U.S. Companies Add Fewer Jobs Than Forecast, ADP Data Show
“U.S. companies added fewer jobs than expected in August, reflecting persistent hiring challenges and suggesting a slowdown in the labor market recovery. Businesses’ payrolls increased by 374,000 last month, after a revised 326,000 gain in July, according to ADP Research Institute data released Wednesday. The figure fell short of all estimates in a Bloomberg survey of economists.”
ECB Shouldn’t Disregard Risk of Higher Inflation, Weidmann Says
“Bundesbank President Jens Weidmann said European Central Bank officials shouldn’t disregard the risk that inflation could accelerate faster than currently anticipated, adding his voice to an intensifying debate ahead of the institution’s policy meeting next week. “We have to watch the risks to the outlook for prices. In my view, upside risks predominate,” the German central bank chief told a conference on Wednesday, according to a copy of his speech. “Accommodative monetary remains appropriate. But we shouldn’t disregard the risk to too-fast inflation.”
BOJ Deputy Governor Hints at Possible Economic Downgrade
“Bank of Japan Deputy Governor Masazumi Wakatabe signaled that the central bank may revise down its economic assessment at this month’s policy meeting after a record number of infection cases forced the expansion and extension of a state of emergency. Wakatabe said the economy was in a “severe state” and pointed out negative factors for Japan’s economy in an online speech to local business leaders in Hiroshima on Wednesday before indicating a recovery was still under way as a trend. Since the start of 2021, BOJ officials have put more emphasis on the picking-up trend.”
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