U.K. Loses Steam, U.S. Jobs Report, Italy Revamp: Eco Day

(Bloomberg) -- Welcome to Friday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day and send you into the weekend:

• The U.K.’s main growth engine, services, is lagging behind in the pandemic recovery, suggesting the government may have to step up aid to prevent an economic collapse in the months ahead
• European aid money will help lift Italy’s economy out of a chronic underperformance if it’s targeted properly, according to the country’s minister in charge of industrial policy
• The last U.S. jobs report before the presidential election is set to show a slowing economic recovery; hotel jobs are seen coming back in a handful of large American metro areas
• Japan’s jobless rate has edged up to a three-year high. Shut out of the employment market in their 20s, Japan’s lost generation continues to search for direction in middle age -- often jobless and still living with parents
• The global shipping industry sustained a second cyber attack within a week, further straining supply chains trying to move goods heading into peak season
• Argentina slashed taxes on its huge global soy exports as it tried to boost dollar inflows while the central bank’s reserves have plunged to an almost-four-year low
• After holding the benchmark interest rate this week, the Philippine central bank governor said there’s still room to ease even as he thinks the worst is over for the economy

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