Greetings,
United States: The first regional Fed manufacturing survey of the month (from the NY Fed) showed some moderation in factory activity.
Asia-Pacific: The South Korean won has been under pressure amid capital outflows.
China: For now, there are no signs of an infrastructure boost to reverse the current economic slowdown.
Emerging Markets: Governments in the Northern Triangle countries have zero incentive to curtail migration to the US. Remittances increasingly provide much-needed dollars to the nations’ struggling economies. To put this into perspective, Guatemala’s coffee exports are worth $0.65 billion per year. Banana exports are $0.94 bn/year. On the other hand, migrant labor “exports” now deliver $1.35 billion – per month. Remittances totaled $11.34 billion in 2020, representing 14.7% of the GDP. The figure will be even higher this year.
Energy: US residential electricity consumption per capita has been flat for over a decade.
Food for Thought: Bezos’s and Branson’s reusable spacecraft:
Edited by Devon Lall
Contact the Daily Shot Editor: Editor@DailyShotLetter.com
