Jobless Claims in US Climb to Highest Level Since January
“Applications for US state unemployment insurance unexpectedly rose last week to the highest level since January, led by increased filings in Kentucky and California. Initial unemployment claims increased by 21,000 to 218,000 in the week ended May 14, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for 200,000 initial applications.”
UK Is About to Become Stagflation Nation
“In a world reeling from soaring inflation and weak growth, the UK holds a special place. It’s on track to be the advanced nations’ stagflation capital. Prices are expected to rise 13.1% over this year and next, the most in the Group of Seven, and the UK will drop to the bottom of the pack for growth in 2023, according to the International Monetary Fund.”
Chinese Banks May Lower Lending Rates, Giving Relief to Economy
“Chinese banks may cut their benchmark lending rates for a second time this year, giving consumers and businesses some relief as Covid lockdowns and outbreaks wreak havoc on the economy. The one-year loan prime rate — the de facto benchmark lending rate — will likely be reduced by 5-10 basis points from 3.7% on Friday, according to 11 of 19 economists surveyed by Bloomberg. Seven of them see a cut to 3.65%, four predict 3.6% and the rest expect no change.”
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