United States:
U.S. Productivity Rose Less Than Forecast in Second Quarter
“Productivity in the U.S. took a step back in the second quarter, indicating an easing in the rapid pace of efficiency gains seen in the prior three months. Nonfarm business employee output per hour increased at a 2.3% annualized rate in the second quarter, according to Labor Department figures Tuesday. That compared to a 4.3% rate in the first quarter and the 3.2% projected in a Bloomberg survey of economists.”
Europe:
BOE Has a Powerful Tool to Tighten Policy Without Raising Alarm
“Inaction could be a powerful option for Bank of England officials looking to scale back stimulus for the economy and shrink their swollen balance sheet. In a surprise move, Governor Andrew Bailey last week indicated that a “modest tightening” for monetary policy is likely in the next few years. When the time comes, it will begin with halting reinvestment of cash that comes from maturing investments in the BOE’s asset purchase facility.”
Asia:
Indian Rates Anchored at Lows Despite Inflation: Decision Guide
“India’s monetary policy makers are likely to leave interest rates untouched for a seventh straight meeting, as their focus remains more on fixing a fickle economy than on controlling stubborn price pressures. The Reserve Bank of India’s six-member Monetary Policy Committee is meeting amid weak indicators raising doubts about the economy’s ability to sustain a nascent recovery. Some parts of the nation, where the fast-spreading delta variant was first identified, are still battling a rise in Covid-19 infections with researchers warning of an impending third wave of the pandemic.”
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