The quake on Wednesday collapsed the walls of buildings in Melbourne, Australia’s second-largest city and the capital of Victoria. It forced residents to flee apartments, shattered windows, left cracks in roads and led to power outages. Photos and videos shared widely on social media show a damaged building in Melbourne, with bricks spewed across the street. The quake, initially rated magnitude 5.8, was later upgraded. It hit around 9:15 a.m. and was felt as far away as South Australia, where a hospital evacuated staff members and patients; in New South Wales, where businesses also evacuated; and in the Australian Capital Territory and Tasmania. Two smaller quakes were recorded at 9:30 a.m. and 9:54 a.m., the geosciences agency said.https://www.nytimes.com/2021/09/22/world/australia/earthquake-melbourne.html
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Consumer demand has remained strong, but erosions in business and consumer confidence could spell a softening of domestic demand. see it here The two major spending bills before Congress are well-intentioned in their aims of raising long-term productivity but would boost demand and put further upward pressure on inflation in the short run. This, along with rising inflation expectations, could force the Fed’s hand and at a minimum lead to more aggressive tapering. Click a country name below the Composite Index to view charts for the main TIGER indexes by country. Greece Ireland Netherlands Portugal South Korea Indices constructed by Eswar Prasad and Aryan Khanna (Cornell), The Brookings Institution, October 2021 China’s growth momentum has weakened as the government attempts to tackle long-standing imbalances in the economy even as it copes with the disruptive effects of an energy shortage and sporadic resurgences of the virus. The deleveraging campaign and the squeeze on housing market speculation have dampened activity in the real estate sector, traditionally a key contributor to growth. The government’s willingness to allow defaults by some corporations and property developers to play out is indicative of Beijing’s eagerness to foster market discipline, even at the cost of short-term volatility in financial markets. Although a financial implosion is unlikely, lack of clarity about the government’s intentions toward private enterprise could act as a drag on economic growth. Virtually all indicators point to a softening of domestic demand, particularly if energy shortages crimp industrial activity. This could spur a round of at least modest stimulus measures by the end of the year.https://www.brookings.edu/research/october-2021-update-to-tiger-the-global-economic-recovery-is-in-danger-of-stalling/
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“People who suffer from chronic homelessness often have complex needs relating to health, mental health, disabilities, abuse and addiction,” she said. “The McGowan government’s focus is on improving outcomes for vulnerable Western Australians, including those sleeping rough.” In other countries, such as the UK, data is collected on homelessness deaths , but no official records are kept in Australia. However, since mid-2016 the Home2Health team has been tracking outcomes for Perth’s homeless population. Matching data from homelessness and health services with hospital records, Wood said 255 people known to those services had died in Perth since 2017. The average age of death was 47. The research uses the Australian Bureau of Statistics definition of homelessness, which includes those in overcrowded dwellings and sub-standard accommodation. However, Wood said those identified were generally rough sleeping, or “in and out of crisis accommodation, they’re living in backpackers, couch-surfing, tents, their cars”. She expected the figures were an underestimate because they did not cover outer areas of Perth or people not known to health services. ‘It’s a blight on our society that’s not going to go away unless people are housed and supported more rapidly’: Associate prof Lisa Wood. Photograph: Supplied Most people died from what researchers call “deaths of despair”, including suicide, drug overdoses and alcohol-related conditions.https://www.theguardian.com/australia-news/2021/oct/17/dying-on-the-streets-at-least-44-homeless-people-have-died-in-perth-this-year