Orders of U.S. Business Equipment Unexpectedly Stalled in July
“Orders placed with U.S. factories for business equipment unexpectedly stalled in July after four straight gains, marking a pause in a months-long buildup in capital investment. The value of core capital goods orders, which exclude aircraft and military hardware and is seen as a barometer of business equipment investment, was little changed after an upwardly revised 1% increase a month earlier, Commerce Department figures showed Wednesday.”
U.K. Construction and Manufacturing Boost Wage Inflation
“Britain’s construction, manufacturing and food preparation industries are pushing wages higher across the economy due to a shortage of workers to fill available jobs. Building companies increased advertised pay by 6.7% from February to July 2021 to draw more workers into the industry, according to data from jobs site Indeed. That compares with wage growth of just 0.8% across all jobs.”
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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