“To get an idea of what Jerome Powell’s Federal Reserve will do next, Wall Street economists are having to try their hand at forecasting new variables — like the Black unemployment rate. That shift in focus could itself contribute to the outcome that the Fed chair says he wants: an economic expansion reaching corners of the labor force that have been slower to recover in the past.”
Europe:
British Consumers Started the Big Splurge, Real-Time Data Show
“The U.K. economy is building momentum, with real-time indicators suggesting consumers have started to splurge some of the cash they’ve saved now that the government has loosened lockdown rules. Restaurant bookings and job postings surged to the highest since the start of the coronavirus pandemic, while road traffic and the number of people traveling to workplaces grew in recent weeks, data from Bloomberg Economics and government statistics show. Shops and bars were allowed to reopen on April 12, and most restrictions are set to lapse by June 21.”
Asia:
China Sticks With Old Growth Drivers to Spur Covid Recovery
“After fueling its V-shaped recovery by boosting spending on housing and infrastructure, China appears in no rush to drop its investment-led growth model despite international calls for it to “rebalance” its economy. First quarter data released Friday underlined just how reliant China remains on its current approach: investment spending rose 6% compared with a 4.2% increase in retail sales, based on two-year average growth rates to strip out base effects from last year’s coronavirus lockdowns. Beijing approved investment projects in energy, transport and hi-tech sectors worth 45.4 billion yuan ($7 billion) in the first quarter alone, it said Monday.”
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