The U.S. Federal Reserve allows “average inflation” to be higher than 2%
US Federal Reserve Chairman Powell stated at the annual meeting of global central bankers held in Jackson Hole that in order to ensure economic growth, the bureau will allow “average inflation” to exceed the 2% target for a period of time. However, the bureau will not use any specific method to bind the definition of “average inflation”, and the relevant policies will not be determined by any formula. In the long run, the Fed will still maintain an average inflation of 2%. Once inflation rises above the target level, the bureau will take action without hesitation.
National Bureau of Statistics Announces Industrial Enterprises Realizing Profits for the Third Month of Growth
The National Bureau of Statistics announced that in July, the profits of industrial enterprises above designated size nationwide increased by 19.6% year-on-year to a total of 589.51 billion yuan, an increase of 8.1 percentage points faster than that in June, and the third consecutive month of growth. During the period, among the 41 major industrial sectors under statistics, 32 industries achieved profit growth, and the number increased by 9 from the previous month, reflecting that the pace of profit improvement was faster than in June. The National Bureau of Statistics stated that with the implementation of a series of policies and measures to promote the prevention and control of the epidemic and economic and social development, the operating conditions of the industrial economy continue to improve, and the company’s profits continue to grow rapidly and recoverably.
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