October 10, 2024
United States:
US CPI Rises More Than Forecast, Stalling Inflation Progress
Underlying US inflation rose more than forecast in September, representing a pause in the recent progress toward moderating price pressures.
The so-called core consumer price index — which excludes food and energy costs — increased 0.3% for a second month, disrupting a string of lower readings, Bureau of Labor Statistics figures showed Thursday. The three-month annualized rate advanced 3.1%, the most since May, according to Bloomberg calculations.
Europe:
ECB Officials Wanted to Keep Options Open on Pace of Rate Cuts
European Central Bank officials were keen to maintain flexibility on the speed of interest-rate reductions with inflation not fully defeated and risks to the euro-zone economy building, an account of their last policy decision showed.
“It was better to maintain full optionality for the period ahead to be free to respond to all of the incoming data,” according to the summary, published Thursday. “It was underlined that the speed at which the degree of restrictiveness should be reduced depended on the evolution of incoming data.”
Asia:
China Wages End Two Quarters of Gains, Adding Deflationary Risks
Wages offered to new hires in China declined after two straight quarters of gains, in a sign of a weakening labor market that’s exacerbating persisting deflation and weighing on economic growth.
Average monthly salaries offered by companies to new recruits in 38 key Chinese cities fell 0.6% in the third quarter from a year ago to 10,058 yuan ($1,423), according to data provided by online recruitment platform Zhaopin Ltd. and compiled by Bloomberg. The decrease follows a modest uptick of 2.2% and 0.5% in the first and second quarters, respectively.
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