U.S. Consumer Prices Rose in August on Sharp Gain in Used Cars
“U.S. consumer prices rose for a third month in August, driven by the sharpest gain in used-vehicles since 1969, consistent with a gradual pickup in inflation as the economy recovers from the pandemic-induced downturn. The consumer price index rose 0.4% from the prior month, following a 0.6% gain in July, Labor Department figures showed Friday. The median forecast in a Bloomberg survey of economists called for a 0.3% increase. Compared with a year earlier, the gauge increased 1.3%, after July’s 1% rise.”
U.K. Economy Surges in July But Clouds Gather Over Brexit
“Britain recorded strong economic growth in July as coronavirus restrictions eased, but mounting job losses and the risk of a messy Brexit are threatening a turbulent end to the year. Gross domestic product rose 6.6% from June, when it gained a record 8.7%, with activity being boosted by the reopening of restaurants and bars in early July. However, the country has clawed back little more than half of the output lost during the lockdown, and recovering the rest may prove difficult.”
China’s Credit Growth Jumps in August in Boost for Recovery
“China’s credit growth rebounded to the highest since March, as a surge in government bond issuance and other easing policies continues to take effect and support the recovery. Aggregate financing was 3.58 trillion yuan ($524 billion) in August, the People’s Bank of China said Friday. That compares to 1.7 trillion yuan in July and the median estimate of 2.59 trillion yuan. August usually sees an increase in credit compared to July.”
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