World Economic News – Friday 05/08/2022

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GERMANY

Industrial production in Germany went up by 0.4% in June in comparison to the previous month, unexpectedly beating market predictions, the country’s Federal Statistical Office (Destatis) stated in a report published on Friday. The report recorded positive development across all main industrial groups – capital goods output rose by 1%, while consumer goods production grew by 1.1%, and the production of intermediate goods by 0.3%.

INDIA

The Reserve Bank of India raised its key repo rate by 50 bps to 5.4% during its August meeting, the third rate hike in a row, surprising markets had forecast a 35 bps rate hike, as policymakers stepped up efforts to bring down inflation which has stayed above the upper end of the central bank’s target this year.

US

Employment in the U.S. jumped by much more than expected in the month of July, according to a closely watched report released by the Labor Department on Friday. The report showed non-farm payroll employment spiked by 528,000 jobs in July after surging by an upwardly revised 398,000 jobs in June.

CANADA

The Canadian unemployment rate was unchanged compared to the previous month and it was at 4.9% in July, according to a report published by Statistics Canada on Friday. Employment was almost unchanged on a month-to-month basis, as it decreased by just 31,000. The number of self-employed workers increased by 1.3% or 34,000 people, but the employment rate in the public sector dropped by 1.2%, or 34,000. Employment rates fell by 0.3% or 53,000 people in the services-producing sector.