Overseas Headlines – November 26, 2020

United States:

Data Deluge Shows Uneven Progress in U.S. Economic Recovery

“A smorgasbord of U.S. data on the eve of the Thanksgiving holiday showed lingering signs of both strain and strength in an economy trying to escape the clutches of the coronavirus. The number of people applying for state unemployment benefits unexpectedly increased in consecutive weeks for the first time since July, Americans’ income declined more than forecast in October and consumer sentiment dipped to a three-month low. At the same time, the consumer remains healthy, powering the housing market and manufacturing demand.”



Best EU Economy in Year of Covid Was Bloc’s Worst-Hit After 2008

“The European Union’s worst-hit economy in the wake of the global financial crisis is looking like the bloc’s least affected during the coronavirus pandemic. Lithuania suffered the deepest recession in 2009 as it became a testing ground for the harsh austerity that later ravaged Greece. This time, the European Commission reckons it will notch the shallowest contraction of all, with forecasts this month pointing to a dip in gross domestic product of just 2.2%.”



China’s Recovery Stabilizes as Exports, Markets Continue to Boom

“China’s economic recovery stabilized in November, underpinned by solid global demand for exports ahead of the Christmas period and the stock market’s gain to its highest since 2015. That’s the outlook from the latest aggregate index combining eight early indicators tracked by Bloomberg, which was unchanged from October.”




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