WrapManager’s Weekly Summary of Market and Economic News
Eurozone Exits Longest Recession in Over 40 Years>
Initial reports have the Eurozone posting 0.3% growth in the second quarter, signaling the Eurozone may have exited its longest recession in over 40 years. France and Germany helped pull the Eurozone up with 0.7% and 0.5% GDP growth, respectively, however Spain, Italy, and the Netherlands still posted negative GDP numbers.
In spite of potentially having exited its longest recession in 40 years, the Eurozone still carries a 12.1% unemployment rate as of June.1 That is almost double the current unemployment rate in the U.S., which as of July stood at 7.4%.2
Japanese Debt Tops 1 Quadrillion Yen
Japan’s outstanding debt (including borrowings) rose to a record 1,008.6 trillion yen, representing the most debt held by any country in the world. The fact that Japanese debt tops 1 quadrillion yen also means it’s debt burden is larger than the economies of Germany, France, and the UK—combined.
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