June 29, 2022
US Personal Spending Is Revised Sharply Lower in First-Quarter Data
US consumer spending expanded in the first quarter at the softest pace of the pandemic recovery, marking a surprise sharp downward revision that suggests an economy on weaker footing than previously thought. Outlays on goods and services rose an annualized 1.8%, compared with a 3.1% pace in the previous estimate, according to Commerce Department data out Wednesday. Overall gross domestic product was revised down slightly to a 1.6% annualized decline in the first quarter.
ECB to Avoid Bond Targets or Thresholds in First Line of Defense
European Central Bank policy makers are allowing ample leeway for the deployment of their bond-buying firepower as a first defense rather than imposing targets or thresholds, according to people familiar with the matter.
China Quarantine Cut Just First Step in Ending Global Isolation
China cut in half the length of time inbound travelers must spend in quarantine, making it easier for citizens to return and foreign companies to tend to business in the world’s second-largest economy after two-and-a-half years of isolation. Experts on topics from economics to health to business welcomed the move, though they said the reduction to 10 days of quarantine, from as long as three weeks previously, was just a first step toward reintegrating with the world. Health leaders in China said it wasn’t a major policy change, but a subtle adjustment as the virus itself continues to mutate.
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