Charting the global economy: UK labour party wins in landslide
Any euphoria over the size of its win, though, will be quickly overshadowed by the scale of the economic challenges facing the next government.
Among economic data this week, inflation cooled last month in the euro zone, the US labor market showed further signs of moderating and Japan’s household spending retreated.
Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy, markets and geopolitics:
Europe
New British Prime Minister Keir Starmer’s Labour Party took 412 of the 650 seats in the House of Commons, the most since Tony Blair’s 1997 triumph and a remarkable turnaround less than five years since being trounced at the last election. The Tories garnered 121 seats, their worst-ever performance. The pound strengthened.
Euro-zone inflation slowed in June — adding to evidence that price pressures are gradually moving toward the European Central Bank’s 2% target. Consumer prices rose an annualised 2.5% after rising at a 2.6% pace a month earlier.
US
Hiring and wage growth stepped down in June while the jobless rate rose to the highest since late 2021, bolstering prospects that the Federal Reserve will begin cutting interest rates in coming months. Average employment growth over the last three months slowed to the least since the start of 2021, reflecting a labor market that cooled more in the second quarter than previously estimated.
The services sector contracted in June at the fastest pace in four years due to a sharp pullback in business activity and
