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On August 21, European Central Bank (ECB) Governing Council member Barry Kazzak stated that the ECB is fully prepared to take further action to bring inflation back to its target level from its current "somewhat unsettling" level if necessary. He noted that while consumer price increases are still "hovering around 3%", it is too early to judge the outcome of the ECBs meeting next month. Following the initial rate hike in June, the market has almost fully priced in a 25 basis point increase in the deposit rate. Kazzak said, "If necessary, we are prepared to act to push inflation back to 2% within a reasonable timeframe. We will meet again in September to assess the data and the economic outlook before making a decision. Given the current situation, further rate hikes have their pros and cons."Germanys preliminary manufacturing PMI for August will be released in ten minutes.On August 21st, S&P Global released a survey on Friday showing that Frances preliminary services PMI fell to 48.4 in August, a two-month low, down from 49.6 in July. Business activity contracted more than expected, with the recent prolonged heatwave dragging down the countrys dominant service sector. The French services PMI also fell short of market expectations of 49.8. Meanwhile, Frances preliminary manufacturing PMI rose to 51.5 in August from 49.8 in July, exceeding the expected 50. However, the preliminary composite PMI (covering both services and manufacturing) fell to 48.8 from 49.4 in July, a two-month low, below the expected 49.5. Joe Hayes, senior chief economist for market intelligence at S&P Global, said, "The preliminary August PMI report shows that the French economy has been weak for the second consecutive month. Some businesses, especially in the services sector, pointed to the extreme heatwave as one of the reasons for the decline in activity and demand."On August 21, Chen Hao, Deputy Director of the Shanghai Municipal Commission of Commerce, stated at a press conference held by the Shanghai Municipal Government that the "15th Five-Year Plan" period is a crucial period for the Lingang New Area to transform and leapfrog, and to develop its unique strengths. The Shanghai Municipal Commission of Commerce will support Lingang in further optimizing its two-way investment services for both "going global" and "bringing in" foreign investment. This includes strengthening Lingangs overseas service brand and achieving precise matching between industries and services. Focusing on key industries within the area, and relying on the Shanghai Municipal Enterprise Overseas Comprehensive Service Platform and its Lingang branch platform, the Commission will integrate overseas service resources, accelerate the introduction of a number of high-quality service institutions, and attract more overseas enterprises to establish their headquarters in the Lingang New Area. Simultaneously, the Commission will support Lingang in further improving the innovative supply of cross-border finance, cross-border trade, and offshore trade, creating a more fair, transparent, and predictable investment environment, attracting a number of landmark foreign investment projects, and driving the leapfrog development of industrial momentum through high-quality projects.Frances preliminary manufacturing PMI for August came in at 51.5, the highest in four months.

The United States Postal Service plans to raise the price of postage stamps to 63 cents

The United States Postal Service plans t

Oct 08, 2022 10:54

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The United States Postal Service (USPS) said on Friday that it will increase the price of first-class Forever stamps from 60 cents to 63 cents to account for inflationary costs.


The USPS notified the Postal Regulatory Commission of the proposed hike and desires that it go into effect on January 22. The postmaster general of the United States, Louis DeJoy, indicated in August that inflation will cause USPS costs to exceed its 2022 budget projection by well over $1 billion.


The price of a single-piece letter and a flat additional ounce will remain unchanged, however the price of an international letter will increase by five cents to $1.45.


According to USPS, the cost of first-class mail will increase by 4.2%.


DeJoy has said that the USPS has undercharged for package and mail delivery for several years.


The USPS reported net losses of more than $90 billion from 2007 until August, when it claimed a one-time, non-cash windfall of $59.6 billion after President Joe Biden signed financial relief legislation. Despite having to deliver to a growing number of addresses, the USPS has suffered with diminishing mail volume.


The proposed change outlined by DeJoy in March 2021 aims to eliminate the predicted losses of $160 billion over the next decade.


DeJoy warned that despite improvements, losses will still reach $60 to $70 billion over the next decade, and the USPS would need to reduce operating expenses by $35 to $40 billion.


"I must use price," DeJoy declared in July, adding that he feels mailers "got a deal for the past decade, and we're charging them."


The price of a first-class stamp rose from 58 cents to 60 cents in July, after a 3-cent hike in August 2021.


The U.S. Postal Service will get $3 billion from Congress to enhance its acquisition of electric cars and charging infrastructure. In July, the U.S. Postal Service declared its intent to acquire at least 250,000 electric cars.

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