American Consumers’ Job Finding Hopes At Record Low – NY Fed Survey
U.S. consumers’ inflation expectations for the one-year ahead ticked up in August, while their hopes of finding a job sank to a record low, results of a monthly survey by the Federal Reserve Bank of New York revealed on Monday, which coincided with recent readings that signaled a cooling labor market. Median inflation expectations for the one-year ahead edged up to 3.2 percent from 3.1 percent in July, the NY Fed Survey of Consumer Expectations showed. The expected inflation for the three- and five-year ahead horizons was unchanged at 3.0 percent and 2.9 percent, respectively.
China’s EV and hybrid sales growth is at its slowest in 18 months
China’s August sales of electric vehicles and hybrids grew at the slowest pace in one and a half years as the government continues efforts to halt punishing price wars. EV and hybrid sales outstripped gasoline cars for the sixth straight month in August, but annual growth cooled to 7.5% from 12% in July, China Passenger Car Association (CPCA) data showed on Monday. Overall car sales totalled 2.02 million vehicles last month, up 4.9% year on year for the slowest growth in seven months.
China trade balance grows slightly in Aug as exports miss forecasts, imports slow
China’s trade balance grew slightly more than expected in August, as export growth slowed amid waning momentum from a temporary trade truce with the U.S., while imports also weakened amid sluggish domestic demand. Trade balance grew to a surplus of $102.30 billion, customs data showed on Monday, more than expectations of $99.40 billion. The surplus also picked up from the $98.24 billion seen in the prior month.
Japan’s GDP revised higher in Q2 on export boost, strong private spending
Japan’s economy grew more than expected in the April-June quarter, revised data showed on Monday, boosted by strong export volumes and steady growth in private consumption, which offset sluggish business spending. Gross domestic product grew 0.5% quarter-on-quarter, higher than expectations of 0.3%. GDP surged 2.2% year-on-year, well above initial estimates of 1% while also accelerating sharply from the prior quarter. The print was driven by outsized, albeit steady growth in private consumption, which grew 0.4% q-o-q against expectations of 0.2%.
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