September 7, 2023
United States:
US Initial Jobless Claims Slide to Lowest Level Since February
Applications for US unemployment benefits fell to the lowest level since February, adding to evidence of a resilient labor market.
Initial jobless claims decreased by 13,000 to 216,000 in the week ended Sept. 2, Labor Department data showed Thursday. The figure was lower than all forecasts in a Bloomberg survey of economists.
Europe:
Euro-Zone Barely Grows After Export Downturn Adds Pressure
The euro-area economy barely grew in the second quarter as new data showing a dismal performance for exports forced a downward revision in overall growth numbers for the region.
Gross domestic product rose only 0.1% in the three months through June, compared with a prior increase measured at 0.3% — an outcome that had surprised to the upside when first published in late July. Economists had anticipated that the reading would be repeated in fuller data, according to the median estimate in a Bloomberg survey.
Asia:
China’s Export Slump Eases as Economy Searches for Stability
China’s trade slump eased in August, adding to early signals the worst may be over for some parts of the world’s second-largest economy as it tries to regain momentum.
Overseas shipments fell 8.8% in dollar terms from a year earlier while imports contracted 7.3%, both better than estimates and significantly less severe than July’s downturn. The trade surplus was $68 billion for the month.
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