Economic update: What you need to know this week.
Summary of key economic events and top financial news of the week.
Week’s highlights:
- United States: Inflation increased by 0.2% in July, bringing the annual rate to 2.9%, the lowest level since March 2021. Retail sales increased by 1% month-over-month, marking its biggest rise since early 2023.
- United Kingdom: Annual inflation reached 2.2% in July, slightly below expectations but still above the Bank of England’s 2% target. The UK’s GDP grew by 0.6% in the second quarter of 2024, maintaining a strong pace following the 0.7% growth recorded in the first quarter.
- Europe: The European Central Bank (ECB) is expected to cut its key interest rate by 25 base points in September and December.
- Japan: Producer price inflation reached its highest pace in 11 months, growing 3% annually in July, driven by rising raw material costs due to the weakening yen.
- Mexico: International tourism Currencies grew by 36.3% in the first half of the year compared to pre-pandemic levels, reaching over $16.27 billion.
Next week’s highlights:
- In the U.S: Release of the Federal Reserve’s meeting minutes on August 21.
- In the U.S: The Jackson Hole Economic Symposium will take place from August 22 to August 24.
Monitor