Nine out of 34 economists polled by Reuters correctly predicted UK Q1 GDP would be revised down to -0.3% qq. #recession
Latest UK GDP print for Q1 shows a slightly steeper contraction of 0.3% qq, against expectations for unchanged 0.2%.decline
May’s Philly Fed crashed below the bottom forecast from 59 economists. Lowest forecast was +1.0, it was actually -5.8
German Q1 GDP came in better than the most optimistic forecasts from 41 economists (+0.5% qq actual, vs highest forecast of +0.2%)
Euro zone Q1 GDP at 0.0% q/q. Four out of 39 economists predicted that. Needless to say, strong German growth stopped it going negative
Greek euro exit prospect splits economists: Reuters Poll
LONDON (Reuters) – Greece is leaning on the euro zone’s exit door but economists polled by Reuters around the world are split over whether it will fall through it.
But they are in little doubt that Greece can still spread economic havoc, in spite of firewalls of money hundreds of billions of euros thick built by Europe’s institutions since the sovereign debt crisis started in Athens two years ago.
A slim majority – 35 out of 64 economists polled over the last two days – thought Greece would still be in the euro zone by the end of next year.
The rest thought it would not be.
There was little evidence of regional bias among forecasts on Greece’s future in the euro zone. Economists working for Anglo-Saxon institutions, sometimes more eurosceptic than others, were no more likely to predict a Greek exit than those in the euro zone or elsewhere.
Greece is stuck in a profound political deadlock after voters punished mainstream parties that backed harsh austerity in exchange for international bailout cash.
That left the Greek parliament with a jumble of minority parties that have been unable to form a government. A return to the polls looks likely within weeks.
Will Greece still be in the euro zone by the end of 2013? Economists polled by us were very split – 35 say yes, 30 say no. #greekcrisis
Gloom builds for euro zone, United States
NEW YORK/LONDON (Reuters) – The euro zone economy worsened markedly last month and U.S. employers cut back on hiring, according to two reports on Friday that dampened hopes for gradual recovery on either side of the Atlantic.
In Europe, the purchasing managers indexes (PMIs), which primarily cover services, suggested a recession across the continent’s currency union could now extend to mid-year and be deeper than previously thought.
The gloomy surveys clashed with the picture painted by European Central Bank President Mario Draghi, who on Thursday spoke of a gradual recovery taking place in the euro zone during the course of the year – although he did speak about risks.
In the United States, a government report showed employers added a disappointing 115,000 workers to payrolls last month and, critically, many Americans stopped looking for work. Economists had expected 170,000 new nonfarm jobs, and the report could hurt President Barack Obama as he steps up a re-election campaign that will likely hinge on the state of the economy.
Though the U.S. unemployment rate edged down to 8.1 percent from 8.2 percent, stocks .SPX fell sharply as fears grew that the erratic recovery of the world’s largest economy was sputtering.
“This shows just how painfully slowly the U.S. economy is growing,” said Thanos Bardas, a portfolio manager at Neuberger Berman in Chicago, which manages nearly $200 billion in assets.
The U.S. government did, however, revise upward earlier estimates of payroll growth in February and March, and the euro zone surveys indicated better progress among Chinese companies.
Misery builds for the euro zone http://t.co/DzIxDuu6
Misery builds for the euro zone
LONDON (Reuters) – The euro zone economy worsened markedly in April, according to business surveys that clashed with the prospect of a gradual recovery augured by European Central Bank President Mario Draghi this week.
Friday’s purchasing managers indexes (PMIs), primarily covering services, suggested a recession across Europe’s currency union could now extend to mid-year and be deeper than previously thought.
They did, however, indicate better progress among Chinese companies.
Jobs data from the United States due at 1230 GMT could further underline the euro zone’s status as the global economy’s slowpoke, with analysts expecting a modest improvement in the number of workers added to U.S. payrolls added in April.
Following the European Central Bank’s policy meeting on Thursday, President Mario Draghi spoke of a gradual economic recovery taking place in the euro zone during the course of the year, although he did speak about risks.
The PMIs, however, have a much better record of tracking economic growth than the forecasts of ECB policymakers.
“If you look at Spain, then using the word recovery is an insult. Aggregated all together, it looks to us like (the euro zone economy) is contracting,” said Danny Gabay, director at Fathom Financial Consulting in London.


