United States:
U.S. Jobless Claims Declined Last Week, Near Pandemic Low
“Applications for U.S. state unemployment fell last week, signaling that the labor market continues to improve even as the delta variant of Covid-19 rages amid sustained vaccine hesitancy. Initial jobless claims in regular state programs totaled 400,000 in the week ended July 24, down 24,000 from the prior week, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for 385,000 new applications.”
Europe:
German Unemployment Drops More Than Expected as Economy Recovers
“Germany’s jobs market recovery accelerated in July as businesses rebuilt their workforce to cope with continuously strengthening demand. Unemployment in Europe’s largest economy fell by 91,000 in July, more than economists expected, pushing down the jobless rate to 5.7%. Manufacturers are reporting full order books and services are bouncing back following the end of coronavirus lockdowns.”
Asia:
Thailand Risks First Double-Dip Recession Since 1998 Crisis
“Thailand will likely be the worst economic performer in Southeast Asia this year, with economists continuing to slash the country’s growth forecast amid surging Covid-19 infections, mounting political tensions and fading hopes for a tourism revival. The Finance Ministry on Thursday cut its 2021 gross domestic product forecast to 1.3% growth, from the 2.3% it expected in April. With new Covid infections and deaths continually breaking records since the latest surge began in April, some economists are flagging the possibility of a technical recession in the second half of the year — or even a second straight annual contraction, something the country hasn’t seen since the Asian Financial Crisis more than two decades ago.”
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