Global monetary policy in four charts November 1, 2013 Societe Generale's Kit Juckes has a great note out with some observations about central bank policy around the world. He compares current policy with what the Taylor Rule suggests central bankers should implement. The Taylor Rule – devised by John Taylor – is a monetary policy rule that suggests prudent rates in order to stabilise [...]
Ryanair boss rejects grand transformation of customer service November 1, 2013 In an interview with Reuters Ryanair boss, Michael O'Leary, has said there will be no "grand transformation" of the low-cost airline, barring already announced cuts in fees and updates to the website. O'Leary insisted that he had not radically changed his outlook as to how the company should be operated in terms of customer service. [...]
Northwest is hotspot for home repossessions while South prospers November 1, 2013 There were 33 per cent more home repossessions in the North than in the South for the year to July, according to research by e.surv chartered surveyors. The group examined court-ordered repossessions per 1,000 households over the 12 months to July and found there were 3.2 repossessions per 1,000 households in the North, compared to [...]
US manufacturing slump not as bad as expected after government shutdown November 1, 2013 US manufacturing orders didn't suffer too much in October, according to purchasing managers' index (PMI) data from Markit. The headline indicator of order book growth has nonetheless dropped to its lowest level since October 2012. Manufacturing PMI dropped from 52.8 to 51.8. Analysts had expected a drop to 51.1. Any number above 50 implies an [...]
China sees stable manufacturing growth but underlying conditions are weak November 1, 2013 The Chinese manufacturing sector improved at the beginning at the beginning of the fourth quarter, so suggests the latest PMI surveys released on Friday. However breaking down into the figures, London-based consultancy, Capital Economics suggests that China is due for slower growth while small firms struggle. The government's policy of reducing the availability of credit [...]
Recovery may be start of boom bust cycle says Berenberg November 1, 2013 The UK recovery is showing disturbing signs of mirroring the pre-crash economy, fuelled by consumer spending and easy credit, according to a Berenberg research note. The bank draws attention to the worryingly low savings rates in the UK which are being further depleted, giving some temporary boost to the economy. A similar situation prevailed in [...]
UK manufacturing growth steadies in October November 1, 2013 Growth in the UK manufacturing sector has started to slow down in October, according to new purchasing managers' index (PMI) data from Markit. Jeremy Cook, chief economist at World First, says that a natural slowing was widely expected – "There is only so much month-on-month improvement that can be made by an industry always searching [...]
Greek manufacturing sector contracts faster in October November 1, 2013 The Greek manufacturing sector is shrinking faster, according to new purchasing managers' index (PMI) data from Markit. PMI for the sector dropped from 47.5 to 47.3 in October, with any number below 50 implying a contraction in the sector. Phil Smith, economist at Markit and author of the Greece Manufacturing PMI, said that having a [...]
End to jobs backlog shows weaker US labour market October 31, 2013 The backlog from an upgrade to systems in California has finally been cleared, and the numbers aren't strong as had been hoped. Jobless claims fell by just 10,000 to 340,000 in the week to Oct 26, while economists had hoped for a fall of 11,000. Continuing jobless claims are now higher at 2.881m from 2.874m. [...]
French PM calls for solidarity on 75 per cent tax before showdown with football bosses October 31, 2013 The French prime minister is standing firm on the socialist government's policy of a 75 per cent tax on those earning over €1m (£856,000), as bosses from France's leading football clubs prepare to meet President Francois Hollande to argue against the tax. The tax is designed so that companies will be liable to pay 75 [...]
