U.S. Initial Jobless Claims Fall by Most Since Late June in Week
“Applications for U.S. state unemployment benefits fell last week by the most since late June as the labor market continues toward a full recovery. Initial unemployment claims in regular state programs decreased to 310,000 in the week ended Sept. 4, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for a slight decrease to 335,000 new applications.”
ECB Slows Pandemic Bond Buying as Europe’s Economy Rebounds
“The European Central Bank will slow down the pace of its pandemic bond-buying program, an acknowledgment that the euro area’s recovery is strong enough to endure with less support. The Governing Council decided to conduct purchases at a “moderately lower pace” than the roughly 80 billion euros ($95 billion) of monthly acquisitions deployed in the past two quarters, according to a statement on Thursday. The ECB said inflation will average 1.5% in 2023, below its 2% target.”
China Factory Inflation Surge to Add Pressure to Global Prices
“China’s factory-gate inflation accelerated to a 13-year high, adding to the pressure on global consumer prices which have been pushed up by a commodities boom, soaring shipping costs and an uneven economic recovery from the pandemic. Producer prices in China rose 9.5% in August from a year earlier, the National Bureau of Statistics said Thursday, mainly driven by higher commodity prices. U.S. data due next week is forecast to show consumer prices rose by more than 5% for a third straight month in August as businesses raised prices for goods and services, even as the Federal Reserve claims the cost pressure will be temporary.”
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