Shortages everywhere

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Kia ora,Welcome to Tuesday's Economy Watch where we follow the economic events and trends that affect New Zealand.I'm David Chaston and this is the International edition from Interest.co.nz.Today we lead with news China may be going off the boil somewhat, but the rest of the developed world is in a full 'shortages everywhere' situation.In New York, business activity continued to grow at a solid clip in the State, according to the <a href="https://www.newyorkfed.org/medialibrary/media/survey/empire/empire2021/esms_2021_05.pdf?la=en" target="_blank">Fed factory survey</a> there. New orders and shipments expanded strongly, and unfilled orders increased in May. Both input prices and selling prices rose at a record-setting pace. Firms said they were optimistic that conditions would improve over the next six months, and expected significant increases in both employment and prices.April <a href="https://www.cmhc-schl.gc.ca/en/professionals/housing-markets-data-and-research/housing-data/data-tables/housing-market-data/monthly-housing-starts-construction-data-tables" target="_blank">housing starts</a> in Canada came in lower than expected and much lower than for March. But it is at the end of a frenetic 'up' period, so an easing isn't necessarily negative.<a href="http://www.stats.gov.cn/tjsj/zxfb/202105/t20210517_1817499.html" target="_blank">House prices in China</a> rose almost +6% in April in their major cities from a year earlier, and that is a fast pace for them. In second tier cities the year-on-year rise was more than +11%, and fast enough to cause policy-makers some concerns.China's <a href="http://www.stats.gov.cn/tjsj/zxfb/202105/t20210517_1817510.html" target="_blank">industrial production</a> grew a hot +9.8% year-on-year in April, but that was a slower expansion that the March +14% expansion (although that was affected by the pandemic- base).<a href="http://www.stats.gov.cn/tjsj/zxfb

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