More competitive?

5 min•0 plays•0 favorites

Knowledge

Description

Kia ora,Welcome to Friday's Economy Watch where we follow the economic events and trends that affect New Zealand.I'm David Chaston and this is the International edition from Interest.co.nz.Today we lead with news New Zealand seems to be making relative progress as an economy.New Zealand has risen two places in the latest <a href="https://www.imd.org/centers/world-competitiveness-center/rankings/world-competitiveness/" target="_blank">ranking of economic competitiveness</a> and now sits at the #20 spot. That is two places higher than Australia which fell four positions from the #18 spot it was at in 2020. The top four spots are all European and headed by Switzerland. Singapore is #5, the US #10. China is #16.Yesterday's Fed assessment of its policy position, and the more 'optimistic' dot-plot has powered the US dollar sharply higher overnight. But the benchmark UST 10yr yield has reverted back to its pre-meeting level.US <a href="https://www.dol.gov/sites/dolgov/files/OPA/newsreleases/ui-claims/20211108.pdf" target="_blank">jobless claims unexpectedly rose</a> last week, although the actual rise was quite small (+37,200). There are now still 3.3 mln people on these benefits and until it dips below 2 mln they will not be able to claim this metric is back to pre-pandemic levels.The latest <a href="https://www.philadelphiafed.org/surveys-and-data/regional-economic-analysis/mbos-2021-06" target="_blank">Philly Fed survey</a> maintains it good expansionary recordings, but they are essentially unchanged from a month ago. Firms in the region grew more optimistic however. And this is despite input costs rising much faster than output prices.In China, that port congestion isn't clearing and the latest estimates are that the earliest things will clear is two months from now. The global ripple effects are mounting and it is adding new pressures on the resilience of integrated and globalised supply chains. Container s

Creators

isla_wave

Creator