Budget Breakdown Risk Clouds U.S. Outlook
“It’s been a great week for President Joe Biden’s economic program, looking at the headlines on fiscal developments: a big partisan Senate vote for the largest infrastructure package in decades, and a united Democratic caucus backing the greatest expansion in social programs since the 1960s “Great Society” initiatives. But underneath the headlines, this week’s congressional actions sow some real concerns about whether the planned $4 trillion-plus worth of spending over the next several years will actually make it into final legislation.”
U.K. Wages Rise With Post-Lockdown Scramble for Staff
“U.K. wages are rising as companies scramble to recruit workers to help them recover after the last coronavirus restrictions eased in July, a survey showed. The Recruitment & Employment Confederation, whose jobs report was one of the first to flag labor shortages in the second quarter, counted a near-record numbers of online job adverts posted last week. It was the fourth-highest weekly figure since the start of the pandemic.”
Hong Kong Sees Growth as Much as 6.5% as Spending Recovers
“Hong Kong raised its economic growth forecast for 2021 as the government slowly eases virus control measures and cash vouchers help to drive spending in a city hit by the pandemic and protests before that. The city now projects gross domestic product growth of 5.5% to 6.5% this year, compared with an earlier range of 3.5% to 5.5%, the statistics department said in a release Friday.”
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