Overseas Headlines – July 8, 2021

United States:

U.S. Initial Jobless Claims Edge Up But Hold Near Pandemic Low

“Applications for U.S. state unemployment insurance edged up last week, though remained near a pandemic low, as the labor market grinds its way toward a full recovery. Initial claims in regular state programs increased by 2,000 to 373,000 in the week ended July 3, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for 350,000 new applications.”



ECB Agrees on New Inflation Goal of 2%, Will Allow Overshoot

“European Central Bank policy makers have agreed to raise their inflation goal to 2% and allow room to overshoot it when needed, according to officials familiar with the matter. The decision marks a significant change from the previous target of “below, but close to, 2%,” which some policy makers felt was too vague. The consensus emerged at a special meeting on Tuesday and Wednesday to conclude the ECB’s first strategy review in almost 20 years.”



India Supercharged Its Economy 30 Years Ago. Covid Unraveled It in Months

“During the pandemic India lost many of the advances it has made Thirty years ago, on a summer evening in late July, India liberalized its Soviet-style economy in a transformation that eventually pulled about 300 million out of poverty, fueling one of the biggest wealth creations in history. Then came the world’s fastest coronavirus surge which left overflowing hospitals turning away the dying and crematorium smoke darkening city skies.”



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