10 Things You Need To Know - August 8, 2017

Key data releases this week include: NFIB small business optimism (Tue), nonfarm productivity (Wed), PPI (Thu), and CPI (Fri).
August 4, 2017
Nonfarm payrolls rose 209,000 (1.5% y/y) during July. A 181,000 increase had been expected in the Action Economics Forecast Survey. The rise followed gains of 231,000 in June and 145,000 in May. Together these figures were revised up by 2,000. The unemployment rate eased to 4.3%, as expected, and reversed June's uptick.
August 3, 2017
The Composite Index of Nonmanufacturing Sector Activity from the Institute for Supply Management (ISM) fell to 53.9 during July from 57.4 in June. It was the lowest level for the index since August of last year. The Action Economics Forecast Survey expected a slight decline to 57.0.
August 1, 2017
The Guardian
Tuesday, August 1, 2017
August 1, 2017
Politico Pro
Economic growth picked up in the eurozone in the second quarter, continuing a trend that could lead the European Central Bank to scale back stimulus this year. The EU's statistics agency said eurozone GDP in Q2 was 0.6% higher than that of Q1 and 2.1% higher than that of Q2 2016.
Deutsche Welle /Deutsche Presse-Agentur/Agence France-Presse
July 31, 2017
Eurozone unemployment dropped to 9.1% in June, an eight-year low, the European statistics agency said. Greece, at 21.7%, remained the EU state with the highest unemployment rate.
Deutsche Presse-Agentur/Reuters
July 31, 2017
German Economy Minister Brigitte Zypries said the latest US sanctions on Russia violate international law and harm German companies that do business with Russia. She said the EU should take "short-term retaliatory measures" against the US in response.
Capital Economics
August 7, 2017
China’s foreign exchange reserves suggest that outflow pressures eased further last month, which seems to have encouraged the People’s Bank to halt its FX sales entirely. This shift is helping to support the renminbi, which we think will continue to appreciate in coming years.
August 7, 2017
Japan’s economy is likely to grow 1.4% in 2017, above its potential of about 0.8%. The drivers will be net exports aided by a weaker yen, recovering investment, and a mild pickup in consumption.
August 7, 2017
Second-quarter profits grew an impressive 12%, and revenues are up 5%, but investors already expect nothing less. Companies beating profit and sales targets have merely performed in line with the market afterward, while those that dared moss trailed by three percentage points the next day and five points over the next five days.
August 2, 2017
Facebook shut down a pair of its artificial intelligence robots after they invented their own language. The researchers said it wasn't possible for humans to crack the AI language and translate it back into English.