World Economic News – Wednesday 03/08/2022

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CHINA 

China’s service sector growth gained momentum last month, as the Caixin services Purchasing Managers’ Index rose to 55.5 in July from 54.5 in June, data released by S&P Global showed on Wednesday. The indicator signaled the sharpest pace of expansion in the sector since April 2021.

GERMANY

Germany’s seasonally adjusted Services Purchasing Managers’ Index (PMI) Business Activity Index stood at 49.7 in July, marking a decline from the previous month’s 52.4, the S&P Global reported on Wednesday. The services activity contracted, slightly falling below the 50-neutral point and ending the six-month consecutive growth period.

NEW ZEALAND

The unemployment rate in New Zealand came in at a seasonally adjusted 3.3 percent in the second quarter of 2022, Statistics New Zealand said on Wednesday. That was above expectations for 3.1 percent and up from 3.2 percent in the three months prior.

UK

The British service sector activity decelerated growth to its slowest in the last 17 months during July amid uncertainties prompted by record inflation and rising living costs, according to a report published by the S&P Global on Wednesday. The Services PMI Business Activity Index declined from June’s 54.3 to 52.6 in July.

TURKEY

The annual inflation rate in Turkey accelerated for the 14th consecutive month to 79.6% in July of 2022, hitting a fresh high since 1998, and compared to market expectations of 80.5% and 19% in the corresponding period of the previous year, the Turkish Statistical Institute revealed in its report on Wednesday.