U.S. Jobs Report, BOE Rates Decision, German Recovery: Eco Day

(Bloomberg) -- Welcome to Thursday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

• After a surge in coronavirus cases across the U.S., all signs point to a slowdown in job gains last month -- or worse. Friday’s employment report is forecast to show a 1.5 million increase in nonfarm payrolls in July, the median estimate in projections ranging from a 600,000 decline to a gain of 3.2 million
• The U.S. is projected to see the worst reversal of fortune this year in a ranking of global economic misery, underscoring just how much havoc the pandemic has wrought
• Canadian trade with the rest of the world surged in June as the global economy rebounded from Covid-19 lockdowns
• Argentina aims to reach a deal with the International Monetary Fund over a new financing program by the end of March, according to a person with direct knowledge of the matter. The government, which sealed an initial $65 billion debt agreement with its private creditors on Tuesday, will look to begin formal negotiations with the Fund after Sept. 4, which is the date the deal with bondholders will settle
• The Bank of England sought to reassure investors that it won’t tighten monetary policy anytime soon despite the U.K. economy showing signs of a faster rebound than initially expected. The pound gained after the central bank’s relatively robust projections. Policy makers also hinted that they’re not ready to follow other central banks in taking borrowing costs below zero
• Germany progressed in its recovery from its record slump, with manufacturing orders rising much stronger than forecast in June and the number of workers on government support programs diminishing
• Sweden’s finance minister says the country’s light-touch lockdown may have contributed to a less severe contraction in the economy. The controversial virus strategy has also coincided with one of the world’s highest death rates, relative to population, and the government has admitted more should have been done at the outset to test people and protect the elderly
• India’s central bank kept interest rates unchanged while outlining a number of measures to ease stress in the banking sector as the economy heads for its first full-year contraction in more than four decades

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