Singapore: Economy expanded 17.9% in first half, growth may ease
Singapore’s economy expanded less than previously estimated in the first half of 2010 and growth may “moderate” in the coming months, Prime Minister Lee Hsien Loong said. Its GDP rose 17.9% in the 6 months through June from a year earlier. The economy may grow 13% to 15% in 2010, Lee said, reiterating an earlier forecast. (Bloomberg)
US: Retail sales probably increased in July
US retail sales probably rose in July for the first time in 3 months as incentives spurred auto purchases, indicating merchants are relying on discounts to spark demand, economists said before reports this week. (Bloomberg) US:
Companies hired 71,000 workers in July
US companies hired fewer workers than forecast in July, evidence of what Federal Reserve Chairman Ben Bernanke has called an “uncertain” economic environment that may keep him focused on reviving growth. Private payrolls that exclude government agencies rose by 71,000 after a June gain of 31,000 that was smaller than previously reported. Overall employment fell by 131,000 and the jobless rate held at 9.5%. (Bloomberg)
US: Consumer credit fell USD1.3bn in June
Consumer credit in the US declined in June for a fifth straight month, a sign an uneven labor market is discouraging borrowing. The USD1.3bn decrease in credit followed a revised USD5.3bn drop in May. This indicates consumer purchases, which account for about 70% of the economy, will be restrained as Americans rebuild savings. (Bloomberg)
US: Buyers regain majority of treasuries as savings rate rises
For the first time since the start of the financial crisis in August 2007, US investors own more treasuries than foreign holders. Mutual funds, households, and banks have boosted the domestic share of the USD8.2tn in tradable USD debt to 50.2% as of May. (Bloomberg)
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