August 4, 2023
United States:
US Adds 187,000 Jobs, Unemployment Rate Drops to 3.5%
US employment increased at a solid pace in July while wages rose at a faster-than-expected clip, consistent with sustained labor demand that’s at the root of renewed momentum in the economy.
Nonfarm payrolls increased 187,000 last month following a similar increase in June, a Bureau of Labor Statistics report showed Friday. The unemployment rate unexpectedly dropped to 3.5%, one of the lowest readings in decades.
Europe:
ECB’s Lane Sees Inflation Slowing Significantly Later This Year
European Central Bank Chief Economist Philip Lane is confident that inflation in the 20-nation euro zone will retreat markedly in the coming months, adding to evidence that interest rates are close to their peak.
While price pressures won’t hit the ECB’s goal until sometime in 2025, the recent decline in energy will reduce costs across the economy before long, he said in a podcast produced by the central bank.
Asia:
India Considers Scrapping Wheat Import Tax to Cool Prices
India, the world’s second-biggest wheat producer, may abolish an import tax so that buying the grain from overseas becomes more attractive, a move aimed at cooling domestic prices.
The government is considering cutting or scrapping a 40% duty on wheat imports, Food Secretary Sanjeev Chopra said Friday, confirming an earlier report by Bloomberg News.
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