bulk orders for German investment goods. Foreign orders jumped 9.6 percent, more than offsetting a 2.3 percent fall in domestic orders. Orders in the west rose 3.5 percent but sank 1.6 percent in the east.  May seasonally and calendar adjusted real retail sales (including autos and gasoline) fell 0.8 percent and 3.1 percent when compared with last year. Retail sales excluding autos and gasoline slipped 0.2 percent and 2.5 percent on the year. 
France — First quarter seasonally and workday adjusted final estimate of gross domestic product rose 0.4 percent and 0.4 percent when compared with last year. Investment growth was revised upward to 0.8 percent from the original estimate of 0.2 percent. However, export growth was revised down more than import growth.  Italy — May producer prices rose 0.1 percent but fell 0.9 percent when compared with last year. Excluding energy, the PPI was up 0.2 percent and 0.5 percent on the year. Britain — June seasonally adjusted Nationwide house price index rose 3.3 percent and 19.8 percent on the year. This was its highest level since the late 1980s. The average house price rose to £106,693.  June Halifax house price index jumped 2.3 percent and soared 19.3 percent on the year. The Halifax said the housing market was being supported by low interest rates, rapid income growth and shortages of suitable properties. Prices have risen by 11 percent since the start of the year, with the average house now costing £109,667. June Chartered Institute of Purchasing and Supply purchasing manufacturing index slowed to 50.5 from 52.7 in May. There was a sharp decline in the output index, which dropped to 53.6 from May's 56.0. New orders also dropped to 51.3 from 55.8, and export orders fell to 51.0 from 55.2. Asia Japan — The Bank of Japan's quarterly Tankan survey of business sentiment for big manufacturers jumped to minus 18 from minus 38, offering further confirmation that the economy has pulled out of its worst postwar downturn. The improvement was the first rise since the fourth quarter of 2000. The diffusion index measures the percentage of companies saying economic conditions are good minus the percentage saying conditions are bad. The sentiment index for large non-manufacturers improved to minus 16. The index for small non-manufacturers improved to minus 37 from minus 42. The small manufacturers’ confidence index rose 10 points to minus 41. A negative reading means more companies are pessimistic than are optimistic about the outlook. The central bank surveyed 8,550 companies between May 30 and June 28.  Americas Canada — June unemployment rate dropped to 7.5 percent from 7.7 percent in May. Employment rose by 66,400. The June gains continued the upward trend in employment begun at the start of the year, with employment up 303,000 or 2.0 percent since January. Employment growth was almost entirely in full-time. Manufacturing employment gained 30,000 jobs for an increase so far this year of 113,000, regaining the peak reached in December 2000. 
| 
