U.S. Initial Jobless Claims Drop to Lowest Since March 2020
“Applications for U.S. state unemployment benefits fell last week to the lowest since March 2020, showing employers are hanging onto their workers in a tight labor market. Initial unemployment claims in regular state programs totaled 293,000 in the week ended Oct. 9, a decrease of 36,000 from the prior week, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for a slight decrease to 320,000 applications.”
Germany’s 2021 Growth Forecast Slashed on Supply Crunch
“Germany’s leading research institutes slashed their joint 2021 growth forecast for Europe’s biggest economy as supply logjams delay the nation’s recovery into next year. The downgrade to a 2.4% expansion in gross domestic product, from 3.7% previously, reflects a relentless shortage of inputs, a lack of shipping capacity and — more recently — a spike in energy costs that is threatening rebounds across the globe. The outlook for 2022 was upgraded to 4.8% from 3.9%.”
China’s Producer Inflation at 26-Year High Adds to Global Risks
“China’s factory-gate prices grew at the fastest pace in almost 26 years in September, potentially adding to global inflation pressure if local businesses start passing on higher costs to consumers. The producer price index climbed 10.7% from a year earlier, beating forecasts and reaching the highest since November 1995, as coal prices and other commodity costs soared, data from the National Bureau of Statistics showed Thursday.”
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