Wed, 27 Jan 2021

WASHINGTON -- Amid the recent resurgence of COVID-19 cases, the U.S. economy clearly needs more fiscal support to move into the recovery phase from the reopening phase, a senior Federal Reserve official said Wednesday.

"The increase in virus cases that we've seen in recent weeks has raised the downside risks to the outlook and is a stark reminder that there are several different scenarios that could play out," Loretta Mester, president of the Federal Reserve Bank of Cleveland said at a virtual event. (US-Economy-COVID-19)

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WASHINGTON -- The U.S. services sector expanded in July for the second consecutive month amid a resurgence in COVID-19 cases, the Institute for Supply Management (ISM) reported Wednesday.

The Services Purchasing Manager's Index, formerly known as the non-manufacturing index, registered 58.1 percent, 1 percentage point higher than the June reading, according to the latest Services ISM Report on Business. (US-Service-PMI)

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SEOUL -- South Korea's current account surplus hit the lowest in eight years in the first half due to an economic fallout from the COVID-19 outbreak, central bank data showed Thursday.

Current account surplus amounted to 19.17 billion U.S. dollars in the January-June period, down 15.3 percent from a year earlier, according to the Bank of Korea. (S. Korea-Current Account Surplus)

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ROME -- Italy's real estate market ground to a halt in the first months of this year due to the COVID-19 crisis, after it registered an annual rise in property sales in 2019, according to a report released on Wednesday and other official data.

An increase of 4.76 percent in property purchases was recorded last year compared to 2018, the latest Notary Statistical Data Report published by the country's National Council of Notaries showed. (Italy-Estate Market)

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