United States:
U.S. Posts Robust Job Gains While Wage Growth Shows Moderation
“U.S. employers hired at a robust pace in March, yet cooling wage gains and a jump in workers leaving the labor force offered mixed signs for a Federal Reserve that’s aggressively raising interest rates to curb hot inflation. The 428,000 gain in nonfarm payrolls matched the advance in March and was broad-based across industries, a Labor Department report showed Friday. The unemployment rate held at 3.6% and average hourly earnings rose, albeit at a more moderate pace from a month earlier.”
Europe:
Bank of England Sees U.K. House Price Growth Slowing Down
“The Bank of England is monitoring developments in the housing market “very carefully” as higher interest rates cool the tearaway price growth of the past 18 months, Chief Economist Huw Pill said. Briefing agency contacts about the BOE’s latest set of forecasts, Pill said he did not expect rate rises to cause a housing market crash but policy makers were alert to the risk that higher borrowing costs could cause problems for highly indebted households.”
Asia:
China Danger Strikes Fear Into Global Investors Stumbling on Fed
“The toxic combination of a slowing economy in China and what may be the most aggressive withdrawal of Federal Reserve stimulus since 1994 is hammering the world’s financial markets. While everything from the Bank of England’s recession warning to poor U.S. productivity data contributed to the selloff this week, a shift in tone out of Beijing further undermined confidence. Top Chinese officials committed to Covid Zero in the strongest terms at a meeting on Thursday, while leaving out earlier pledges to minimize the economic cost of the strategy.”
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