U.S. Hiring Slows Sharply Amid Delta, Complicating Fed Taper
“U.S. hiring downshifted abruptly in August with the smallest jobs gain in seven months, complicating a potential decision by the Federal Reserve to begin scaling back monetary support by year end. Nonfarm payrolls increased 235,000 last month, trailing all forecasts, after an upwardly revised 1.05 million gain in July, a Labor Department report showed Friday. Employment in leisure and hospitality, which has posted strong gains recently, was flat amid the spreading delta variant and persistent hiring challenges.”
ECB Seen Slowing Pandemic Stimulus as Economic Recovery Advances
“The European Central Bank will start slowing down its pandemic bond purchases in the fourth quarter and may not exhaust the whole 1.85 trillion-euro ($2.19 trillion) program before it ends next year, according to economists surveyed by Bloomberg. An improved economic outlook will allow policy makers to reduce the pace of buying from 80 billion euros a month in September to about 50 billion euros in March, they said. A decision to terminate the program then, as currently planned, is only expected at the end of the year.”
Fraying Relations With China Are About to Hit Australian Economy
“Australia’s economic resilience in the wake of China’s efforts to punish it for diplomatic slights has some Down Under declaring victory. They might be speaking too soon. Former Prime Minister Malcolm Turnbull said last month that China’s campaign to “make us more compliant” has “completely backfired.” Beijing’s pressure, he added, “has demonstrated to China that they can pull all these levers and it doesn’t actually work.”
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