Topik Terkait
Ekonomi, Macroeconomic Monitor, Macroeconomic Monitor
- US Economy: The US Services PMI dropped to 51.0 in February 2025 from January 2025's 52.9, above the flash estimate of 49.7 yet below expectations of 53, signalling the slowest growth in services sector since November 2023. The US annual inflation rate eased to 2.8% YoY. While the consumer price index (CPI) has seen a marked decline from the pandemic-era peak of 9.1% in June 2022. Despite this significant pullback, inflation remains above the Federal Reserve’s long-term target of 2%. At March 2025 meeting, the Federal Reserve held the federal funds rate steady at 4.25%–4.5%, extending the pause in its rate-cut cycle that began in January 2025, in line with previous guidance.
- Euro Economy: In January 2025, the Euro Area’s seasonally adjusted unemployment rate held at 6.2%, unchanged from December 2024 and down from 6.5% in January 2024. The overall EU unemployment rate was slightly lower at 5.8%, reflecting continued improvements in labor market conditions. Furthermore, in February 2025, the Euro Area's annual inflation eased to 2.4% YoY, from 2.5% in the previous month. This overall deceleration was largely due to slower price increases in the services and energy sectors.
- China Economy: China’s automotive sector showed modest but encouraging growth, with overall car sales increasing by 1.3% compared to the same period last year. Retail activity continued its gradual recovery as well, with year-to-date retail sales rising by 4.0% YoY over the first two months—surpassing market expectations and marking an improvement from the 3.5% YoY growth seen in 2024. However, the property sector remains a drag on overall growth, as new and existing home prices recorded modest declines of -0.14% and -0.34% respectively in February 2025.
- Indonesia Economy: Indonesia’s headline CPI inflation turned negative in February 2025, falling 0.09% year-on-year, the first annual deflation since March 2000. Moreover, in January–February 2025, the state budget recorded a Rp 31.2 trillion deficit, a reversal from a surplus in the same period the year before. State revenues were down 20.8% YoY due to declines in commodity-related earnings. On the other hand the Retail Sales Index (RSI) ticked up to 213.2, rising 0.8% MoM in February 2025 as consumer activity picked up ahead of Ramadan.
