Top-of-mind economic headlines as we start the week:
— The European Central Bank raised interest rates for first time in 11 years to curb inflation, even as the regional economy continues to slow.
— The Atlanta Fed’s GDPNow tracker estimates U.S. Q2 GDP shrank -1.6%; if GDP did fall, U.S. is technically in a recession.
— Weekly claims for U.S. unemployment benefits hit an 8-month high, even as hiring overall remains robust.
— U.S. business activity for services showed a significant contraction in July, falling to 47.0 on a key index, the lowest level in 26 months.
— The UK announced the launch of its “Jet Zero” strategy, where it plans to achieve net zero airline emissions by 2050.
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