November 29, 2022
Canada Economy Starts to Sputter After 2.9% Annualized Gain
Canada’s economy is gearing down rapidly after stronger-than-expected growth in the third quarter, potentially giving the central bank leeway to slow its interest rate increases. Preliminary data show gross domestic product was flat in October, Statistics Canada reported Tuesday in Ottawa. That followed a 0.1% gain in September, in line with the median estimate in a Bloomberg survey of economists.
BOE’s Mann Says UK Inflation Expectations Drifting Toward 4%
Bank of England policy maker Catherine Mann said inflation expectations are becoming “increasingly embedded” in the prices that companies are setting and are drifting toward double the 2% target level. “Services pre-Covid were running at well below 2% inflation,” Mann said in a web event on Tuesday. “Now services are running above 3%. This is a dramatic change in the underlying pace of inflation.”
China Pushes Elderly Vaccination as Reopening Pressure Grows
China said it would bolster vaccination among its senior citizens, a move regarded by health experts as crucial to reopening an economy stuck in an endless loop of harsh Covid Zero curbs. But it stopped short of announcing mandates that helped raise inoculation rates in other countries. Instead, officials vowed to push shots harder in places like nursing centers, and make those unwilling to get inoculated provide a reason for their refusal, according to a statement Tuesday from the National Health Commission. The government will also use big data to identify elderly people who need the vaccine, the statement said.
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