August 11, 2023
United States:
US Producer-Price Inflation Picks Up on Boost From Services
US producer prices picked up in July, primarily due to increases in certain service categories, highlighting the choppy nature of getting inflation back down to target.
The producer price index for final demand, as well as the core index which excludes food and energy, both rose by 0.3% in July, according to the Bureau of Labor Statistics. While those came in slightly more than forecast, downward revisions to the prior month tempered some of the strength.
Europe:
Russia’s War Economy Is on Course to Recover From Sanctions Hit
Russia’s economy may return to its pre-war level as soon as next year as it adapts to the impact of international sanctions, though the Kremlin’s drive to expand military recruitment may yet undo this goal.
The economy expanded by an estimated 4.6% in the second quarter and by 1.5% in the first half of the year, Prime Minister Mikhail Mishustin said Friday at a meeting with officials. The Federal Statistics Service is due to report second-quarter gross domestic product later Friday.
Asia:
HK Narrows 2023 GDP Expectations as Recovery Loses Steam
Hong Kong is slightly less optimistic about its outlook for economic growth this year as the post-pandemic activity boom runs out of steam and challenges from China and the rest of the world weigh on the financial hub.
Gross domestic product is expected to expand in a range of 4% to 5% in 2023, compared with a previous prediction of 3.5% to 5.5%, the Census and Statistics Department said Friday.
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