U.S. Labor Powers On as Price Gauge Hits 40-Year High: Eco Week
“U.S. jobs and wages probably kept growing robustly in March and a key inflation measure may have reached a new 40-year high, reports that could push the Federal Reserve toward removing monetary stimulus even faster. Employers probably added close to a half million jobs and average hourly earnings advanced 5.5% from a year earlier, according to the median projections in a Bloomberg survey ahead of government data Friday. The unemployment rate is seen falling to 3.7%.”
U.K. Would Be in Recession Were It Not for Post-Covid Bounce
“Britain would be in recession this year due to the global inflation shock were it not for the rebound in growth from the pandemic, according to the government’s official independent forecaster. At U.K. Chancellor of the Exchequer Rishi Sunak’s Spring Statement last week, the Office for Budget Responsibility downgraded GDP growth this year to 3.8% from 6% as the sharp rise in energy and commodity prices squeezes household spending.”
China’s Economy Faces New Blow From Shanghai Lockdown
“Shanghai’s sweeping, two-phase lockdown will likely deal a heavy blow to businesses reliant on consumer spending, though economists say the city’s industrial sector can largely withstand the disruption, mitigating threats to the global supply chain. The staggered eight-day lockdown in Shanghai — a city of 25 million people — and lingering effects from the measure may shave up to 0.4 percentage point from China’s economic growth in the first and second quarter, compared to a year ago, according to estimates by Liu Peiqian, China economist at NatWest Group Plc.”
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