China: August new lending rebounds, exceeds forecasts
New lending in China rebounded in August and expansion of the money supply unexpectedly accelerated, reflecting strong demand for credit. Banks extended RMB545.2bn (USD80bn) of new local-currency loans last month compared with RMB532.8bn in July, the People’s Bank of China said on its website. That was the first acceleration in four months and compared with the median forecast of RMB500bn. M2, the broadest measure of money supply, grew 19.2% from a year earlier, the first pickup in nine months. (Bloomberg)
China: Output tops forecast as ‘robust’ demand aids world growth
China’s industrial output rose at a faster pace in August than analysts estimated, signaling the world’s thirdbiggest economy is maintaining momentum as growth moderates. Production gained 13.9% from a year earlier, more than the 13% median estimate of 29 economists, a statistics bureau report showed. Consumer prices jumped 3.5%, the most in 22 months, as food costs climbed. Retail sales increased 18.4%. (Bloomberg)
UK: Inflation probably slowed to 3% in August, economists say
UK inflation probably slowed to the government’s 3% upper limit in August for the first time in six months, economists say. Consumer prices increased 3% from a year earlier, compared with 3.1% in July, according to the median forecast of 30 economists in a Bloomberg News survey. The Office for National Statistics will publish the data in London on 14 Sept. (Bloomberg)
US: Wholesale inventories rose more than forecast
Inventories at US wholesalers rose in July by the most in two years as a rebound in demand prompted companies to add to stockpiles. The 1.3% increase in the value of inventories was three times the median estimate in a Bloomberg News survey and followed a 0.3% gain the prior month, Commerce Department figures showed. Sales at distributors climbed 0.6%, the most since April, after falling 0.5%. (Bloomberg)
US: Obama names Goolsbee to lead White House economy panel
President Barack Obama said he’s appointing Austan Goolsbee to lead the Council of Economic Advisers, calling him “one of the finest economists in the country.” Goolsbee has been a member of Obama’s team of advisers since the presidential campaign. Goolsbee replaces Christina Romer, who is leaving her post to return to teaching at the University of California at Berkeley. (Bloomberg)
US: Retail sales probably climbed in August
Retail sales in the US probably increased in August for a second month as merchants lured shoppers with discounts, a sign the economy will keep expanding, economists said before reports this week. A projected 0.3% gain in sales is based on the median estimate of 63 economists surveyed before the Commerce Department’s 14 Sept report and follows a 0.4% rise in July. (Bloomberg)
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