U.S. Unemployment Insurance Claims Fall to Fresh Pandemic Low
“Applications for U.S. state unemployment insurance fell for a fourth consecutive week as more Americans get vaccinated and businesses reopen to eager customers. Initial claims in regular state programs decreased by 38,000 to 406,000 in the week ended May 22, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for 425,000 applications.”
U.K. Economic Data ‘Very Positive,’ Top Treasury Official Says
“Recent data on the U.K. economy have been “very, very positive” and fewer companies may default on loans than currently estimated, according to the top civil servant at the Treasury. Tom Scholar said an estimate that around 26 billion pounds ($37 billion) of state-backed loans made to companies may have to be written off now seems “a bit backward looking” given the strength of the recovery.”
Bank of Korea Lee Flags ‘Orderly’ Policy Exit Amid Recovery
“Governor Lee Ju-yeol said South Korea’s central bank is preparing for an “orderly” exit from its record-low interest rate at some point as the economy recovers and financial risks mount. Speaking after the Bank of Korea boosted its growth outlook for this year to 4% and its inflation projection to 1.8%, Lee said the central bank shouldn’t miss the timing on normalizing policy. The board still unanimously agreed to hold the key rate at 0.5% on Thursday as pandemic uncertainties linger, Lee said.”
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