Charting the Global Economy: US Job Growth Continues to Surprise
The US labor market continued to muscle ahead, though the latest jobs report also showed some signs of atrophy.
(Bloomberg) -- The US labor market continued to muscle ahead, though the latest jobs report also showed some signs of atrophy.
Payrolls increased by more than expected for an 11th straight month in February and more people joined the workforce. Separate data showed that while job openings are still historically high, they retreated in January, and the level of layoffs rose to the highest since the end 2020.
After missing its goal in 2022 by a wide margin, China set more modest expectations for economic growth this year.
In South Korea and Mexico, inflation decelerated by more than forecast last month. Meantime, price growth in Switzerland unexpectedly sped up.
Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy:
US payrolls rose in February by more than expected while a broad measure of monthly wage growth slowed, offering a mixed picture as the Fed considers whether to step up the pace of interest-rate hikes.
Vacancies at employers retreated at the start of the year but remained historically elevated, highlighting persistent labor tightness that supports a higher level of interest rates from the Fed.
The Federal Reserve Bank of New York this week said stress on the world’s beleaguered supply chains had finally returned to normal — below normal, in fact. Not so fast, responded a professor at the top-ranked US university for supply-chain management.
Swiss inflation unexpectedly accelerated last month, suggesting the central bank will need to continue hiking borrowing costs. The jump was primarily due to rising prices for air transport, package holidays, rents and gasoline.
Sweden’s economy unexpectedly expanded in January, with gains in exports and household spending contrasting earlier evidence that the largest Nordic economy had likely entered a recession.
China set a modest economic growth target of around 5% for the year, with the nation’s top leaders avoiding any large stimulus to spur a consumer-driven recovery already underway, suggesting less of a growth boost to an ailing world economy.
South Korean inflation decelerated by more than expected in February, easing domestic concerns for a central bank that’s also closely monitoring offshore risks including sharper US policy tightening.
Mexico’s inflation decelerated more than expected in February, suggesting that the central bank may have some room for policy maneuver at this month’s interest-rate setting meeting.
South Africa posted a current-account deficit for the first time in three years in 2022 as imports increased and power shortages and logistics—network constraints curbed exports, heightening the nation’s vulnerability to external shocks.
Australia’s central bank signaled a pause ahead after raising rates to the highest since May 2012. The Bank of Canada kept interest rates unchanged for the first time in nine meetings, and Haruhiko Kuroda finished his last meeting at the helm of the Bank of Japan by standing pat. Poland, Malaysia and Peru extended their pauses while Serbia hiked.
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