Jobless Claims Fallto Pandemic Low, Underscoring U.S. Rebound
“Applications for U.S. state unemployment insurance fell last week to a fresh pandemic low, indicating that dismissals are easing as business conditions improve and firms look to increase headcounts. Initial claims in regular state programs decreased by 26,000 to 360,000 in the week ended July 10, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for 350,000 initial applications.”
U.K. Companies Hire at Record Pace as Economy Reopens
“U.K. companies added payrolls at a record pace in June as the reopening of the economy triggered an unprecedented scramble for staff. The number of employees on company books climbed by 356,000, the Office for National Statistics said Thursday. Demand for staff rose, with vacancies in June alone increasing to a record 962,000, up 7% from May.”
China’s More Balanced Recovery Gives Support to Global Rebound
“China’s economic rebound steadied in the second quarter and showed more balance as consumer spending picked up, providing support to a global recovery being shaken by resurging coronavirus cases. Gross domestic product in the world’s second-largest economy expanded 7.9% from a year earlier, the National Bureau of Statistics said Thursday, down from 18.3% in the previous quarter, with that slowdown largely reflecting base effects from last year’s pandemic. On a two-year average growth basis which strips out that effect, the economy grew 5.5% last quarter, slightly higher than in the previous three months.”
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