Overseas Headlines – October 8, 2021

United States:

Payrolls Growth in U.S. Misses Big for a Second Straight Month

“The U.S. added fewer jobs than forecast for a second month in September, signaling weakness in the labor market recovery and complicating a potential decision by the Federal Reserve to begin scaling back monetary support before year end. Nonfarm payrolls increased 194,000 last month, the smallest advance this year, after an upwardly revised 366,000 gain in August, a Labor Department report showed Friday. The unemployment rate fell to 4.8%, partly reflecting a decline in the size of the labor force. Meantime, average hourly earnings jumped.”



U.K. Job Recruiters See Strongest Wage Growth in 24 Years

“U.K. wage growth rose at its strongest pace on record in a survey of job recruiters, indicating strains from a shortage of workers are persisting. The findings from the Recruitment & Employment Confederation and KPMG will add to inflationary pressures that are already ringing alarm bells at the Bank of England. They also indicates difficulty moving people off of furlough and into work following the pandemic, an issue the REC said government should address with more training programs.”



India Surprises Market by Suspending Some Pandemic-Era Stimulus

“India’s central bank surprised markets by suspending its version of quantitative easing, signaling the start of tapering pandemic-era stimulus measures as an economic recovery takes hold. There’s no need for further bond-buying, Reserve Bank of India Governor Shaktikanta Das said in an online broadcast Friday, while stressing the step is not a reversal of its accommodative policy stance. The RBI will be ready to resume purchases if needed, he said.”




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