Retail sales in the United States unexpectedly increased in August, as sales in many categories increased enough to offset the impact of weak automobile demand. Data released by the Ministry of Commerce on Thursday showed that retail sales rose by 0.7% in August and fell 1.8% after the revision in July. Retail sales excluding automobiles rose 1.8% in August, the largest increase in five months.

The number of people applying for unemployment benefits for the first time in the United States increased last week, and the number of people in Louisiana soared due to the impact of Hurricane Ida. Data released by the US Department of Labor on Thursday showed that in the week ending September 11, the number of people applying for unemployment benefits rose to 332,000 for the first time. Economists surveyed by Bloomberg expected a median value of 322,000. As of the week of September 4, the number of people who continued to apply for unemployment benefits decreased to 2.7 million. The increase in the number of initial jobless claims may reflect the weekly data fluctuations as the labor market recovers and the demand for labor increases. However, given the reduction in economic stimulus spending, US economic growth is expected to slow in the third quarter.

U.S. President Joe Biden stepped up pressure on Democrats in Congress on Thursday because differences within the party could threaten key parts of his economic agenda, including lowering prescription drug prices and his proposed tax increases for the wealthiest people in the United States. . "For a long time, the economy has been good for the wealthiest people," Biden said in a speech at the White House on Thursday. "Now is the time for workers to regain economic gains."

According to data from the US Treasury Department, the total holdings of US Treasury bonds overseas hit a record high of US$7.54 trillion in July, due to rising demand from Japan and China. Overseas holdings of US Treasury bonds increased by US$46.2 billion in July, marking the fourth consecutive month of growth. China's holdings increased by US$6.4 billion to US$1.068 trillion, breaking the previous four-month continuous decline; China's holdings are second only to Japan. Japan’s holdings increased by US$30.5 billion in July to a record high of US$1.31 trillion.

U.S. Treasury officials have concluded on the most pressing risks posed by Tether and other stablecoins, and are ready to make recommendations for strengthening cryptocurrency supervision. According to people familiar with the matter who declined to be named because the relevant work has not yet been completed, the Ministry of Finance official who drafted the policy framework believes that the biggest concern is to ensure that investors can reliably transfer funds into and out of tokens. This policy framework is expected to be announced in the coming weeks. Officials also worry that the widespread sell-off of crypto assets may threaten financial stability.

According to a report in the Financial Times, the European Central Bank predicted in an undisclosed internal model that it will achieve an inflation target of 2% by 2025, which means that it is expected to raise interest rates in more than two years. According to reports, this is at least one year earlier than most economists expected to raise interest rates. The newspaper quoted two people familiar with the matter as reporting that European Central Bank chief economist Philip Lane discussed longer-term inflation prospects during a private call with economists at German banks this week. The newspaper said the European Central Bank declined to comment.

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