News and Reviews European Economic Zone

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News and Review of European Economic Zone (Italy)

 

Italian Industrial Orders Down in November

Thursday, January 22, 2015

 

Italian industrial orders fell in November due to weak domestic demand, especially the transport sector. Istat reported industrial orders fell 1.1% in November from October which recorded an increase of 0.1%. Reported domestic orders fell 3.9%, primarily transportation including cars, trains, and ships. While foreign orders fell 2.9%.

 

When compared to the previous year, without seasonal adjustment, orders fell 4.1%.

 

Istat also reported industry sales fell 0.6% in November, with domestic sales recorded a decline of 1.2%. From the previous year sales posted a decline of 1.6%, led by declines in the domestic market by 2.8%

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News and Review of European Economic Zone

 

Draghi ECB Confirm QE Stimulus much as 60 billion euros

Thursday, January 22, 2015

 

European Central Bank announced that its benchmark interest rate unchanged at the level of 0.05%, the deposit rate at the level of -0.20%.

 

In addition, in his press conference, ECB President Mario Draghi announced a large-scale asset purchase program, known as quantitative easing (QE) to prop up the euro zone economic recovery is worth 60 billion euros investors exceeded estimates by 50 billion euros.

 

Euro currency to fluctuate against the dollar dropped about 100 points to a low level of 1.1513 after the rate decision and press conference that the ECB is appropriate estimates. However, the amount of QE stimulus disbursed amounted to 60 billion euros in the form of bond purchases that will run until September 2016, the overall stimulus ECB will reach 1:08 trillion euros.

 

Governor of Central Bank of Greece, Spain and Estonia do not make the voting QE at the ECB meeting today, while 19 other central bankers and voting.

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News and Review of European Economic Zone (UK)

 

BoE's Miles: No Urgency To Raise Interest Rates in the UK

Friday, January 23, 2015

 

A slowdown in inflation in the UK does not mean the Bank of England needs to launch a new stimulus program, but it will give more room for the central bank to hold interest rates low, according to a central bank policy makers on Thursday.

 

David Miles, a member of the BoE's Monetary Policy Committee, said in a speech at the University of Edinburgh that the slowdown in inflation is mainly caused by a decrease in the price of oil and food. It was definitely not a sign that Britain is heading for "deflationary trap" dangerous, where the continuous decline in prices will weigh on growth and complicate companies and households pay off their debts. British annual inflation slowed to 0.5% recorded in December, with policy makers expect prices to continue to decline to below zero in the coming months before returning to accelerate at the end of the year.

 

Nevertheless, he assured if the UK economy is still far from deflation risks that threaten the euro zone. In contrast, the decline in inflation is expected to help spur growth in the UK as consumers take advantage of lower prices. Unlike the euro zone, the UK economy has shown solid growth in the last year and is expected to expand 2.7% in 2015, according to the latest projections of the International Monetary Fund (IMF)

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News and Review of European Economic Zone (UK)

 

UK Retail Sales December Better Of Estimates

Friday, January 23, 2015

 

Christmas Day in the UK to benefit retailers in late 2014, Office for National Statistics reported retail sales rose in December, breaking the estimated decline by economists. Retail sales in 2014 to be the best in the last decade.

 

The ONS said retail sales in December rose 0.4% from the previous month, while economists had forecast a decline of 0.6%. Throughout 2014 reported retail sales rose 3.8% from 2013.

 

The slump in oil prices create inflation British decline and raise the living standards of Britons after the last five years the increase in inflation is always higher than the average increase in salary. The decline in oil prices also make lower cost so as to make the British retailer providing high discounts. ONS reported an average price of goods in the UK fell 2.2% in December from the same period in 2013, becoming the largest decline in 11 years.

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News and Review of European Economic Zone

 

Bundesbank Rejecting Desire Greece

Monday, January 26th, 2015

 

President of the German central bank, Jens Weidmann, rejected the request trimming debt and termination of the Greek austerity program after the victory of the left-wing Syriza party in elections last weekend.

 

"Obviously Greece will remain dependent on aid and assistance will be given only when the program is still ongoing," said the president of the Bundesbank.

 

Greece has agreed to cut public spending and raise taxes as a condition of the loan of the European Union and the International Monetary Fund. But Syriza party leader Alexis Tsipras wants to renegotiate loan terms to discuss and reject austerity measures.

 

Weidmann also rejected the request Syriza in terms of trimming debt because he thinks Greece has enjoyed cutting the debt of private and public creditors who have given relief requirements. "As long as Greece has not been a strong financial ongoing basis, debt relief will only be short-term relief," he added

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News and Review of European Economic Zone (Greece)

 

Greek Government Will Shape Anti-Bailout

Monday, January 26th, 2015

 

Greek election winning party, Syriza, reached an agreement with the Greek Independent party to form a government coalition of anti bailout. The next Greek government will struggle to request the removal of most of Greece's debt and stop the continuing implementation of austerity measures required by the IMF, the ECB, and the European Union.

 

Victory Syriza party has returned the fear of Greece's financial problems that could trigger the euro-zone debt crisis in 2009 ago. Greece also will be the first euro-zone members, led by the party who reject the austerity policies digalakan by Germany.

 

Quick count results showed Syriza getting 149 of the 300 contested seats in the parliamentary elections at the weekend. Greek Independent Party won 13 seats predicted in parliament. This means that the coalition government will next solid enough to pass through parliament policy. Syriza party leader, Alexis Tsipras, will be the next Prime Minister of Greece. Tsipras will have a meeting with party leaders and KKE To Potami to strengthen support in parliament.

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News and Review of European Economic Zone (UK)

 

Forbes BoE signaled Opportunities rate hike Faster

Monday, January 26th, 2015

 

UK interest rates will probably rise faster than expected a lot of people if inflation rebounded sharply from the current downturn, according to one of the board of the Bank of England to interview released Monday. Member of the Monetary Policy Committee, Kristin Forbes said inflation will probably fall further in the short term, but the strong pace of growth in the United States and low oil prices could encourage consumption levels of British society, and then it will trigger the need for a rate hike. "If the risk that I focus on our last projection occurs, I think there is a chance that inflation will rise faster than many people expected in the medium term, which will then trigger the opportunity hike interest rates sooner than expected a lot of people today," said Forbes on the Wall Street Journal.

 

Last BoE interest rate at a record low of 0.5% since early 2009, and the financial markets are not expecting an increase until the middle of next year. Economists forecast a rise around the end of this year. Comment by Forbes in line with BoE Gbuenrur Mark Carney, who on Friday said it's best to see more clearly the impact of falling oil prices on inflation. Oil prices fell by more than half since the middle of last year, pushing the UK inflation rate to a 14-year low at 0.5% and two officials discourage the BoE to raise interest rates this month. But Carney said tingakt interest rates will have to be raised within a period of 3 years in the future, to prevent inflation to rise above the BoE's target of 2%.

The contrast with this, the US Federal Reserve appears to be on track to raise interest rates much faster, which is expected to occur around June, and Forbes said this should be considered carefully. "When one of the developed countries began to raise interest rates, it will be a reminder to investors and the market that at least in some countries the era of low interest rates, cheap credit, start over," he said.

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News and Review of European Economic Zone

 

ECB officials Defending QE Policy

Monday, January 26th, 2015

 

European Central Bank officials and Ignazio Visco Benoit Coeure underlined that the new bond buying program would be extended if it does not show results. "If we can not achieve what we want to go," said Coeure, the head of the ECB market operations, "then we have to do something more, or even longer." "If we see any difficulty in achieving our target today, we must continue, "said Coeure at the World Economic Forum. "QE is intended to last until September 2016 and then we will review and see if the result is enough or not."

 

Meanwhile Visco, Italy's central bank governor, said that "We are very open about the purchase of assets". There is no fixed deadline for the bond-buying program of the European Central Bank, said the ECB's policy council member Ignazio Visco in German newspapers. "There is no definite limit to the end of the program we have putiskan," Visco said in Handelsblatt in an interview released Monday, adding that it is also important for the euro zone countries to implement structural reforms and consolidate their budgets. Visco also warned that the ECB should not be overburdened in a situation like this. "Mario Draghi is not responsible for everything," he said.

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News and Review of European Economic Zone (Switzerland)

 

SNB Still Can Intervention Franc

Tuesday, January 27th, 2015

 

Swiss National Bank still intends to intervene in the currency market even after unplugging limit franc exchange rate, said vice president of SNB Jean-Pierre Danthine. "Fundamentally we are ready," said Danthine Tages-Anzeiger newspaper: Tuesday. "Limit the minimum exchange rate untenable with bond purchases by the European Central Bank," he said.

 

The franc traded near parity against the euro since the SNB surprised the market on the date of the repeal 15Januari limit franc exchange rate at 1.20 per euro and increase costs for savings. The flow of funds has added to the pressure on the franc as the weakening euro on speculation the ECB will ease monetary policy to combat the threat of deflation. ECB President Mario Draghi on tangggal January 22 said that the central bank will buy bonds worth 60 billion euros (68 billion dollars) per month starting in March. The newspaper Tribune de Geneve and 24 Heures released a similar interview with Danthine. At the level of -0.75%, the SNB's interest rate savings compared with -0.2% millik ECB. Asked how much longer can the SNB cut interest rates, Danthine said "it is difficult to say that.

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News and Review of European Economic Zone (UK)

 

British Economic Growth Slows in the Fourth Quarter

Tuesday, January 27th, 2015

 

UK economic growth slowed more than economists forecast in late 2014 as the level of production and construction contracts, covering customers in strengthening the level of demand. Quarterly expansion of 0.5% was the slowest level in a year and compared to 0.7% in the previous quarter. The figure also under economists' estimates of 0.6%, but still marked a period of expansion for 8 consecutive months and closes the best economy since 2007. Joe Grice, chief economist at the Office for National Statistics, said the slowdown is largely due to the sector "labile "including construction and mining. "It's too early to say a slowdown in the economy in general," according to a statement released along with the data.

 

The UK economy is driven by domestic demand last year, and today's data shows that the retail industry is one of the best-performing sector in the fourth quarter. That helped offset a decline of weak external demand, especially in the eurozone, Britain's main trading partners. The UK economy grew by 2.6% in 2014, the highest level in seven years, according to the ONS. The International Monetary Fund expects the UK economy will expand 2.7% this year sebeasr, which will be the country with the most rapid growth in the G-7 group after the US

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News and Review of European Economic Zone (Germany)

 

German consumers more optimistic

Wednesday, January 28th, 2015

 

German consumer confidence rose in February predictable, low oil prices make consumers can allocate expenditures related to energy sources other expenditure items. Survey market research group Gfk consumer confidence sentiment recorded in the state of Europe's largest economy rose to 9.3 points in February from the previous month's level of 9.0 and 9.2 points exceeded market predictions. This data is a record-breaking 13-year highs, from the previous highest achievement of 9.6 points in November 2001.

 

"German consumers feel the economy they were enjoying hikes," GfK report. "After a sluggish period in late summer and autumn of last year due to the global climate crisis, successfully stabilized the economy back towards the end of the year."

 

The stability of the German economy towards the end of 2014 also played an important role in consumer optimism. Various indicators of the German economy at the beginning of the year reported to be higher than the period January sebelumnya.Pertengahan German statistics office reported growth in Germany rose 1.5% in 2014, up 0.1% from the previous year. Consumer income expectations also rose in January to 47.8 points from 41.0 points in December. German business confidence also managed to beat analysts' expectations, with the increase in the monthly Ifo business climate indicator that successfully rose to 106.7 in January from the previous month at the level of 105.5.

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News and Review of European Economic Zone (France)

 

French Consumer Confidence Stagnant

Wednesday, January 28th, 2015

 

French consumer confidence unchanged in January, according to a report statistics agency Insee. This monthly survey showed consumer confidence survive at 90 in January, but still below the long term average is level 100.

 

Details of this report states according to their increased purchasing power of consumers during the month of January, but the view of the financial condition of the present and the future of their deteriorating. As for the view does not change the quality of life recorded.

 

The end of 2014 the French managed to raise the level of consumer confidence in December to 90 from level 88 in November, as the improvement in living standards.

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News and Review of European Economic Zone (Greece)

 

Greece Will Negotiate With Creditors

Wednesday, January 28th, 2015

 

Greek Prime Minister Alexis Tsipras he uttered a mandate from the people to make radical changes in order to restore the sovereignty of the country. However, Tsipras also said it would negotiate responsibly with international creditors. Tsipras said he would avoid bad behavior with the EU and IMF creditors.

 

"We do not want to reach the clashes are equally harmful, but we also would not think so," said Tsipras who expect a productive meeting when meeting with leaders of euro-zone finance ministers Jeroen Dijsselbloem the following Friday. Tsipras said his government will achieve a balanced budget but do not want to realize unrealistic budget surplus to pay off debt has now exceeded 175% of GDP. Tsipras government will prioritize the most vulnerable segments of society, eradicate corruption, and lower the unemployment rate

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News and Review of European Economic Zone (UK)

 

BOE Governor Supports European Fiscal Union

Thursday, January 29th, 2015

 

Discourse formation of uni-fiscal or fiscal rules for member Eurozone raw increasingly prominent in recent months. This idea emerged in response to the amount of the financial crisis in some countries due to poor fiscal management of their own.

 

According to the Governor of the Bank of England (BOE), Mark Carney, the European Union will affect the fiscal-good, not only for crisis-prone countries. However, its existence would also be good for large economies such as Germany. Support Carney expressed in a forum in Dublin Ireland.

 

In addition, Mark Carney also repeated his support for the efforts of the European Central Bank to accelerate the pace of the economy through quantitative easing. BOE Governor is asking for economic actors to digest the difference between the economic situation in the UK and the Euro zone. According to him, the decline in oil prices in the last six months is quite a positive effect on the UK economy.

 

In the UK alone, the rate of inflation in the range of 0.5% in December, matching the record low. The central bank believes inflation could be lower again in the next few months with an average of between 0.3% and 0.1%. Carney said that the policy makers in the UK are alert to the risk of economic slowdown in the Euro area, which is the country's largest trading partner.

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News and Review of European Economic Zone (Greece)

 

Remove Anti-bailout, Greece Drop Mandate Troika

Thursday, January 29th, 2015

 

The new Greek government is expected to soon begin friksinya with the EU. The new policy taken by the coalition Syriza party and Independent Greek strengthen discharge indication of this state of the Euro community.

 

Articles of the bailout were made by the Troika (EU, European Central Bank and the International Monetary Fund) will most likely fall after Syriza Party announced its first policy that is pro-people. The government plans to attract another 10,000 people to jobs and cancel the privatization of assets. A minister even openly called Troika's mandate will be removed gradually by the new cabinet. "If that's the case, then Greece could be difficulties in meeting the operational fund for the year 2015 amounted to 20 billion euros," according to investment bank Barclays analyst team today.

 

As is known, the party winning the Greek election, Syriza, reached an agreement with the Greek Independent party to form a coalition of anti-bailout. The government will strive to request the removal of most of the Greek debt and stop the implementation of austerity measures required by the IMF, the ECB and the EU. Barclays sees this as the biggest sentiment that could disrupt investment strategies of financial market participants.

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News and Review of European Economic Zone (Germany)

 

Unemployment in Germany Continues to Decrease

Thursday, January 29th, 2015

 

The number of unemployed in Germany declined again for the fourth month in January, signaling growth in Europe's largest economy is strengthening. The number of unemployed fell as much as 9,000 people were 2.84 million people, according to the Federal Labor Agency in Nuremberg on Thursday. Economists forecast a decline of 10,000 people. The unemployment rate stood at 6.5%, a record low in more than two decades. Germany's economy has gone through phases of weakness, with the level of consumer confidence rose to its highest level since 2001 and the index of labor demand poor rose to a record high. The decline in energy prices and the additional monetary stimulus from the European Central Bank for the euro zone may also sustain the growth rate in the coming months.

 

"Economic development is currently providing a solid foundation for the labor market," said Jens Kramer, an economist at NordLB in Hanover. "People have jobs, money, and they spend it. We are optimistic that the growth rate will continue to decline." The number of unemployed in Germany west fell to 5,000 people and East Germany fell as much as 4,000 people, according to reports today. eurozone unemployment rate is likely to remain at 11.5% in December, according to a separate survey. Eurostat, the statistical office of the European Union, will release the unemployment data on Friday 17:00 pm.

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News and Review of European Economic Zone (Germany)

 

German Retail Sales Up 0.2% in December 2014

Friday, January 30, 2015

 

German retail sales rose less than forecast in December, but annual figures show that consumption continues to be a pillar for economic growth in the final quarter of last year.

 

Retail sales volumes in December rose by 0.2% in the inflation adjustment date and compared with November, the Federal Statistics Office said on Friday. Economists surveyed by the Wall Street Journal calling for a 0.5% rise.

 

Compared with last month from a year ago, however, higher retail sales of 0.4%, it is the highest expansion since June 2013, although Destatis noted there is one more shopping day in the month of December 2014 compared with the same period in 2013.

 

For the full year, sales grew 1.4% retail sales, Destatis said.

 

German retail sales are volatile indicator, making it vulnerable to major revision.

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News and Review of European Economic Zone (Italy)

 

Italian Unemployment Rate Dropped Out Estimates

Friday, January 30, 2015

 

Italy's unemployment rate unexpectedly fell from a record high in December, amid signs of economic recovery this year which will help the reform agenda of Prime Minister Matteo Renzi. The unemployment rate fell to 12.9% from a revised 13.3% in November, according to a report in Rome Istat on Friday. Economists expect the unemployment rate stood at 13.5%. The country's third-largest economy in the European region will begin to rise from the longest recession on record in the coming months, helped by a weaker euro and the drop in oil prices plus monetary stimulus from the European Central Bank, according to Gregorio De Felice, Intesa Sanpaolo SpA's chief economist.

 

Youth unemployment rate fell to 42% in December from 43% from the previous month, according to a report from Istat in Rome today. Italy's unemployment rate of 13.3% in October and November, the highest level since 1977. The unemployment rate of the euro zone will be released later at 17:00 GMT is expected to remain at the level of 11.5% in December.

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News and Review of European Economic Zone

 

The Euro Zone Inflation Slows

Friday, January 30, 2015

 

The annual rate of consumer inflation in the euro zone fell in January, sharper than expected and appear to justify the plan of money printing by the European Central Bank to address the ongoing deflation. European statistics office on Friday released the inflation rate in January fell as much as 0.6% from a year earlier, following a decline of 0.2% in December. The data were below expectations for a decline to 0.5%. The fall in the price of fuel to cause a decrease in the price level. Raw food prices fell as much as 0.9%, offset by 1.0% on the price of services. Core inflation, outside of energy and raw food, fell to 0.6% in January from 0.7% in the previous 3 months.

 

The inflation rate has been below the level of 1%, which is the 'danger zone' ECB since October 2013. The drop in the price along with the high level of unemployment encourage the European Central Bank to announce a stimulus plan worth 1.1 trillion euros (1.2 trillion dollars) last week aimed at purchase government bonds. Although the magnitude of the program exceeded economists' projections, it remains unclear whether the stimulus is sufficient to return inflation to the ECB's target of just under 2%. "The price drop today and pessimistic outlook proves that the price is right time for the ECB to take action," said Richard Barwell, senior European economist at Royal Bank of Scotland Group Plc in London. "Risk to start QE late in situations of deflation."

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News and Review of European Economic Zone (UK)

 

UK Manufacturing PMI Rises level Thin

Monday, February 2nd, 2015

 

The recovery rate of export orders spur England UK manufacturing growth in January, with new export orders index reached its highest level 5-month. Businesses give discounts, which reached its fastest rate 5-year, to boost consumer purchasing power managed to keep the growth of British industry tetrap are in an expansion phase. Manufacturers benefit from oil prices continue to fall to below $ 50 a barrel level since the middle of last year, making the price of raw materials purchased factory come down with the fastest pace since May 2009.

 

Markit / CIPS UK Manufacturing Purchasing Manager's Index (PMI) rose to 53.0 from 52.7 the month Deseber level, beating forecasts 52.9. The data are kept away from the threshold of 50, indicating the presence of British economic growth signals. However, Markit economist quarter saw an increase rate of about 0.2% is only slightly higher than the increase of 0.1% in the last three months of 2014. "At this level, the manufacturing sector will slightly contribute to the improvement of the economy for the first quarter," said Rob Dobson , senior economist at Markit

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News and Review of European Economic Zone (Switzerland)

 

Swiss Manufacturing Sector Output Drops in January

Monday, February 2nd, 2015

 

Output growth in the manufacturing sector of Switzerland fell in January after the Swiss National Bank surprised the market by unplugging limit the euro-franc exchange rate memperbutuk outlook for the sector of industrial goods exports to the euro zone markets. Swiss PMI manufacturing sector fell the most since November 2009, dropped to the level of 48.2 in January, from 53.6 in December, well below economists' estimates at 49.2. The index is currently at its lowest level since October 2012 and has dropped to below 50, which signaled contraction for the first time in almost 2 years.

 

"Outlook has changed since the repeal of the minimum exchange rate limit by the Swiss National Bank last month," said analysts at Credit Suisse Group AG. PMI survey showed three quarters of the companies in Switzerland are not ready for a sharp appreciation of the franc after SNB action on January 15, and only 48% expect the franc to weaken next year, says Credit Suisse. "Therefore the corporate outlook has got a negative impact of the appreciation of the franc dramatically," he said.

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News and Review of European Economic Zone

 

ECB Coeure: We Will Do More If QE Not Enough

Monday, February 2nd, 2015

 

The European Central Bank will revisit his bond purchase program as the move towards the end of the planned program in 2016 and is ready to do more if needed to raise the rate of inflation to the central bank's target, said the ECB board member Benoit Coeure today.

 

"We intend to buy bonds until September 2016, which is for 19 months and amounted to 1.140 billion euros, it is our intention," said Coeure told reporters on the sidelines of a conference in Budapest's central bank. "We also have to say this will be done until we see an increase in inflation towards the target of our price stability." Yes, this is a program that is open, and will be revisited as we approach September 2016, and if the target is reached inflation of 2% over the medium term is not reached, we will do more. "

Coeure declined to comment in detail on Greece, said the ongoing political dialogue between the new Greek government and its partners in Europe.

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News and Review of European Economic Zone (Switzerland)

 

Swiss Export Value Increases in December

Tuesday, February 3rd, 2015

 

Value of Swiss exports rose in December due to strong demand for pharmaceuticals, chemicals and precision instruments of the state, in addition to one extra working day.

 

Customs Agency reported that the value of Swiss exports in December rose by 2.1% from a year ago, in real terms and adjusted for inflation, be 15.8 billion Swiss franc ($ 17 billion). In nominal terms, exports rose 7.2%.

 

The value of imports reached 14.3 billion francs for a decline of 0.4% in real terms and 0.2% for nominal terms.

 

The trade surplus narrowed to 1:52 billion francs from 3.8 billion francs in November.

 

Based on reports from Customs, the value of watch exports in December fell by 2.5%. Watch exports worth around 1.8 billion francs, down about 1.3% in real terms.

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News and Review of European Economic Zone

 

ECB Consider To Exit From Troika

Tuesday, February 3rd, 2015

 

The European Central Bank is considering to get out of the "troika" of international creditors who held a Greek bailout, according to a report in the German daily newspaper Handelsblatt on Tuesday. Debate regarding the release of the ECB expresses concern at the ECB that the government bond purchase plan announced last month, could lead to a conflict of interest, according to Handelsblatt reports. "The ECB will use the opportunity to get out," according to Handelsblatt related resources on the German government.

 

Left-wing government of Prime Minister of Greece Alexis Tsipras has said he wants mengakihri bailout deal and would not cooperate with the troika inspectors in Athens. Without citing sources, Handelsblatt also reported that the International Monetary troika will also leave more quickly, leaving the European Commission as the sole remaining. Handelsblatt reported the president of the European Commission Jean-Claude Juncker assured that the troika does not have a bright future, and he was thinking of obstruction concept with a more democratic control.

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News and Review of European Economic Zone (UK)

 

UK Construction Sector Growth Rebound

Tuesday, February 3rd, 2015

 

The rate of growth in construction companies in the UK unexpectedly rebounded in January after being slowed by the end of 2014, driven by the increase in the number of orders and improved confidence, according to one survey of business on Tuesday. PMI construction sector by Markit / CIPS rose to 59.1 from 17-month low level of 57.6 in December, exceeding estimates for a decline to 57.0. While government data last week showed the construction sector output contracted by the fastest pace since 2012 at the end of last year, the PMI data today showed the recovery in the coming months. Growth rate rose in the housing sector, commercial, and civil engineering as the number of new orders increased at the fastest pace in three months. Optimism about the next year rose for the first time in 3 months, although only slight rebound from the low level 16 -bulan last December.

 

"In short, the peak rate of recovery of the construction sector appears to have ended, but the construction sector is still not dead," said Tim Moore, senior economist at Markit. The construction sector, which includes more than 6% of the UK economy, has received a blow from the UK recession following the global financial crisis, and the output of the construction sector is still about 8% below the level at the start of epidemic in 2008. With oil prices fell more than 50% within 6 months last to below $ 50 a barrel, the cost of raw materials of construction companies rose with the slowest pace since April 2013. the construction company to increase the number of employees at the slowest pace since December 2013, according to the manufacturing survey on Monday which showed the pace of job growth slowed.