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US Jobs Recovery After Crisis Looks Strong: Eco Week

(Bloomberg) – The U.S. economy likely saw another bumper month of hiring in April, consistent with other reports that suggest growth momentum is developing in the wake of the coronavirus crisis. Wages may have increased of 978,000, according to economists’ median estimate, above the 916,000 gain in March, while unemployment is seen falling below 6%. The Ministry of Labor report on Friday will close another data-packed week that also includes April surveys of manufacturers and service providers. Leovid-19 vaccination rates continue to climb, while the Biden administration is eager to keep federal spending open to the addition. more fuel for economic recovery. Last week, the government said the economy grew at an annualized rate of 6.4% in the first quarter, boosted by the second-fastest household spending rate since the 1960s. workforce. Manufacturers alone are expected to have added around 60,000 in April, the most in 10 months.Read more: Jobs rebound around the world, but it’s still a long way back for some Even with an increase of almost one million jobs in April, the payroll will be around 7 million. shy of their pre-pandemic level, one reason Federal Reserve policymakers kept their benchmark interest rate near zero during last week’s meeting. emerging from the 2007-2009 recession. For this reason, Powell has expressed a desire to see a “series” of jobs reports similar to March to be convinced that the economy is on a sustainable path. April’s gain of around $ 1 million is a start, to be sure, but a far cry from what FOMC centrists might consider a “chord.” – Carl Riccadonna, Yelena Shulyatyeva and Andrew Husby. For a full analysis, click here. Elsewhere, decisions by central banks in Brazil, Turkey and the UK will be among the highlights of the week. Canada is also releasing its jobs report in April, click here to see what happened over the past week and here’s our summary of what’s happening in the global economy. Global demand. Korea’s CPI could accelerate further, although oil prices higher from last year’s nadir may overestimate the strength of the overall trend. Japan will exit its Golden Week holiday on Thursday with the minutes from the BOJ’s March meeting which will offer more details on the thinking behind. The Reserve Bank of Australia is meeting on Tuesday and is expected to keep its stimulus parameters unchanged, then release updated economic forecasts on Friday that will have to recognize the better job prospects while dispelling any notion of tapering. Thailand sets interest rates on Wednesday and Malaysia on Thursday – both are widely considered to be on hold for now. the currency zone could prove to be the main highlights for the week ahead, the most important of which is the Bank of England, which is expected to raise growth forecasts on Thursday after the most advanced vaccination schedule in the region has put Britain on track to reopen much of the currency area. economy in the coming months. This could portend a future decision to cut monetary stimulus later this year. On the same day in Norway, attention will likely focus on whether the Norges Bank will signal a rate hike as early as September to slow the price recovery. housing in the economy. the central bank is expected to leave its benchmark unchanged for a second meeting. Rising inflation and the promise to keep rates above price hikes will keep the central bank from relaxing as the country’s political leadership wants. Policymakers in Eastern Europe also seem reluctant to increase borrowing costs. In Poland, no change is expected despite a pickup in inflation, while in the Czech Republic officials have already said rate hikes planned for this year could come later than expected. In South Africa, Moody’s Investors Service is expected to issue a rating review on Friday after downgrading the country to Ba2 with a negative outlook in November. The rating firm said in February that it expected a slower pace of fiscal consolidation and larger deficits than the government, and that risks to debt accessibility remain high. Colombia releases minutes of its April 30 central bank meeting on Monday, where policymakers kept the key rate at 1.75%, followed by April inflation data on Wednesday Brazil releases data on Wednesday industrial production rate in March before attention turned to the meeting of the central bank’s monetary policy committee, known as “Copom”. Since 1999, the institution’s decisions match survey medians about 75% of the time, but under current President Roberto Campos Neto expectations and results are more frequent. This time, a rate hike to 3.5% is predicted by economists. On Friday, Brazil’s March retail sales report may show significant weakness, while Chile’s April inflation report is expected. see the annual rate slightly above the 3% target. Mexico presents the latest consumer price data ahead of next week’s central bank meeting, where Banxico is expected to hold 4%. For more, read the full week ahead of Bloomberg Economics for Latin America. now to stay one step ahead with the most trusted source of business news. © 2021 Bloomberg LP


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