August 22, 2023
United States:
Half a Million US Jobs at Risk of Vanishing in Payroll Revision
US payrolls growth in the year through March is forecast to be weaker than current data illustrate — by one estimate about 500,000 jobs weaker.
JPMorgan Chase & Co.’s Daniel Silver estimates Wednesday’s government preliminary benchmark revision will shave nearly half a million off the level of total employment for March, or about 40,000 fewer jobs per month over the 12-month period.
Europe:
Losses on BOE QE Program Cost UK Taxpayers Almost £30 Billion in Past Year
The UK government transferred £14.3 billion ($18.3 billion) to the Bank of England in July, the single biggest state transfer to the bank on record, in order to meet shortfalls in its monetary stimulus program.
Losses on the Bank of England’s quantitative easing measures have cost the taxpayer almost £30 billion in the past 11 months, according to official figures released Tuesday by the Office for National Statistics.
Asia:
China’s Firmer Stance on Yuan Sparks Relief in Emerging Markets
Signs that China is becoming more forceful in supporting its markets provided some relief for developing-nation assets battered by concerns over the world’s second-largest economy.
Emerging-market stocks jumped, halting a nine-day losing streak that was the longest since April last year. Chinese equities staged a sudden rally in late Asian trading, hours after Beijing escalated its defense of the yuan, bolstering sentiment toward other risk assets.
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