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July 31, 2024
António Seladas, CFA
António Seladas, CFA
Unemployment rate went 26bpMoM to 6.76%, while other measures are showing weakness
Unemployment rate 6.76%, +26bpMoM; while the broad concept also underperformed. Finally Inactive population keeps increasing, while yearly growth rates of Employed population and Active population are slowing down.
July 25, 2024
António Seladas, CFA
António Seladas, CFA
Daily Economic Indicator and Coincident Indicators – The month of July has shown some improvement
Recent data at DEI shows an improvement, 0.6%MtD vs. -0.4% the week before. The month performance is improving after a weak start, even so, data remains, in general, weak.
July 19, 2024
António Seladas, CFA
António Seladas, CFA
Portugal – May External figures – Services/Tourism keeps outperforming
Current account surplus in May, +2.1% of GDP last 12M; above 12MMA, but already in line with 3MMA. Balance of Goods deficit, in May surprised, went down 11.2%YoY and is now at 8.8% of GDP, below moving averages.
July 18, 2024
António Seladas, CFA
António Seladas, CFA
Portugal – Daily Economic Indicator – The 2Q24 lost steam at the end
The 2Q24 should have underperformed vs. the 1Q24 (+1.5%YoY) and, apparently, the weakness was more visible by the end of the quarter; even so Private Consumption, improved, in countercyclical.
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