July 15, 2024
United States:
New York Manufacturing Contracts for an Eighth Straight Month
New York state factory activity contracted for an eighth straight month in July while a measure of prices received by producers declined to a one-year low.
The Federal Reserve Bank of New York’s July general business conditions index eased less than a point to minus 6.6. A reading below zero indicates contraction, and the median forecast in a Bloomberg survey of economists called for minus 7.6.
Europe:
French Plans to Fix ‘Worrying’ Finances Lack Credibility, Auditor Says
France’s state auditor said existing plans to repair “worrying” public finances lack credibility, sounding the alarm on the budget as political groups with expansive tax-and-spend policies jockey to form a new government after snap elections.
President Emmanuel Macron’s outgoing administration pledged new spending cuts and revenue-boosting measures in April to get back on course with derailed plans to bring the budget deficit within 3% of economic output in 2027.
Asia:
China’s Economic Growth Comes in Worse Than Expected, Adding Pressure on Xi
China’s growth unexpectedly slowed to the worst pace in five quarters as faltering consumer spending undermined an export boom, putting pressure on policymakers to step up support at a twice-a-decade economic meeting this week.
Gross domestic product expanded 4.7% in the second quarter from the same period a year earlier, weaker than all except one of 28 estimates in a Bloomberg survey of economists. Retail sales rose at the slowest monthly pace since December 2022, showing a flurry of government efforts to juice confidence have done little to reinvigorate the Chinese consumer.
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