US GDP was peppier than previously thought, rising at a 4.6% annualized rate in the second quarter
US new home sales surged 18% in August, hitting a six-year high…
…which explains why the outlook among US homebuilders is brightening…
…even though the much-larger market for existing homes fell 1.8% in August
US car sales surged in August…
…which juiced US personal spending
Companies continued investing
, at least in the second-quarter
The US jobs report for August disappointed, with only 142,000 jobs created. (September numbers will be released on Friday.)
US inflation remains quite muted…
…especially using the Fed’s favorite measure of price changes
American oil exports surged to levels not seen since the 1950s
US median incomes remain stuck where they were nearly 25 years ago
In China, the manufacturing economy continued to expand in September, which was better than expected
But Goldman Sachs slashed its economic forecast for the country…
…as Chinese home prices have started to roll over…
… and investment growth has been slowing markedly…
…along with the retail sector…
…growth in industrial production has hit a six-year low…
…confirmed by a slump in electricity production, a good economic indicator
Japan continued to have trouble generating inflation, an ongoing struggle for Abenomics
And Japan registered its 26th-straight trade deficit
In Europe, second-quarter growth remained weak
Business lending continued to contract (pdf) …
…helping to push the continent toward deflation…
…and the ECB to announce a surprise rate cut and quantitative easing plan in September
That announcement means the ECB will join the global money-creation party
There are some bright spots, irish property prices continued to rebound, led by a surge in Dublin
And the Irish economy looks like it is surging
In the UK, London’s average home price breached £500,000 (more than $815,000)…
…and British unemployment fell to its lowest level since 2008
Sweden’s GDP growth was better than expected in the second quarter
Brazil’s unemployment rate ticked up to 5%, but remains quite low
In Russia, unemployment hit a record low
Kenya’s economy grew by 25% overnight
Indian inflation seems to have been tamed, falling to near five-year lows
Israel’s second-quarter growth was softer than first thought
Colombian growth slowed in the second quarter, thanks to a weak energy sector
Remittances to the Philippines, the second-largest receiver of the cash flows, rose 6% year-on-year
Meanwhile, Canadian auto exports have surged, confirming demand south of the border
And Mexican remittances have fallen from the typical Mother’s Day peak. They’re up more 8% from last year, likely reflecting growing demand for workers in the US.
And down in Australia, the remarkable run of economic growth continued
New Zealand’s central bank first talked, and then pushed, down the kiwi dollar…
..which had been getting stronger as New Zealand’s economy is growing at its fastest pace in a decade
