U.S. Retail Sales Rose in October at Slowest Pace in Six Months
“U.S. retail sales climbed in October at the slowest pace in six months, suggesting consumers are becoming more hesitant amid a surging pandemic and lack of fresh federal stimulus. The value of total sales increased 0.3% from the prior month, when there was a downwardly revised 1.6% gain, Commerce Department figures showed Tuesday. The median estimate in a Bloomberg survey of economists called for a 0.5% increase. Excluding autos and gasoline, sales rose 0.2%, compared with estimates for a 0.6% gain.”
ECB Wants Next Stimulus to Be Judged on Quality, Not Quantity
“European Central Bank policy makers are trying to persuade investors not to focus too much on the size of their next dose of monetary stimulus, hoping they will instead look at its design. President Christine Lagarde and colleagues have used a run of public comments to stress that December’s much-anticipated policy decision will aim to cement cheap money for the duration of the economic crisis, achieved through both asset purchases and more loans to banks.”
China to Leapfrog 56 Nations During Quarter-Century Income Surge
“China’s surging economy is set to overtake 56 countries in the world’s per-capita income rankings during the quarter-century through 2025, the International Monetary Fund projects. By that date, China will rank 70th in the world on the metric, putting it close to joining the richest one-third of nations, according to data analyzed by Bloomberg from last month’s IMF World Economic Outlook.”
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