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.”
U.K. Blinks First on Covid Deficits With Tax at 70-Year High
“The U.K. is set to take the lead among developed economies by raising new taxes that will help trim pandemic budget deficits, an issue that’s likely to dominate policy debate across the world in the coming years. A 12-billion pound ($17 billion) charge on workers and companies is due to come before Parliament for a vote on Wednesday. If approved, it will mean that Chancellor of the Exchequer Rishi Sunak — whose Tory party has historically been committed to cutting taxes — will preside over some of the highest levels of taxation in U.K. history.”
Japan’s Economy Grew at Faster Clip Before Record Virus Wave
“Japan’s economy had more momentum than initially thought ahead of a record surge in virus cases that contributed to Prime Minister Yoshihide Suga’s downfall. Gross domestic product expanded at an annualized pace of 1.9% in the three months to June, faster than an earlier estimate of 1.3%, according to a revised report by the Cabinet Office on Wednesday. The figures showed extra government spending, business investment and private consumption buoyed growth.”
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