China continues its strict zero-tolerance policy of anti-COVID lockdowns as new closures closeted 200 million people in 28 cities as of 24 October, according to The Wall Street Journal.
Category: TRENDS ON THE GLOBAL ECONOMIC FRONT – Nov 1 2022
The value of Egypt’s currency, the pound, fell 15 percent last week to a record low of 23.09 to the U.S. dollar after the central bank raised a key interest rate by two percentage points.
Inflation in Australia rose to 7.3 percent in this year’s third quarter, its fastest clip since the same period in 1990, which at the time caused the country’s central bank to raise interest rates so high that the economy lurched into recession.
Adjusted for inflation, Canada’s economy expanded by 0.1 percent in August as continued growth in service industries spending barely offset declining sales by companies making goods, Statistics Canada reported last week.
On 26 October, the Bank of Canada (BoC) added a half-point to its benchmark policy rate, raising it to 3.75 percent and surprising analysts who had widely predicted a three-quarter-point bump.
At its meeting last week, the Bank of Japan (BoJ) held its key interest rate at -0.1 percent, made no changes to its program of bond purchases, and continued to cap the yield on 10-year bonds at zero percent, as predicted by 49 economists Bloomberg had polled.
The European Central Bank (ECB) raised two key interest rates three-quarters of a point last week, the second such raise in the ECB policy committee’s last two meetings.
Germany’s economy expanded by a scant 0.3 percent during this year’s third quarter, besting both France and Spain, which each eked out a 0.2-percent expansion.
Inflation and interest rate hikes are causing companies in many sectors to lay off employees. To illustrate the employment trends and the socioeconomic implications, each week we will list job losses.