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US service sector demand falters sparking weakest growth in activity for seven months
The US services economy reported a slowdown in growth in August, according to the latest PMI™ data from S&P Global. Business activity increased only fractionally and at the slowest pace in the current seven-month sequence of expansion. A weaker rise in output was primarily driven by a renewed contraction in new business, as client demand was reported to have been dampened by interest rate hikes and elevated inflation. The downturn was driven by subdued domestic demand, as new export orders continued to increase. As a result of the drop in new business and growing evidence of spare capacity, firms expanded their ... (full story)
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- From @MaceNewsMacro|Sep 6, 2023|8 comments
post: BOE GOVERNOR ANDREW BAILEY TO TREASURY SELECT COMMITTEE: MANY OF THE INDICATORS ARE SHOWING THAT INFLATION IS COMING DOWN QUITE MARKEDLY #bankofengland #andrewbailey #inflation #monetarypolicy #ukeconomy post: BOE GOV. BAILEY: THERE IS NOT GROUP THINK ON THE MPC AT THE MOMENT. post: BOE GOV. BAILEY: MONEY SUPPLY NOT A GOOD SHORT TERM INFLATION GAUGE. post: BOE GOV. BAILEY: QT IS NOT CAUSING MARKET DISTURBANCE. post: BOE'S BAILEY: IT IS POSSIBLE WE WILL GET A TICK UP IN INFLATION IN THE NEXT RELEASE
- From @sevenloI|Sep 6, 2023|4 comments
post: *BoE’s Dhingra: Policy is Already Sufficiently Restrictive post: *BoE’s Dhingra: Further Tightening Poses Serious Risk to Growth post: BoE’s Dhingra: Wage Growth Is One Of The Last Outcomes To Be Impacted In The Transmission Of Monetary Policy To The Real Economy - A Deferred Pass-Through Of Level Changes To Wages Would Not Necessarily Pose A Risk To Our Target In The Medium Term
- From parliamentlive.tv|Sep 6, 2023
video Witness(es): Andrew Bailey, Governor, Bank of England; Sir Jon Cunliffe, Deputy Governor for Financial Stability, Bank of England; Dr Swati Dhingra, External Member, ...
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- From prnewswire.com|Sep 6, 2023|1 comment
Economic activity in the services sector expanded in August for the eighth consecutive month as the Services PMI® registered 54.5 percent, say the nation's purchasing and supply ...
- From bankofcanada.ca|Sep 6, 2023|1 comment
The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening. Inflation in advanced economies has continued to come down, but with measures of core inflation still elevated, major central banks remain focused on restoring price stability. Global growth slowed in the second quarter of 2023, largely reflecting a significant deceleration in China. With ongoing weakness in the property sector undermining confidence, growth prospects in China have diminished. In the United States, growth was stronger than expected, led by robust consumer spending. In Europe, strength in the service sector supported growth, offsetting an ongoing contraction in manufacturing. Global bond yields have risen, reflecting higher real interest rates, and international oil prices are higher than was assumed in the July Monetary Policy Report (MPR). The Canadian economy has entered a period of weaker growth, which is needed to relieve price pressures. Economic growth slowed sharply in the second quarter of 2023, with output contracting by 0.2% at an annualized rate. This reflected a marked weakening in consumption growth and a decline in housing activity, as well as the impact of wildfires in many regions of the country. Household credit growth slowed as the impact of higher rates restrained spending among a wider range of borrowers. Final domestic demand grew by 1% in the second quarter, supported by government spending and a boost to business investment. The tightness in the labour market has continued to ease gradually. However, wage growth has remained around 4% to 5%. Recent CPI data indicate that inflationary pressures remain broad-based. After easing to 2.8% in June, CPI inflation moved up to 3.3% in July, averaging close to 3% in line with the Bank’s projection. With the recent increase in gasoline prices, CPI inflation is expected to be higher in the near term before easing again. Year-over-year and three-month measures of core inflation are now both running at about 3.5%, indicating there has been little recent downward momentum in underlying inflation. The longer high inflation persists, the greater the risk that elevated inflation becomes entrenched, making it more difficult to restore price stability. With recent evidence that excess demand in post: BOC: Prepared to Raise Rates Further If Required post: BOC SAYS IT DECIDED TO KEEP RATES AT 5% GIVEN RECENT EVIDENCE THAT EXCESS DEMAND IN ECONOMY IS EASING, AND GIVEN LAGGED EFFECTS OF MONETARY POLICY #News #Markets #BOC #live post: BoC 'Concerned' About Sticky Inflation, Prepared To Hike Again - Rate Path To Hinge On Excess Demand, CPI, Wages, Pricing - Sees Higher CPI In Near Term, Little Downward Core Momentum - Signs Excess Demand Easing, Lagged Hike Impacts Drove BoC Hold
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- Posted: Sep 6, 2023 9:45am
- Submitted by:Category: Low Impact Breaking NewsComments: 0 / Views: 2,731
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