January 25, 2023
US Business Activity Shrinks for a Seventh Month, Prices Rise
US business activity contracted for a seventh month, though at a more moderate pace, while a measure of input prices firmed in a sign of lingering inflationary pressures.
The S&P Global flash January composite purchasing managers index rose 1.6 points to 46.6, the group reported Tuesday. Readings below 50 indicate falling activity. The gauge of input prices climbed for the first time since May.
BOE Heads Off Strike Risk With 3.5% Pay Deal for 5,000 Staff
The Bank of England has agreed a 3.5% pay rise for its 5,000 staff and a one-off 1% salary top-up this year under a sub-inflation deal that has been accepted by the union.
The increase in the overall pay pot will be targeted at lower paid staff to protect them against the worst of the living standards squeeze, with the better-off receiving smaller rises of as little as 1%.
Japan Cuts View of Economy as Trade Weakens Amid Global Slowdown
Japan’s government cut its monthly economic assessment in January for the first time in 11 months, as trade weakened due to a global economic slowdown.
The Cabinet Office said in its latest report Wednesday that parts of the economy are showing weakness, while overall it’s picking up moderately. It downgraded its view of exports, imports and bankruptcies.
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