In the United States, the Senate has approved President Biden’s large infrastructure investment plan worth USD 1,200 billion with a large majority. The massive investment plan is meant to modernize the outdated infrastructure in the United States. The funds will be spent on the construction and maintenance of roads and bridges, but also on trains and high-speed rail links. The House of Representatives will still have to approve the plan.
Labor productivity in America increased in the second quarter of 2021, as did labor costs. Figures from the US government show that productivity increased by 2.3% and hourly wages increased by 3.3% in the previous quarter. Unit labor costs were therefore 1.0% higher. In the first quarter, labor costs still decreased by 2.8%.
Consumer prices in Germany increased substantially in July. The final figures from the German statistics office Destatis show that there was a 3.8% year-on-year inflation in June. In June there was a 2.3% price increase.
The 6M Euribor decreased with 1 basis point to -0.53% compared to previous business day. The 10Y Swap decreased with 1 basis point to -0.09% compared to previous business day.
In the attachment, today’s market data on money and capital market rates as well as other rates are presented.
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