Overseas Headlines – January 5, 2023

January 5, 2023


United States:

US Labor Data Surprise as Job Market Runs Hotter Than Forecast

Data out Thursday reinforced the strength of the labor market, with hiring at US companies far exceeding expectations and applications for jobless benefits falling to a three-month low.

Private payrolls increased 235,000 last month, led by small- and medium-sized businesses, according to data from ADP Research Institute in collaboration with Stanford Digital Economy Lab. The figure exceeded all but one forecast in a Bloomberg survey of economists.



Italy Inflation Slows in Further Sign Europe May Be Past Peak

Italian inflation slowed, mirroring a trend across Europe’s major economies and fueling optimism that the worst price gains since the euro was introduced may have peaked.

Inflation eased to 12.3% from a year earlier in December from 12.6% the previous month, data released Thursday by the ISTAT national statistics institute showed. Food and electricity were among the biggest price increases.



China Extends Easing of Mortgage Rates on First Home Purchases

Saddled with a slumping property market, China is extending measures introduced in September that allow lower mortgage rates for first-home buyers if newly constructed house prices drop for three consecutive months.

Cities are eligible to maintain, lower or remove minimum interest rates on loans for first home purchases, according to a statement from the central bank and banking regulator Thursday evening. The measures will “form a long-term mechanism to support a stable and healthy property market,” they said.




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