Overseas Headlines – August 10, 2020

United States:

Sharp, Short U.S. Recession Giving Way to Longer-Term Scarring

“The pandemic-induced downturn initially had hints of being the sharpest but shortest U.S. recession on record. Now there are increasing signs of economic scarring that resemble past slumps. Beneath a headline number showing a better-than-expected gain in July jobs, the government’s employment report contained indications of underlying weakness.”



One in Three U.K. Employers Plans to Cut Jobs in This Quarter

“One in three U.K. employers plans to cut staff this quarter, highlighting the growing risk of a labor market crisis derailing the post-lockdown rebound. The problem is particularly acute within private companies, with almost 40% expecting to make layoffs, according to a survey of 2,000 employers by human resources body the CIPD and Adecco Group.”



China July Consumer Inflation Picks Up Amid Flood Disruption

China consumer inflation accelerated and factory price deflation eased in July, as the nation’s economy continued to recover from the coronavirus crisis amid disruption from regional flooding. The consumer price index rose 2.7% last month from a year earlier, following a 2.5% gain in June, the National Bureau of Statistics said Monday. The median forecast was for a 2.6% increase. The producer price index registered a 2.4% decline on year, compared to a projected 2.5% decrease and the 3% drop in June”




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