Overseas Headlines – August 16, 2021

United States:

N.Y. Manufacturers’ Expansion Moderates; Sales Prices at Record

“A gauge of New York state manufacturing moderated in August after expanding at an unprecedented pace a month earlier, while a measure of selling prices advanced to a fresh record. The Federal Reserve Bank of New York’s general business conditions index decreased to 18.3 from 43 a month earlier, a report showed Monday. Figures above zero indicate expansion. The median projection in a Bloomberg survey of economists called for a reading of 28.5.”



Bank of England’s Inflation Alarm Deemed Overly-Cautious by Economists

“Bank of England policy makers are being overly-alarmist on their outlook for inflation, economists’ forecasts suggest, casting doubt on the need for a significant tightening in policy in the years ahead. While the central bank expects inflation to hit 4% this year and slightly exceed that level in early 2022, economists surveyed by Bloomberg only see it rising to 3.3% by the end of 2021, according to a poll released Monday. It will then peak at 3.5% at the end of the first quarter of next year, the survey said.”



China’s Faltering Economic Recovery Adds to Global Growth Risks

“China’s economy slowed more than expected in July, adding to signs that the global recovery is coming under pressure as the delta virus variant snarls supply chains and undermines consumer confidence. Retail sales were hit by tough new virus restrictions introduced toward the end of the month to contain fresh outbreaks. Flooding in central China and weak auto sales due to a chip shortage hurt manufacturing, while a slowing property market and environmental policies reduced output of steel and cement, hitting commodity demand.​”



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