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Economists polled by Reuters had expected the deficit to reach 44.5 billion euros in September. Adjusted for seasonal factors, the trade gap was even slightly higher at 37.7 billion euros, though declining from 47.6 billion euros in August and 40.5 billion euros in July. In the first eight months of this year, the deficit with Russia was 115.0 billion euros. The EU's deficit in energy trade rocketed to 491.4 billion in the first nine months of this year from 179.6 billion in the same period of 2021. The trade gap with China, Europe's biggest trading partner, almost doubled to 300.2 billion euros in the January-September period from 166.5 billion euros in the same period a year earlier.
Restaurant traffic is dipping as consumers make food at home. In that month, traffic at fast food restaurants fell 1.2%, dipped 1.7% for fast casual and dropped 4.7% in full service eateries. Fast food traffic bounced back slightly in September and October, but fast casual and full service traffic remained negative. Restaurant prices increased by 8.6%. But groceries are generally cheaper than restaurant meals.
Indonesia Q3 GDP growth picks up, but below forecast
  + stars: | 2022-11-07 | by ( ) www.reuters.com   time to read: 1 min
JAKARTA, Nov 7 (Reuters) - Indonesia's economic growth accelerated in the third quarter to 5.72%, the fastest in more than a year, but below market expectation, official data showed on Monday. The second quarter growth rate was 5.44%. Economists in a Reuters poll had expected gross domestic product in the July-September quarter to be 5.89% bigger than the same period last year. Unadjusted for seasonal factors, GDP expanded 1.81% from the previous three months, compared with the poll's forecast of 1.62%. Reporting by Stefanno Sulaiman, Gayatri Suroyo and Fransiska Nangoy; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.
But annual revisions to the data showed productivity much stronger in 2020 and 2021 than previously reported. Unit labor costs - the price of labor per single unit of output - increased at a 3.5% rate after accelerating at a pace of 8.9% in the second quarter. Unit labor costs advanced at a 6.1% rate from a year ago. Growth in unit labor costs was much slower than previously estimated in 2020 and 2021. Labor costs"Both productivity growth and labor cost growth may be understated," said Conrad DeQuadros, senior economic advisor at Brean Capital in New York.
Mortgage applications dropped 4.5% last week from the prior week, according to the Mortgage Bankers Association. That's brings application volume to its lowest level since 1997 amid a fourth month of declines. The decline comes as the 30-year fixed rate reached 6.94%, hitting a fresh 20-year high. The fall in borrowing volumes to finance home purchases comes as the 30-year fixed mortgage rate hit 6.94%, a 20-year high. The slowdown in housing has been brewing for months, in line with interest rate hikes from the Federal Reserve.
Food prices increased 0.8%, with the cost of food at home advancing 0.7% amid rises in all six major grocery store food groups. The war in Ukraine also poses an upside risk to food prices. In the 12 months through September, the CPI increased 8.2% after rising 8.3% in August, decelerating for a third straight month. The so-called core CPI is being largely driven by the higher costs for rental accommodation. The core CPI jumped 6.6% in the 12 months through September, the most since August 1982, after rising 6.3% in August.
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