Overseas Headlines – January 07, 2021

United States:

U.S. Private Jobs Post First Decline Since April, ADP Data Show

“The number of employees at U.S. businesses unexpectedly declined in December for the first time since April, underscoring the immediate economic impact of mounting coronavirus cases across the country. Company payrolls decreased by 123,000 during the month, concentrated in leisure and hospitality and retail, according to ADP Research Institute data released Wednesday. The prior month was revised down slightly to a 304,000 gain.”



Euro-Area Economic Confidence Rises Despite New Virus Curbs

“Economic confidence in the euro area picked up in December, with manufacturers in particular showing resilience against a resurgent pandemic that’s triggered tougher restrictions across the region. A European Commission sentiment index rose by 2.7 points to 90.4 from the previous month, mainly driven by optimism among consumers and in the industrial sector. An indicator for employment expectations also recovered from a drop in November.”



India’s GDP Set to Drop 7.7%, Biggest Contraction Since 1952

“India’s economy is set for its biggest annual contraction in records going back to 1952 as the rapid spread of coronavirus cases and measures to contain them hurt businesses and households. Gross domestic product will shrink 7.7% in the financial year ending March 2021, the statistics ministry said in its first advance estimate published on Thursday. That’s steeper than a 7.5% drop forecast by the Reserve Bank of India, as well as economists surveyed by Bloomberg.”




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