Fed Forecasts to Leave Public Guessing on New Rate-Setting Plan
“The Federal Reserve’s new approach to setting interest rates will probably be hard to divine from the economic projections it’s set to publish on Wednesday. That’s because those forecasts, released alongside its policy decision, only encapsulate Fed officials’ views about the next few years. The new framework — which dictates a less-aggressive response to rising inflation than in the past — likely won’t be put to the test until later on.”
U.K. Loses 700,000 Jobs to Pandemic as Aid Pressure Mounts
“Britain’s labor market took a turn for the worse in July even as the economy gradually reopened, taking total job losses under the pandemic to almost 700,000 and raising pressure on the government to extend its wage support. Employment fell by 102,000, the first decline since the initial full month of lockdown in April, the Office for National Statistics said Tuesday. The pandemic also finally began filtering through to the unemployment rate — so far subdued by the furlough program — pushing the single-month figure up the most since 2013.”
Chinese Consumers Join Industrial Recovery From Covid-19
“China’s economic recovery from Covid-19 accelerated, spurred by a rebound in consumption as virus restrictions eased and larger-than-expected gains in industrial output. Retail sales rose for the first time this year in August, by 0.5% from a year earlier, while industrial production expanded 5.6%, against a forecast of 5.1%. In the first eight months, retail sales slid 8.6%, industrial production advanced 0.4%, and fixed-asset investment was 0.3% lower than the same period in 2019, the National Bureau of Statistics said Tuesday.”
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