Top-of-mind economic news as we start the week:
— The U.S. unemployment rate rose to 3.8% in August and fewer new jobs were created (177,000), per payroll processor ADP.
— The U.S. economy grew 2.1% in the 2nd quarter, per the revised estimate, in line with 2% growth in the 1st quarter.
— Country Garden, one of China’s largest real estate developers, took several steps to avoid default, three years into a slumping real estate market.
— Inflation in Europe was 5.3% in August amid higher energy prices; the European Central Bank raised its key interest rate for the 9th time in July to 3.75%.
— The U.S. Dept. of Energy will provide $12 billion in loans and grants to U.S. automakers to support electric vehicle manufacturing.
