U.S. Productivity Falls Most Since 1981, Damped by Slower Growth
“Productivity in the U.S fell by the most since 1981 in the third quarter, reflecting a sharp pullback in economic growth and an increase in hours worked. Nonfarm business employee output per hour decreased at a 5% annualized rate in the third quarter, according to Labor Department figures Thursday. That compared to a 2.4% gain in the second quarter and the 3.1% projected decline in a Bloomberg survey of economists. Productivity growth rates can be extremely volatile.”
BOE Shocks Markets by Keeping Interest Rates on Hold
“The Bank of England defied market expectations by keeping interest rates on hold, a decision that threatens to undermine its credibility with investors who believed a hike was a done deal. Policy makers led by Governor Andrew Bailey voted 7-2 to keep the benchmark rate at 0.1%, prioritizing immediate concerns about slowing growth more than a price spike that will lift inflation to 5% next year.”
India Cuts Taxes on Gasoline, Diesel to Ease Consumer Bills
“India lowered retail fuel taxes, offering relief to consumers after surging crude led to record gasoline and diesel prices. The federal government will from Thursday cut excise duty on diesel by 10 rupees (13 cents) a liter, with gasoline falling by 5 rupees, according to an official statement. “The reduction in excise duty on petrol and diesel will also boost consumption and keep inflation low, thus helping the poor and middle classes,” it said.”
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