November 30, 2022
United States:
Key Gauges of US Economy Paint Mixed Third-Quarter Picture
The government’s primary measures of US third-quarter economic activity painted a mixed picture of the economy’s momentum after a lackluster first half of the year.
Inflation-adjusted gross domestic product, or the total value of all goods and services produced in the economy, increased at a 2.9% annualized rate during the period, Commerce Department data showed Wednesday. That reflected upward revisions to consumer and business spending, and compares with a previously reported 2.6% advance.
Europe:
Euro-Zone Inflation Finally Slows in Sign of Hope for ECB
Euro-zone inflation slowed for the first time in 1 1/2 years, offering a glimmer of hope to the European Central Bank in its struggle to quell the worst consumer-price shock in a generation.
The reading for November was 10%, Eurostat said Wednesday, less than the 10.4% median estimate of economists surveyed by Bloomberg. The drop, from 10.6% in October, was the biggest since 2020 and was thanks to slower advances in energy and services costs, even as food prices grew more quickly.
Asia:
India’s Growth Slows as Manufacturing Slumps, Spending Cools
India’s economy grew at a slower pace last quarter as inflation remained high and rising interest rates tempered demand in Asia’s third-largest economy.
Gross domestic product grew 6.3% in the July to September period compared to a year ago, according to data released by India’s statistics ministry on Wednesday. That’s a drop from the 13.5% growth in the preceding quarter and compares with a median forecast of 6.2% in a Bloomberg survey.
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