Overseas Headlines- September 4, 2020

September 4, 2020
United States:
U.S. Unemployment Rate Drops by More Than Expected, to 8.4%

“The U.S. labor-market rebound extended for a fourth month in August, offering hope that the economy can continue to recover despite a persistent pandemic and Washington’s standoff over further government aid to jobless Americans and small businesses. Nonfarm payrolls increased by 1.37 million, including the hiring of 238,000 temporary Census workers, according to a Labor Department report Friday. The unemployment rate fell by more than expected, by almost 2 percentage points, to 8.4%.”



Bank of England Rate Cuts Aren’t Lowering Mortgage Costs

“U.K. home buyers returning to the market after the coronavirus lockdown are finding they’re not benefiting from record-low central bank interest rates. Five months after the Bank of England slashed its benchmark to 0.1%, mortgage rates have barely changed as banks fret about risks. For people with smaller deposits, average borrowing costs actually increased by more than half a percentage point between February and July.”




BOJ to Consider Upgrading Economic Assessment Amid Pickup

“The Bank of Japan is likely to consider upgrading its economic assessment amid signs of a rebound from the economy’s worst contraction on record last quarter, people familiar with the matter said. Any changes would acknowledge that Japan’s slump has bottomed, rather than indicate optimism about the outlook, according to the people. BOJ officials continue to see Japan’s economic situation amid the pandemic as severe and highly uncertain, the people said.”



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