Rebound in U.S. Retail Sales Slowed in July Amid Virus’s Surge
“The rebound in U.S. retail sales slowed in July by more than expected, indicating a surge in coronavirus cases and still-high unemployment cooled the economic recovery. The value of retail purchases increased 1.2% from the prior month after an upwardly revised 8.4% gain in June, according to Commerce Department data released Friday. The median estimate in a Bloomberg survey of economists called for a 2.1% increase in July.”
U.K.’s Return to Work Risks Being Stumped by Childcare Closures
“The U.K. government’s plan to get people back to work to fuel the economic recovery is under threat from a rising childcare problem. Financial difficulties are putting the survival of many childcare facilities at risk, potentially forcing parents to drop out of the labor force to stay at home. Not only does that hit household incomes and consumer spending, it could also undo years of progress in getting more women into work — with long-term consequences for growth.”
Malaysia’s Economy Shrinks Most Since 1998 Asia Crisis
“Malaysia’s economy contracted by the most since the Asian financial crisis more than two decades ago, with the central bank sharply downgrading its outlook for this year. Gross domestic product shrank 17.1% in the second quarter compared to a year earlier, its worst showing since the fourth quarter of 1998, the central bank said Friday. That compared to the median forecast of a 10.9% contraction in a Bloomberg survey of economists.”
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