Weekly economic and financial commentary
|United States: Growing Pains Still Plaguing U.S. Economy
The initial data released this week in the United States reinforced the theme that labor supply and demand are struggling to come into balance. Based off of the weak labor supply numbers in last week's September employment report, we doubt the September job openings and labor turnover (JOLTS) data will show supply and demand reaching any kind of balance. As we have written before, we expect the labor supply picture to resolve slowly over time rather than all at once.
International: U.K. Data: Take the Good with the Bad
It was another mixed week of news on the U.K. economy. August GDP growth was subdued with a gain of just 0.4% month over month, while supply disruption potentially suggests another modest month for activity in December. Labor market news was more upbeat, and employment in the three months to August rose at the fastest pace since late 2015.
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