U.K. Growth Jumps, U.S. Wage Optimism, Current Accounts: Eco Day

(Bloomberg) -- Good morning Americas. Here’s the latest news and analysis from Bloomberg Economics to help get your week started:

• The U.K. economy grew at the fastest pace in almost a year between May and July, as construction output rebounded and a heatwave boosted retail sales and the powerhouse services sector
• Pay gains for American workers have been flat since 2015, they haven’t been this optimistic about future pay raises since the century began, according to the Conference Board’s monthly surveys
• Italy promised small budget improvements as the finance minister met with counterparts from the EU
• The currencies of Turkey and Brazil have fallen far enough to correct their current-account deficits, yet those of South Africa and Argentina may need to decline further, according to a new study by Bloomberg Economics
• China’s economic outlook is getting more dark clouds as President Donald Trump is raising the stakes on tariffs from the U.S.; Bob Woodward’s reporting outlines two officials’ campaigns to moderate Trump’s trade strategy
• Trump’s push to get Apple and Ford to bring jobs home from China is unlikely to be successful
• Long-elusive, Japanese wage inflation is finally coming into view for Governor Haruhiko Kuroda, and Japan can thank a business-spending pickup for lifting economic growth
• China got a mixed picture from inflation reports Monday, with producer prices easing while consumer prices rose for a third month. Meanwhile, the government is calling for measured “tweaks” to the nation’s monetary policy

To contact the reporter on this story: David Goodman in London at dgoodman28@bloomberg.net

To contact the editors responsible for this story: Paul Gordon at pgordon6@bloomberg.net, Marco Bertacche

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