September 12, 2024
United States:
US Producer Prices Pick Up Slightly After Downward Revisions
US producer prices picked up only slightly in August after the previous month’s numbers were revised lower, and categories that feed into the Federal Reserve’s preferred inflation gauge were muted.
The producer price index for final demand increased 0.2% from a month earlier following a flat reading in July, according to a Bureau of Labor Statistics report released Thursday. The median forecast in a Bloomberg survey of economists called for a 0.1% gain. Compared with a year ago, the PPI rose 1.7% — the least since early in 2024.
Europe:
ECB Cuts Rates Again as Inflation Fades and Economy Stumbles
The European Central Bank lowered interest rates for the second time this year with inflation receding toward 2% and concerns about the economy building.
The key deposit rate was cut by 25 basis points to 3.5% — as all analysts polled by Bloomberg predicted. The ECB reiterated that it can’t commit to a specific course for borrowing costs.
Asia:
Xi Urges Efforts to Hit Annual Growth Target Amid Rising Doubt
Chinese President Xi Jinping called on government officials at all levels to achieve the country’s annual growth target, as economists have cast doubt over momentum in the world’s second largest economy.
Xi on Thursday urged the country’s central and local governments to properly implement economic policies for the third and fourth quarter in order to achieve its full-year economic and social development goals, state broadcaster China Central Television reported, citing his remarks in a seminar.
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