U.S. Economic Rebound Proves More a Grind Than a Boom
“The prevailing scenario for the U.S. recovery on Wall Street and in Washington has until recently focused on a boom fueled by consumers roaring back to life with a vengeance in a vaccine-induced reopening of the economy. The reality emerging from the latest data is a bumpy rebound vulnerable to surprises.”
U.K. Set to Lead Europe’s Rebound Then Slide to Back of the Pack
“The U.K. will lead the economic recovery among major European nations with its fastest growth in almost half a century before sliding to the bottom of the pack by 2023. That’s the outlook of economists surveyed by Bloomberg, who have revised up their forecasts for 2021 growth to 6%. That would mark the strongest growth since 1973, and ahead of Germany, France, Italy and Spain. The upgrade of 0.6 points from last month reflects the U.K.’s rapid vaccine rollout, allowing the government to loosen lockdown rules.”
China’s Recovery Remains Unbalanced as Retail Spending Lags
“China’s recovery remained unbalanced in April, with industrial output and investment buoyed by strong exports and a hot property market, while retail sales missed forecasts. Industrial output rose 9.8% in April from a year earlier versus the median estimate for a 10% increase. Retail sales expanded 17.7% in the period, far slower than a projected 25% rise. Fixed-asset investment grew 19.9% in the first four months of the year, in line with forecasts. The unemployment rate was lower at 5.1%.”
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