Overseas Headlines – June 28, 2021

United States:

U.S. Job Market Begins a ‘Weird Summer,’ With Choppy Recovery

“The U.S. labor market is entering one of its strangest summers ever, with a powerful economic rebound generating record demand for workers just as roadblocks distort employment and wage levels. While economic growth will clock 10% this quarter and 7% next, according to Bloomberg surveys — well above pre-pandemic trends — millions of Americans remain reluctant or unable to take up the unprecedented number of job openings available.”



Bank of Russia Considers Rate Increase of Up to 1 Percentage Point

“The Bank of Russia is ready to consider a key interest rate increase of 25 basis points to 1 percentage point in July in response to surging inflation, Governor Elvira Nabiullina told Bloomberg TV in an interview. “We don’t see that inflation acceleration is transitory as in many other countries, but more persistent,” Nabiullina said Monday. The central bank aims to react fast, but predictably on rates, she said, adding that current policy remains accommodative.”



China’s Recovery Stabilized in June With Signs of Rebalancing

“China’s economy showed signs of more balanced expansion in June, with solid underlying growth momentum. That’s the outlook of an aggregate index combining eight early indicators tracked by Bloomberg, which remained unchanged from May in expansionary territory. Although some economists cut their forecasts for 2021 after May’s data came in weaker than expected, the economy is still seen growing 8.5% this year, which would be the fastest in a decade.”



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