United States:
Consumer Inflation in U.S. Moderates While Remaining Elevated
“Prices paid by U.S. consumers climbed in July at a more moderate pace, though not enough to provide major relief from the cost increases weighing on sentiment and driving policy debate. The consumer price index increased 0.5% from June and 5.4% from a year ago, according to Labor Department data released Wednesday. Excluding the volatile food and energy components, the so-called core CPI rose 0.3% from the prior month and 4.3% from July 2020.”
Europe:
U.K. Workers Stay on Furlough Despite Employers Paying More
“The number of Britons on furlough remained stable in early August, despite the government reducing the generosity of its wage-support program. About 7% of businesses’ employees were on full or partial furlough, in line with the estimate in late July and the lowest since the pandemic began, the Office for National Statistics said Thursday. It estimated the number of people furloughed at between 1.6 million and 2 million.”
Asia:
Bank of Korea Hikes Rate With Debt Risk Seen Bigger Than Delta
“South Korea became the first major Asian economy to raise interest rates Thursday, with more hikes in the pipeline as its central bank indicated that financial risks pose a bigger threat to the economy than the latest virus outbreak. Governor Lee Ju-yeol said the quarter-percentage-point hike to 0.75% still left rates in an accommodative position that supports the economy. He added that the current delta wave is having less of a negative impact on growth as consumers adjusted behavior to the new normal of the pandemic.”
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