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Asia Economic Indicator News
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Thailand: Foreign Trade
Thailand ran a $2.54 billion trade surplus in June, compared with a $2.3 billion surplus in May. Exports and imports remain robust.
Thailand: Industrial Production
Thailand's manufacturing has quickly rebounded from the protest-induced slowdown over the last two months, with output rising a sharper than expected 21.2% year on year in June, following an upwardly revised 17.9% gain in May.
Thailand: Private Consumption
The Bank of Thailand’s private consumption index grew 8.3% on a year-ago basis in June, a faster pace of growth than the 7.4% expansion lodged in May. On a month-ago basis, private consumption jumped in June, supported by the end of protests that had disrupted activity in the prior months.
Vietnam: Foreign Trade
Vietnam’s monthly trade deficit came in at US$1.15 billion in July compared with a downwardly revised shortfall of US$742 million in June (previously reported as a US$1.2 billion deficit). Exports and imports both weakened during the month. Nevertheless, import demand remains robust as growth in the emerging Southeast Asian economy accelerates, while global growth woes weigh on exports.
Japan: Housing Starts
Japanese housing starts improved 0.6% y/y in June, which was in line with our expectations. Housing starts plunged 4.6% y/y in May.
Singapore: Employment
Singapore's unemployment rate rose to 2.3% in the second quarter, up from 2.2% in the first quarter. Manufacturing employment fell for the first time since the third quarter of 2009.
South Korea: Retail Sales
South Korea’s retail sales advanced by 2.4% m/m in June, improving from May’s 1.2% growth. The improvement was expected.
Japan: Industrial Production
Japan's industrial production fell 1.5% in June, after a revised 0.1% gain in May. June's decline is the first in four months and was largely the result of reduced production in cars and electronic devices.
Japan: Consumer Price Index
Japan’s core consumer price index (excluding food prices) contracted 1% on a year-ago basis in June, narrowing from a record 1.2% contraction in May. Cuts to high school education costs due to policy reforms in April have added to deflation pressures in recent months.
Japan: Employment Situation
Japan’s seasonally adjusted unemployment rate rose for the fourth consecutive month in June, up another 0.1 of a percentage point to 5.3%. An early positive sign is that employment actually rose in June, after jobs were shed over the previous two months. In a welcome development, the labour force is expanding again, but the economy is still not strong enough to absorb extra workers.
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