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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
OECD raises global growth forecast for next year
The Organisation for Economic Cooperation and Development (OECD) raised its global growth forecast for 2022 to 4.5% from 4.4% forecasted in May. However, the organisation lowered its projection for this year to 5.7% from 5.8% estimated in May. The OECD raised Eurozone’s growth forecast for this year to 5.3% and to 4.6% for 2022. Further, the growth projection for the US for this year was cut to 6.0% and the outlook for next year was raised to 3.9%. Meanwhile, China’s growth forecasts were left unchanged at 8.5% and 5.8%.
UK public sector net borrowing deficit widened more than expected in August
In the UK, public sector net borrowing deficit widened to £19.78 billion in August, compared to a deficit of £9.61 billion in the prior month. Markets were expecting public sector net borrowings deficit to widen to £11.03 billion
US housing starts rose in August
In the US, housing starts advanced 3.90% on a MoM basis in August, compared to a drop of 7.00% in the previous month.
US building permits advanced in August
In the US, building permits rose 6.00% on a MoM basis in August, compared to a revised rise of 2.30% in the prior month.
Australia’s Westpac leading index fell in August
In Australia, the Westpac leading index dropped 0.27% on a MoM basis in August, compared to a fall of 0.12% in the previous month
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