Overseas Headlines – December 10, 2021

United States:

U.S. Household Net Worth Posts Smallest Gain of Covid Recovery

“Growth in U.S. household net worth cooled in the third quarter as wealth created by rising home values was eroded by a temporary pullback in the stock market. Household net worth increased by almost $2.4 trillion, or 1.7%, after a $6.14 trillion jump in the second quarter, a Federal Reserve report showed Thursday. While the quarterly advance was the smallest of the pandemic recovery, net worth still climbed to a fresh record of nearly $145 trillion.”



U.K. Economy Barely Grew in October as Shortages Hit Builders

“The U.K. economy grew less than forecast in October as shortages of materials hit manufacturing and construction, and a further loss of momentum now seems inevitable with consumers facing fresh restrictions to contain the new strain of Covid-19. Gross domestic product grew 0.1%, compared with 0.6% in September, the Office for National Statistics said Friday. Growth of 0.4% was forecast in a Bloomberg survey of economists. It left output 0.5% lower than in February 2020, before the pandemic struck.”



China Shifts Focus to Economic Stability as Growth Weakens

“China stressed that it will aim to keep the economy growing in a stable manner next year as it looks to counteract the effects of a housing market slump and slower growth. “Ensuring stability is the top priority for next year’s economic work,” the Communist Party’s top decision makers said at the end of a three-day annual Central Economic Work Conference. The government will “support commercial housing markets to meet residents’ reasonable needs,” according to a report of the meeting on the official wire service Xinhua Friday.”



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