• Wednesday, August 24, 2016 - 20:10 Japan July Business Service Price Rise Picks Up on Advertising 0

    TOKYO (MNI) - The Service Producer Price Index with a 2010 base year from the Bank of Japan released Thursday:

    * Japan's service producer prices +0.4% on year in July for the 37th straight rise after +0.2% in June. The largest year-on-year rise since August 2015 (+0.6%) was led by a jump in the prices for TV, newspaper and internet advertising services as well as slightly higher costs for data processing and internet-based services.

    * Business service prices have been on a modest uptrend in a range of +0.2% to +0.6% y/y in the past year.

  • Wednesday, August 24, 2016 - 19:01 UK May Pay Awards Return To 2.0% in July: XpertHR 0

    by Jamie Satchithanantham

    LONDON (MNI) - UK median pay deals rose by 2.0% in the three months to July, the latest survey from XpertHR shows.

    The XpertHR survey result means that median pay awards returned to the 2.0% mark, the level at which pay awards had stood since the turn of the year.

    While pay awards continue to run above inflation, as measured by the retail prices index (RPI), the gap between the two has decreased and currently stands at just 0.1%.

    Given inflation is expected to continue its upward trajectory, come the end of the year it may well be the case that it outstrips the pace of awards, reversing a trend that has been in place since the end of 2014.

  • Wednesday, August 24, 2016 - 13:15 US Budget Groups: CBO Report Signals Serious Fiscal Challenge 0

    --Budget Groups Say CBO Report Shows Dire Fiscal Future
    --Fiscal Groups: Deficits, Debt Must Be Campaign Issue

    WASHINGTON (MNI) - Several leading budget watchdog groups are seizing on a report released Tuesday by the Congressional Budget Office as compelling evidence that the U.S.'s fiscal future will be grim unless spending and tax reforms are crafted and enacted by policymakers.

    On Tuesday, the CBO reported it expects federal budgets deficits to rise from $438 billion in the last fiscal year to $590 billion in the 2016 fiscal year and $594 billion in FY 2017.

    In its mid-year budget and economic report for the FY...

  • Wednesday, August 24, 2016 - 12:04 Yellen's Jackson Hole Speech to Focus on Longer Term, Not Sept 0

    By Karen Mracek

    WASHINGTON (MNI) - Markets are anxiously awaiting Fed Chair Janet Yellen's speech Friday but Fed watchers say those looking for a clear sign of whether a rate hike will happen in September may be disappointed.

    "Federal Reserve chairs are often inclined to use the Jackson Hole event to preview monetary policy," PNC Chief Economist Stuart Hoffman and PNC Deputy Chief Economist Gus Faucher wrote in a research note Wednesday.

    But with the next Federal Open Market Committee meeting set for Sept. 20-21, still a month away, "Yellen is unlikely to use her Jackson Hole talk to signal an increase in the federal funds rate at the FOMC's next meeting.

  • Wednesday, August 24, 2016 - 10:00 US NAR: July Existing Home Sales Fall 3.2% to 5.39 Mln SAAR 0

    By Kevin Kastner

    WASHINGTON (MNI) - Home resales declined by 3.2% in July to an annual rate of 5.39 million, below expectations for a smaller decline to a 5.50 million rate from an unrevised 5.57 million pace in June, data released by the National Association of Realtors reported Wednesday showed.

    NAR Chief Economist Lawrence Yun told reporters that he sees the decline from a multi-year high in June as a temporary pause. A backlog of appraisals may be part of the reason for the decline, he noted.

    The number of housing units available for sale rose 0.9% in July to a total of 2.130 million houses, lifting the months supply to 4.7 months at the current sales pace from 4.5 months in June.

  • Wednesday, August 24, 2016 - 09:14 US Jul Bldg Permits Revised Down To -0.8% To 1.144 Mln Unit Rate 0

    --July Permits Originally Reported -0.1% To 1.152 Mln Unit Rate

    WASHINGTON (MNI) - The number of U.S. building permits issued in July was revised down to a 0.8% decrease to a 1.144 million unit annual rate, the Commerce Department's Bureau of the Census said Wednesday.

    Permits issued were originally reported down 0.1% to a 1.152 million unit rate.