Global Economic News Weekly Update

Global Economic News Weekly Update

Singapore Unemployment Rate Data

Released on April 28, 2025, the Ministry of Manpower's data presented a seemingly stable unemployment scenario for Singapore, maintaining the rate at 1.9%, unchanged from the previous forecast. While this consistent rate suggested labor market equilibrium, it was also acknowledged that underlying shifts in specific sectors or demographics might have been masked by the aggregate stability. The data implied that although increased unemployment typically correlated with reduced purchasing power and potential downward pressure on the Singapore dollar, a sustained low rate did not guarantee unwavering currency strength. The next release is expected on Jun 9, 2025, with a positive sign of 2.1%.

Significant Changes in the United States Goods Trade Balance

At 12:30 PM on April 29, 2025, the U.S. Census Bureau released its Goods Trade Balance data. This indicator provided a monetary measure of the difference between the value of goods exported and imported for the month, where a deficit occurred when imports exceeded exports. Forecasts leading up to the release had suggested a balance of approximately $\$-163.347 billion, representing a notable shift from the previous forecast of $\$-142.841 billion. The next forecast is on May 30, 2025, with a predicted data of -177.209 billion dollars, which follows the current trend.

Germany's Economy Grows 0.2% in Q1 2025

According to the initial estimate released by the Federal Statistical Office on April 30, 2025, Germany's Gross Domestic Product (GDP) experienced a 0.2% increase in the first quarter of 2025 when compared to the preceding quarter. This growth marks a turnaround from the 0.2% contraction recorded in the fourth quarter of 2024. The Federal Statistical Office highlighted that this modest growth rate for Q1 2025 aligned with market expectations and was primarily underpinned by a rise in household final consumption expenditure and an increase in capital formation

Markit US Manufacturing PMI Forecast Updated

According to information from S&P Global released on May 1, 2025, at 13:45, an updated forecast was available for the US manufacturing sector's business conditions, as measured by the Markit Manufacturing PMI. This index, based on monthly surveys of purchasing managers across five key dimensions including production and new orders, offered a snapshot of the sector's operational health. The forecast for the period stood at 51.0, following a previous forecast of 52.6, with a reading exceeding 50.0 historically interpreted as suggesting potential expansion within the manufacturing sector and sometimes associated with a potentially favorable influence on the US dollar's valuation.

BLS Updates US Unemployment Rate Forecast

According to the Bureau of Labor Statistics' Employment Situation report released at 12:30 PM on May 2, 2025, the latest data provided a fresh perspective on the nation's unemployment rate. Based on recent preliminary indications and ongoing economic analysis, there was a suggestion of a potential shift in the projected trajectory, with the current rate forecast at 4.4%. This figure, if it materialized in the official reporting, would have signified a marginal increase compared to the previous forecast of 4.2%, a difference that could reflect subtle yet potentially significant changes in the labor market landscape or influencing economic factors, although interpreting its future implications was viewed as complex due to various dynamic factors.