Overseas Headlines – March 4, 2022

United States:

U.S. Job Gains Accelerate While Wage Growth Slows Sharply

“U.S. hiring boomed in February while wage growth slowed, showing a strong labor market that likely keeps the Federal Reserve on track to raise interest rates this month while offering some respite from strong inflationary pressures. Nonfarm payrolls increased 678,000 last month after an upwardly revised 481,000 gain in January, a Labor Department report showed Friday. The advance was broad-based across sectors. The unemployment rate edged down to 3.8%, and average hourly earnings were little changed from the prior month.”



Europe Returns to South Africa for Coal After Russia Sanctions

“Europe’s surging demand for coal is reviving an infrequent trade lane for shipments from South African mines. The fossil fuel typically heads east from Richards Bay Coal Terminal, the continent’s biggest export hub. Of the 59 million tons of coal shipped from the South African port last year, only 4% went to Europe and more than 86% was delivered to Asia.”



BOJ Sees Oil Surge Pushing Prices Beyond Forecast, Sources Say

“The Bank of Japan sees the rapid increase in oil prices following Russia’s invasion of Ukraine pushing inflation beyond its latest forecast, adding to the negative factors weighing on a fragile economy, according to people familiar with the matter. Depending on movements in commodity prices, inflation could temporarily hit 2% this year, the people added. The comments come ahead of a central bank meeting later this month.”




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