world economic news

World Economic News – Thursday 15/09/2022

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AUSTRALIA

Australia’s unemployment rate stood at 3.5% in August 2022, compared with July’s record low and market estimates of 3.4%, pointing to the first increase in ten months, the Australian Bureau of Statistics revealed on September 15. The total amount of unemployed people went up by 14,000 on a monthly basis and reached 487,700.

JAPAN

Japan’s trade deficit stood at ¥2.817 trillion in August, exceeding analysts’ expectations, the country’s Ministry of Finance revealed. The country’s total imports last month jumped by 49.9% on an annual basis due to high energy costs reaching ¥10.8 trillion while exports went up 22.1% to ¥8.06 trillion compared to the same period a year prior, the data showed.

WORLD

Fitch Ratings revised the global economic growth outlook for this year down by 0.5 percentage points to 2.4% and down by one percentage point to 1.7% next year. The European Union and the United Kingdom are expected to enter recession by the end of this year, while the United States economy is likely to contract in mid-2023, the credit rating agency added.

CHINA

Consumer prices in China were up 2.5% on year in August, the National Bureau of Statistics said on Friday. That was shy of forecasts for 2.8% and down from 2.7% in July. On a monthly basis, inflation fell 0.1% versus expectations for an increase of 0.2% and slowing.