In August, the consumer confidence and the economic sentiment indicators for the Euro Area (EA) decreased, after increasing between May and July. In the last month, the raw materials and oil prices presented monthly change rates of -1.2% and 0.7%, respectively (-1.5% and -5.5% in July).
In Portugal, the economic activity indicator decreased between April and July, after stabilizing in the previous month, while the economic climate indicator increased between July and August. The quantitative indicator of private consumption increased less intensely between May and July, reflecting, in a large extent, the slowdown of the durable component. In the same month, the Gross Fixed Capital Formation (GFCF) indicator decreased, due to a more negative contribution of the construction component and a less positive contribution of the transport material component. Concerning the international trade of goods, exports and imports recorded year-on-year nominal change rates of -2.3% and -3.9% in July, respectively (-1.5% and -3.5% in June). The industry turnover index registered a less negative change rate in nominal terms in July, with the industrial production index and the respective price index registering negative change rates. The services turnover index presented a less intense decrease in nominal terms in June and July. The construction and public works production index showed a more pronounced negative change rate in the last month.
According to the provisional monthly estimates of Labour Force Survey, the seasonally adjusted unemployment rate (15 to 74 years old) was 11.1% in June (similar to the definitive rate observed in the previous month, but 0.5 and 1.2 percentage points below the rates observed three months and one year earlier, respectively). The estimate for the employed population (15 to 74 years old), seasonally adjusted, increased by 0.2% comparing with the previous month and 1.5% comparing with July 2015.
The year-on-year change rate of the Consumer Price Index (CPI) was 0.7% in August (0.6% in July), with a change rate of 0.3% in the goods component (0.1% in the previous month) and 1.3% in the services component (similar growth rate as observed in the previous month).