August 15, 2024
United States:
US Debt-Cost Surge Is $100 Billion Worse When Fed Is Factored In
Interest payments by the US government are rising fast, according to the latest budget numbers published by the Treasury — and even faster in reality.
The Treasury shelled out some $861 billion in net interest on the national debt over the 12 months through July, the department’s latest release showed this week. That’s almost double what it was two years earlier.
Europe:
Disappointing Euro-Area Productivity Complicates ECB’s Challenge
Euro-zone productivity barely improved in the second quarter and again missed the European Central Bank’s expectations – a blow for its efforts to bring inflation back to 2%.
Labor productivity per person fell by 0.4%, according to new data published by the ECB. That follows a decrease of 0.5% in the first three months of 2024 and compares to a minus of only 0.3% envisaged in the ECB’s June staff projections.
Asia:
China Central Bank to Plan Additional Policies to Support Growth
China’s central bank will plan more policies to support growth, Governor Pan Gongsheng said, as the economy struggles to gain momentum.
The People’s Bank of China will strengthen efforts to effectively implement monetary and financial policies that have been introduced this year and further steps will be made in accordance with the requirements of the State Council, Pan said in an interview with state broadcaster China Central Television on Thursday. He didn’t elaborate on potential policies.
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