Charting Global Economy: Employment Growth in U.S. Disappoints
U.S. job growth disappointed in April even as increased Covid-19 vaccination rates fuel demand that’s also seen gathering pace in the U.K.
As wealthier nations get closer to putting the pandemic in the rear-view mirror, the increase in economic activity is expected to continue benefiting export-driven nations including China.
Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy:
Job growth significantly undershot forecasts in April, suggesting that difficulty attracting workers is slowing momentum in the labor market and challenging the economic recovery.
Rents are soaring in many cities as the economy rebounds, squeezing the budgets of tenants who also face increased risk of eviction after courts overturned a pandemic-era ban. The median monthly charge on a vacant rental jumped by $185 in March from a year earlier, according to the Census Bureau. A national index compiled by Apartmentlist.com shows that rents rose 1.9% in April alone, the most in data going back to 2017.
The Bank of England expects the biggest surge in household spending since 1988 to help power a strong economic rebound after the pandemic.
Malta, Italy and the Netherlands rely most heavily on private citizens for government financing within the euro zone, according to new European Central Bank research that highlights the role of individuals in public debt.
China’s exports rose more than expected in April, suggesting its trade out-performance could last longer than expected this year, fueled by global fiscal stimulus.
Classic problems such as rising inflation, capital flight and concerns over bloating public debt are starting to show up in some emerging markets, but less so in Asia.
Chile’s lower house approved introducing progressive taxes on copper sales in what could become one of the heaviest levies in global mining, potentially stalling investments and boosting prices.
At current rates, some rich countries will reach herd immunity by August, but most poorer nations will remain below the threshold through 2024 or later, according to research by Bloomberg Economics.
The Covid-19 crisis is accelerating a technology boom that has the potential to boost productivity across much of the world, spurring growth even in mature economies such as those of Europe and the U.S.
Economic inequality isn’t caused by central banks, and government officials must play their part in tackling the fundamental reasons for the gap in income and wealth, according to the Bank for International Settlements.
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