Charting the Global Economy: China Services Activity Weakens

Separate data showed the euro-area economy barely expanded in the second quarter, which may feed policymakers’ worries about stagflation taking hold. Meantime, South Africa’s economy grew by more than expected in the period, driven by finance and manufacturing.

China’s housing crisis has engulfed the country’s private developers, producing record waves of defaults and leaving a shrinking group of survivors. Out of the nation’s top 50 private-sector developers by dollar bond issuance, 34 have already suffered delinquencies on offshore debt, according to Bloomberg-compiled data.

The euro-area economy barely grew in the second quarter as new data showing a dismal performance for exports forced a downward revision in overall growth numbers for the region. The report provides the European Central Bank with harder evidence of the weakness taking hold in the euro-zone economy, a week before policymakers prepare to decide whether another interest-rate increase is warranted to tame inflation.South Africa’s economy grew faster than expected in the three months through June.

The extraordinary wage growth enjoyed by Americans who switched jobs during the pandemic has finally disappeared. Wages for so-called “job switchers” rose 5.6% over the last year, while those for “job stayers” rose 5.2%, according to Atlanta Fed data. The difference between the two was narrowest since September 2020, before a tightening labor market sent wages for both groups soaring.

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