REVIEW in the evening / economy, central banks, politics | News

Highlights and reports on the economy, central banks and politics from the Dow Jones Newswires program

The US economy creates far more additional jobs than expected

The number of people employed in the US economy rose more than expected in June, the unemployment rate remained unchanged and hourly wages slightly increased as expected. According to the Ministry of Labor, 372,000 additional jobs have been created outside agriculture. Economists surveyed by the Dow Jones Newswires forecast growth of just 250,000. In total, 381,000 jobs were created in the private sector.

The federal government plans immigration based on a point system

Due to the large number of vacancies, the federal government wants to facilitate the immigration of skilled workers to Germany through a point system. Federal Labor Minister Hubertus Heil told Der Spiegel that more skilled immigration is needed to meet the need for skilled workers. “To do this, we need to be faster and more agile when recruiting foreign specialists,” said Heil.

The Bundestag expanded armed forces– Location in Kosovo

The Bundeswehr’s longest foreign mission to date can continue: the Bundestag approved by an overwhelming majority the unlimited expansion of its participation in the NATO-led KFOR mission in Kosovo. The new mandate provides for a maximum personnel limit of 400 German soldiers. Currently, however, only about 70 people are involved in the operation. The German government also justified its request for a mandate with “concerns about Russian attempts at destabilization” in the Balkans.

Scholz: We’ll do our best to save Uniper

Chancellor Olaf Scholz assured the ailing energy company Uniper of the support of the federal government. “We have decided … politically to help Uniper,” said Scholz after a meeting of leading business associations in Munich. The specific path will be discussed with the company.

The FMO is critical of the Uniper division and state entry – press

According to media reports, the Federal Ministry of Finance has expressed reservations about the idea of ​​breaking up troublesome energy supplier Uniper and saving the German gas business by involving the federal government. Handelsblatt reports on government circles. According to the report, it is doubtful to free the former Uniper owners from their legacy without doing anything. The Federal Ministry of Finance could not obtain a statement immediately.

The Bundestag gives the green light for the Bundeswehr’s return to Bosnia

After about ten years, the Bundeswehr may return to Bosnia and Herzegovina. The overwhelming majority of the Bundestag gave a mandate to deploy up to 50 soldiers in the Balkan country. The Bundeswehr is set to re-participate in the EU-led stabilization mission Eufor Althea. The federal government justified its participation with the current political tensions in Bosnia and Herzegovina.

Election audit commission for partial federal elections – repeat in Berlin

According to media reports, the Bundestag Election Review Commission wants to recommend that the Bundestag elections be repeated in around 400 Berlin constituencies. According to Spiegel magazine at the end of Thursday, citing the chairman of the electoral examining board Johannes Fechner (SPD), signaling groups agreed on a suitable recommendation for a decision.

The Federal Council also approves the accession of Sweden and Finland to NATO

After the Bundestag, the Bundesrat also approved the accession of Sweden and Finland to NATO. The Landkammer authorized the ratification law – a few hours after the Bundestag’s decision. There, all factions except the left voted to join.

The associations urge politicians to close ranks with business

The leading associations of the German economy called on the federal government to face the current challenges of various crises and to transform towards climate neutrality in solidarity with the economy. Germany’s competitiveness and energy supply would need to be secured, and the planning and approval procedures would be accelerated. Moreover, employment must be increased through immigration as the shortage of workers and skilled workers has become a brake on growth.

Node: ECB raises interest rates to slowdown – agency

According to ECB council member Klaas Fudge, the European Central Bank (ECB) will have to raise interest rates in the event of an economic slowdown. “In an ideal world, you want to boost the economy and lower inflation at the same time,” Knot said on a Dutch talk show, according to a Bloomberg report, adding: “Unfortunately we can’t do that. that we must make a choice; in this case our mandate is very clear – we have to decide to lower inflation. ‘

New Demands: Johnson should step down as Prime Minister quickly as well

Following his resignation as Conservative Tory leader, Boris Johnson remains under pressure to step down quickly as British Prime Minister. The opposition threatened a vote of no confidence, forcing him to resign immediately. The country can’t stand Johnson’s “liar” anymore, Labor deputy leader Angela Rayner said. According to media reports, Johnson wants to remain in office mainly because he wants to celebrate his wedding at the country estate of Checkers in late July.

Police: suspect confesses to fatal attack on former Japanese prime minister

The alleged killer of former Japanese Prime Minister Shinzo Abe confessed to the crime. “The suspect stated that he had a grudge against a particular organization and committed a crime because he believed former prime minister Abe had a connection with it,” said a high-ranking police officer. He did not provide further details at first.

Fed / Williams sees a bumpy path in the fight against inflation

New York’s Federal Reserve chairman John Williams says it is “absolutely imperative to the economy” to bring inflation down to the central bank’s long-term target of 2 percent. But it could be a “bumpy road,” warned the central banker. “We have to be determined and not miss a target,” Williams said in an address to students at the University of Puerto Rico.

Fed / Bostic are in favor of another rate hike by 75 basis points

The chairman of the Federal Reserve Bank of Atlanta, Raphael Bostic, advocates another big idea rate hike later this month. The government’s employment report in June “only confirms that the economy is strong and that the labor market is still going strong. And that’s good, ”Bostic said in an interview with CNBC. The tremendous pace in the economy suggests to me that we can move 75bp to the next session without harming the economy as a whole, he said.

+++ economic data +++

Unemployment rate in the US / May confirmed at 3.6%

Employment in agriculture in the USA / ex – May revised +384,000; Revised April +368,000

Employment rate in US / June 62.2%

Employment in the US / private sector June +381k; public Sector -9000

Average hourly earnings in the US / June + 0.31% or + USD 0.1 million / m to USD 32.08; + 5.11% y / y

United States / June unemployment rate 3.6% (PROG: 3.6%)

USA / June farm employment +372,000 (PROG: +250,000)

Canada Activity rate in June 64.9% (May: 65.3%)

Canada June Employed -97,500 compared with May

Canada June Hourly wage + 5.2% y / y

Canada June Employment Outlook: +20,000

Canada June Employees -43,200 vs May

Canada June unemployment rate forecast: 5.1%

Canada unemployment rate in June 4.9% (May: 5.1%)

Brazilian consumer prices 12M rate June + 11.89% (May: + 11.73%)

Brazil Consumer Prices June + 0.67% (May: + 0.47%)

DJG / DJN / AFP / sha / jhe

(END) Dow Jones Newswires

July 8, 2022 1:00 PM ET (5:00 PM GMT)

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