U.S. Retailers Make Only Some Progress on Stocks Before Holidays
“U.S. retailers gearing up for the holiday shopping season were having some success acquiring imported merchandise at the start of the peak shipping season. The Commerce Department’s advance economic indicators report on Tuesday showed a 0.6% gain in inventories at retailers excluding motor vehicle dealers in August. Compared with a year earlier, when the nation was still contending with the fallout from coronavirus, inventories were up 10.8% after a record 11.1% year-over-year surge in July.”
ECB Must Be Ready to Act If Inflation Entrenched, Says Makhlouf
“European Central Bank Governing Council member Gabriel Makhlouf said policy makers must be ready to respond to persistently higher inflation that could result from lasting supply bottlenecks. “We must be very vigilant of the risks out there,” the governor of the Irish central bank said in a Bloomberg TV interview. Shortages in the manufacturing sector that are pushing up prices could “potentially” lead to faster inflation for longer than anticipated if they end up causing wages to rise, he said.”
Brisk Vaccination Rate Primes Indian Economy for Acceleration
“India’s economy showed signs it’s ready to accelerate, thanks to its services sector resuming expansion and manufacturing activity retaining growth momentum in August. Two of the eight high-frequency indicators tracked by Bloomberg News gained speed last month, while five held steady and one slowed. The needle on a dial measuring so-called animal spirits, however, remained unchanged from the July level, as the gauge uses three-month weighted average to smooth out volatility in single-month readings.”
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