February 24, 2023
United States:
Millions of US Workers Are Still Missing After The Pandemic. Where Did They Go?
Millions of workers are still missing from the US labor force three years after Covid-19 surfaced, and economists are scratching their heads as to how big the gap actually is and where all these people went.
One estimate found at least 2.1 million who retired earlier then expected. Another calculated a shortfall of 2 million immigrants at the height of the pandemic. Other research pointed to a million or more out of work because of long Covid.
Europe:
German Economy Contracted More Than Expected at End of 2022
German output shrank more than expected at the end of 2022 as Europe’s economy struggles with the fallout from the energy crisis and the war in Ukraine.
Gross domestic product contracted 0.4% in the fourth quarter, double the previously reported drop. The statistics office said that declines in capital investment and private consumption were primarily to blame, while government spending had a positive effect.
Asia:
China’s Central Bank Vows to Balance Growth and Inflation
China’s central bank pledged to strike a balance between supporting growth and preventing inflation risks this year, as the economic rebound from three years of Covid damage gathers pace.
The People’s Bank of China will provide “sustainable” support for the real economy and refrain from using “flood-style” stimulus, it said in its quarterly monetary policy report released late Friday. While inflation is expected to remain mild overall, it’s still necessary to look out for potential rising price pressures in the future, it said.
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