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    Edition June 7, 2017

    Mexico: Consumer prices

    The monthly change is small, at +0.12%, but April and May are traditionally months where prices fall in Mexico, so the small rise recorded last month has translated into a significant spurt in inflation, to 5.8% y/y, vs 5.4% in March. All components in the index have contributed to the acceleration.

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  • Edition May 23, 2017 France : quarterly growth and contributions

    GDP saw a modest increase in Q1 2017, with growth in line with expectations (+0.3% over the quarter). The growth figure is driven by an acceleration in business and household investment, as well as by inventories, while household consumption is virtually lifeless and foreign trade is making a negative contribution.

    France : quarterly growth and contributions


  • Edition May 11, 2017 China: housing

    In the housing market, we are seeing comparable trends in new build (housing starts) and investment. Housing starts rose by 18.1% in March, investment by 9.1%, compared with respective increases of 14.8% and 8.9% in February. Sales, on the other hand, have marked time, and fairly markedly so, posting an increase of 16.9% in March – almost 7 percentage points less than in the previous month.

    China: housing


  • Edition April 10, 2017 UK: real household disposable income

    The resilience of household consumption in H216 occurred on the back of falling purchasing power. Real disposable income declined in both Q316 (-0.3% QoQ) and Q416 (-0.4% QoQ) due to inflationary pressures building up again while nominal gross disposable income was close to flat. Despite that decline in purchasing power, consumer confidence has resisted well in recent months.

    UK: real household disposable income


  • Edition March 29, 2017 Poland: Leaving deflation behind

    Prices in the Polish consumer basket stopped falling in November 2016. The inflation index was even up 2.2% yoy in February 2017 (1.8% in January). The rise is partly due to an increase in the price of winter vegetables, which suggests may be just a blip. Elsewhere, pressures in the labour market, with the gradual fall in the unemployment rate, have had a positive impact on wage levels.

    Poland: Leaving deflation behind


  • Edition February 3, 2017 Employment: more dramatic adjustment in all sectors in Spain, notably in construction

    Facing a similar impact of the crisis on activity, Spain has responded with a more dramatic adjustment in employment and labour costs than Italy. Wage moderation was much more needed in Spain following a pre-crisis hike in wages. Stronger improvement in productivity, coupled with wage moderation, has resulted in a more marked increase in competitiveness in Spain. 

    Employment: more dramatic adjustment in all sectors in Spain, notably in construction



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