Charting Global Economy: U.S. Job Growth Misses, China Struggles
(Bloomberg) -- U.S. hiring limped ahead in August, inflation pressures mounted in Europe and the delta variant of the coronavirus took a bigger toll on China’s economy.
Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy:
Hiring downshifted abruptly in August with the smallest jobs gain in seven months, complicating a potential decision by the Federal Reserve to begin scaling back monetary support by year end.
A record share of small-business owners said they had vacant positions in August, and an unprecedented number boosted wages to lure workers, a National Federation of Independent Business survey showed.
Euro-area inflation jumped to the highest in a decade in August, testing policy makers’ insistence that a post-crisis spike in cost pressures should prove temporary.
About 2.1 million U.K. jobs are still affected by the coronavirus pandemic, pointing to a bumpy economic recovery.
A look under the hood of second-quarter Italian GDP data reveals a deep divide in the economic rebound. While construction and communication activity are above pre-Covid levels, areas like the arts and entertainment remain far behind.
China’s economy took a knock from the delta virus outbreak in August, adding to signs of a slowdown in growth in the second half of the year and fueling speculation of more central bank support.
It’s hard to say how China’s reputed ghost cities -- huge developments where the pace of building outstripped newcomers moving in -- are faring collectively. But some have stirred to life.
The economic toll from a deadly second wave of Covid-19 outbreak in India last quarter wasn’t as bad as feared, with the nation still very much on track to achieving the world’s fastest growth this year.
The U.S. is the first Group of Seven economy to return to a pre-pandemic level of output, leaving behind European peers that suffered sharper contractions when Covid-19 struck. According to the OECD’s second quarter GDP data, its 38 members as whole also haven’t reached pre-crisis readings, even as growth for the group accelerated to 1.6% in the period from 0.6% at the start of the year.
©2021 Bloomberg L.P.