Q2 GDP +20%?

[Ahyah]

Shure or not....?!?

Singapore GDP boosts hopes of Asian Q2 revival
By Nopporn Wong-Anan and Wayne Cole

SINGAPORE/SYDNEY, July 14 (Reuters) - Singapore's economy roared out of recession in the second quarter and a measure of Australian business conditions jumped in June, raising hopes Asia will lead a broader global recovery in the second half of 2009.

Asian shares rose on Tuesday, following a Wall Street rally sparked by positive comments on financial shares from an influential analyst ahead of a slew of bank earnings this week.

U.S. Treasury Secretary Timothy Geithner said he was optimistic that some leading economies could see growth this year and there was brighter news on closely watched British house prices, with a survey showing the slowest decline in two years.

In Singapore, the first Asian economy to report gross domestic product data for April-June, GDP rose at an annualised and seasonally-adjusted rate of 20.4 percent, the fastest rate in nearly six years and following four quarters of contraction.

The figures were better than analysts had forecast, but they warned that doubts remained over the sustainability of the rebound given that demand in major export markets such as the United States and Europe was still weak.

"This will be the first of a number of GDP reports that will show Asia is recovering after a weak first quarter," said David Cohen of Action Economics.

"There is still a lot of uncertainty clouding the global outlook. The unemployment rate around the world is still edging higher, and the market is still nervous about how much momentum the recovery has."

All eyes will now be on China, the driver of the global economy in recent years, which is expected to report its second quarter data on Thursday, the first major economy to do so.

Economists polled by Reuters think China's growth accelerated to 7.5 percent year-on-year from 6.1 percent in the first quarter, still a shade below the 8 percent level the Chinese government considers necessary to create enough jobs for its population.

[JB 20 more]

Great news for JBA and the other agents

[Ahyah]

If it's true... Good news for everyone wat...
  fingers crossed.

I think can break out the Aussie champagne liow, the real stuff keep for later when shure... 

Anyway, why so many people on this board like recession? Siow ah.

[Vulcanl]

Ahyah,

That was very eloquently put.  I am with you.

Some of us here just can't stand the thought of good news!

[2222222]

If it's true... Good news for everyone wat...
  fingers crossed.

I think can break out the Aussie champagne liow, the real stuff keep for later when shure... 

Anyway, why so many people on this board like recession? Siow ah.

Lots of people here like a recession because they missed the bottom. They are still day dreaming about their dream houses, stocks, etc

[good news]

Good news for sure but take with a hefty pinch of salt.

Numbers here are manipulated big time.  Nevertheless a positive thing.

[Downplay]

Good news for sure but take with a hefty pinch of salt.

Numbers here are manipulated big time.  Nevertheless a positive thing.

You don't understand the local mentality. Despite the good numbers, Sing govt has been quick to urge caution. Last night on tv and today in newspapers, you have govt ministers asking Singaporeans not to be overly optimistic. Local leaders are real conservatives. When MM said contraction in the economy could be as much as 9%, you can bet it won't come anywhere near that. Managing expectation down and then delivering superior result is their usual game plan.

[The Fact_Remains]

Watch the numbers across the next year or so and we will get a better idea on where its going then. Remember the rest of the world is not doing well at all.

If get to stay here and keep our jobs then of course its good news.

The Fact Remains - Its early days tho, too early for us to be cracking open the champagne just yet.

[the factory remains]

In the UK its not so good:

Source: Yahoo News

Jobless figure soars to almost 2.4m

Unemployment has soared to almost 2.4 million after a record number of people joined the growing jobless ranks, grim new figures show. Unemployment up at 2.38m
Up to 300 jobs go at Jaguar factory
Jobless claims in slowest rise for 13 months
Related Hot Topic: Employment
Have your say: Employment
The figure rose by 281,000 in the three months to May, the biggest quarterly increase on record, taking the total to 2.38 million, the highest since 1995.

The number of people claiming jobseeker's allowance increased by 23,800 in June to 1.56 million, the worst total since Labour came to power in 1997.

The so-called claimant count has now increased for 16 months in a row and is more than 700,000 higher than a year ago.

Youth unemployment has jumped to a 16-year high of 726,000 after a quarterly rise of 95,000, while the number of people out of work for longer than a year rose by 46,000 to 528,000, the highest for 11 years.

Meanwhile the number of people in work fell by 269,000 in the latest quarter to 29 million after a record fall of 0.9% in the employment rate to 72.9%.

More than 300,000 people were made redundant in the three months to May, the second highest figure on record, and a rise of 31,000 on the previous quarter.

Other data from the Office for National Statistics showed that vacancies fell to a record low of 429,000 in the three months to June, down by 35,000 from the previous quarter. Manufacturing jobs continued to fall, down by 201,000 over the past year to a record low of 2.6 million.

Average earnings increased by 2.3% in the year to May, up by 1.4% on the previous month.

The number of people classed as economically inactive, including those on long term sick leave or who have given up looking for a job, increased by 64,000 in the latest quarter to 7.92 million, 20% of the workforce. And the number of unemployed men increased by almost 200,000 to 1.46 million, while 84,000 more women were out of work, taking female unemployment to 923,000, the figures revealed.

[Poi]

Stock market up, properties prices up and now GDP also up. The bears are lying low, speechless and shell shocked. Where did they go wrong?  

[Ahyah]

Watch the numbers across the next year or so and we will get a better idea on where its going then. Remember the rest of the world is not doing well at all.

If get to stay here and keep our jobs then of course its good news.

The Fact Remains - Its early days tho, too early for us to be cracking open the champagne just yet.

Aussie champagne can or not?
I have left over from recession party... that didn't happen. I tried to serve it for a recovery party but no one would have any... 
Just kidding laa..
 

[Ahyah]

 

I hope Europe (and UK) and US recover soon.
 

In the UK its not so good:

Source: Yahoo News

Jobless figure soars to almost 2.4m

Unemployment has soared to almost 2.4 million after a record number of people joined the growing jobless ranks, grim new figures show. Unemployment up at 2.38m
Up to 300 jobs go at Jaguar factory
Jobless claims in slowest rise for 13 months
Related Hot Topic: Employment
Have your say: Employment
The figure rose by 281,000 in the three months to May, the biggest quarterly increase on record, taking the total to 2.38 million, the highest since 1995.

The number of people claiming jobseeker's allowance increased by 23,800 in June to 1.56 million, the worst total since Labour came to power in 1997.

The so-called claimant count has now increased for 16 months in a row and is more than 700,000 higher than a year ago.

Youth unemployment has jumped to a 16-year high of 726,000 after a quarterly rise of 95,000, while the number of people out of work for longer than a year rose by 46,000 to 528,000, the highest for 11 years.

Meanwhile the number of people in work fell by 269,000 in the latest quarter to 29 million after a record fall of 0.9% in the employment rate to 72.9%.

More than 300,000 people were made redundant in the three months to May, the second highest figure on record, and a rise of 31,000 on the previous quarter.

Other data from the Office for National Statistics showed that vacancies fell to a record low of 429,000 in the three months to June, down by 35,000 from the previous quarter. Manufacturing jobs continued to fall, down by 201,000 over the past year to a record low of 2.6 million.

Average earnings increased by 2.3% in the year to May, up by 1.4% on the previous month.

The number of people classed as economically inactive, including those on long term sick leave or who have given up looking for a job, increased by 64,000 in the latest quarter to 7.92 million, 20% of the workforce. And the number of unemployed men increased by almost 200,000 to 1.46 million, while 84,000 more women were out of work, taking female unemployment to 923,000, the figures revealed.

[JB2]

Q3?
 

[Blaze]

"In Singapore, the first Asian economy to report gross domestic product data for April-June, GDP rose at an annualised and seasonally-adjusted rate of 20.4 percent, the fastest rate in nearly six years and following four quarters of contraction"

This statement is misleading, and it is not based on Y-on-Y figures.

The truth is is that the GDP fell 3.7 per cent in Q2 compared to the same period a year earlier, a smaller contraction than the 9.6 per cent decline in the first quarter.

Keep your champers on ice, the economy is still nose-diving, although slower pace (at least for now).

[Even]

Unemployment in SG still has a lot further to increase over the next and final quarter. Incoming manufacturing orders now are very low after the Christmas and re-stock rushes that are finishing so as production drops in the second half so to will employment.

NTUC has already been warned of significant numbers.

I believe people here still have to wake up to exisiting problems and for them to go out and spend large amounts of money now is foley. All i know is that our company numbers here will be 2/3 less by the end of this quarter than they are now, and half in Indonesia as we cut back seriously on numbers.