Overseas Headlines – May 21, 2021

United States:

White House Says Republican Governors Are Pulling Jobless Benefits Too Soon

“The White House pushed back against Republican governors curbing the extra jobless benefits for out-of-work Americans extended in President Joe Biden’s March pandemic-relief package. “There will come a day when we do not need these additional supports. There’s no question, these were designed to get us to the end of the pandemic. But we’re not there yet,” Cecilia Rouse, Chair of the Council of Economic Advisers, said at a Bloomberg conference Thursday.”



U.K. Economy Roars Out of Lockdown as Consumers Splash the Cash

“The U.K. economy is firing on all cylinders as it emerges from months of lockdown, with the private sector expanding at the fastest pace in at least 23 years and retail sales surging. IHS Markit said Friday that its measure of private-sector growth this month hit the highest since the index began in 1998, with hotels, restaurants and other consumer-facing services posting the strongest demand. Factory orders also surged at a record pace, while business confidence reached an all-time high.”



Bucking Global Inflation Trend May Boost Japan’s Ailing Economy

“Japan is bucking the global trend of rising inflation with continued falls in prices, a disconnect that could split its policy stance away from the trajectory of other major economies and further weaken the yen. While one measure of inflation in the U.S. hit 4.2% in April, its highest in more than 12 years, a key indicator of consumer prices in Japan dropped 0.1% from a year earlier, as falling cell phone charges countered rising energy costs.”



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