Global Economics Monthly Review

July 2023

US economic growth weakened during the second quarter of 2023, this following an upward revision to the first quarter data. Nonetheless, the US labor market remains relatively strong.
In the euro bloc, the weakness in industrial economic activity continued in the second quarter of 2023, and German economic activity is expected to remain weak also in the second half of the year.
Economic activity in China is expected to continue to grow in the coming months, albeit by a more moderate rate.
The annual core inflation rate in the euro bloc increased in June, while in Britain core inflation accelerated substantially in May.
The leaders of the central banks in the US, euro bloc, and Britain remain hawkish, and are suggesting a continuation in interest rate hikes.
Bond yields in Britain increased to levels greater than the yields on the bonds of the US, as well as the bonds of the major euro bloc economies.

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