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22 September 2023,01:23
Weekly Outlook
22 September 2023, 01:23
In August, Germany’s inflation remained stable, as indicated by the Consumer Price Index (CPI). Inflation in the eurozone remains elevated, and investors are concerned that additional rate hikes could potentially trigger a recession, further negatively impacting the country’s current economic situation.
Investors expected a 2.4% increase in Gross Domestic Product (GDP) in August, but the reading reached 2.1%. Although GDP came in below expectations, it is evident that the US economy has persevered and continued to grow during the Federal Reserve’s interest rate hikes period. Nonetheless, economists are now anticipating substantial growth in the third quarter.
The recent jobless claims decreased from 221K to 201K, indicating ongoing labour market tightness despite slowing job growth. Economists have noted that this decline is a favourable development for policymakers working towards a seamless economic transition.
The UK economy showed improvement, with a Gross Domestic Product (GDP) reading of 0.2%. The Bank of England stated that the risk of a recession has diminished, but the economy might still be experiencing stagnation. A more robust economy implies slower progress in addressing inflation, signifying the country’s challenges.
The core personal consumption expenditures price index increased by 0.2% in July for the second consecutive month, highlighting the Federal Reserve’s progress in managing price pressures over the past year. However, the central bank has yet to declare victory, as inflation may not continue to decrease.
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