The number of individuals registered as unemployed in Spain fell by 36,323 in May, after a decrease of 62,668 in April, according to government data published Tuesday.
Analysts expected a decrease of 56,800 in unemployment levels for the month.
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International
Ifo: German Manufacturers Face Escalating Supply Crunch Amid Geopolitical Tensions
German manufacturing companies reported a growing shortage of intermediate products, with production expected to be affected as an "alarmingly high" number of businesses grapple with the supply crunch, the ifo Institute said Tuesday.The percentage of manufacturers facing bottlenecks increased to 15.9% in May from 13.8% in April, led by industries with a high demand for oil- and energy-intensive intermediate products due to the impact of geopolitical tensions.In particular, 31.2% of chemical businesses reported a materials shortage, while the share of rubber and plastic products makers in the same situation rose to 23.7%. One in four electronics companies saw a supply shortage, while the portion of automotive companies facing supply issues was comparatively low at 10%. Consumer-related industries were largely unaffected.
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International
Australia's March Quarter GDP Expected to Book 2.6% Year-over-Year Increase, Growth to Weaken in June Quarter, BofA Securities Says
Australia's gross domestic product (GDP) for the March quarter is expected to rise by 0.5% sequentially and 2.6% on an annual basis, but growth is expected to weaken in the June quarter, BofA Securities said in a note on Monday.In comparison, the GDP increased by 0.8% quarter-over-quarter in the December 2025 quarter and by 2.6% year-over-year.The first-quarter data is too early to capture any material spillovers from the conflict in the Middle East, with negative growth effects more likely to emerge in the second quarter. The data center boom will drive a strong 3.8% quarter-over-quarter rise in private investment. However, this investment also contributed to a surge in imports, partly offsetting the growth impulse.The Reserve Bank of Australia is likely to focus on the strength of private demand before the conflict, alongside inflation risks stemming from weak productivity and rising unit labor costs.While household consumption is anticipated to be resilient in the first quarter, led by non-discretionary categories, it is expected to fall in the June quarter.
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International
Australia's Economy Expected to Grow 0.5% in Q1; Wage Hike Has No Material Impact on Inflation Outlook, ANZ Says
Australia's gross domestic product is expected to grow 0.5% in the first quarter from the previous quarter and expand 2.6% from a year earlier, but the growth should decelerate over the remainder of 2026 as momentum has cooled following the Middle East conflict, ANZ said in a Tuesday report.The bank said the Australian Fair Work Commission's (FWC) 4.75% increase to modern award wages is the largest hike since 2023, but doesn't materially change the outlook for wages, inflation, or the key cash rate."Increases in award wages do not typically flow through fully to the wage price index, but if they did, we estimate this decision would make an around 0.5 percentage point contribution to annual WPI growth," the bank said.It expects the softer economic activity outlook and a rise in the jobless rate to help offset the impact of the FWC's decision with regard to the aggregate wages bill.
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