U.S. Personal Income, Spending Increase by More Than Forecast
“Americans’ incomes increased in September by more than expected, boosted by employment gains and helping to propel consumer spending at the end of the third quarter. Personal incomes rose 0.9% from the prior month following a 2.5% decline in August, a Commerce Department report showed Friday. That compared with estimates for a 0.4% gain. Household outlays advanced 1.4%, also exceeding forecasts.”
Coronavirus Lockdowns Bring Recession Threat Back to Europe
“Europe’s economic recovery is being cut short as governments implement new restrictions to fight the coronavirus that risk driving the region toward another recession. The euro area’s four biggest economies are going into various forms of lockdown, overshadowing data on Friday that showed a record surge in third-quarter output. A new slump is on the cards, governments are pumping in additional aid, and the European Central Bank is promising more monetary stimulus amid the rapidly deteriorating situation. It’s vice president, Luis de Guindos, said that stagnation, or even contraction, can’t be ruled out this quarter.”
China Focuses on Building Its Own Core Tech as U.S. Curbs Supply
“China said it needs to build its own core technology because it can’t rely on buying it from elsewhere, as the Communist Party laid out plans for greater economic self-sufficiency. Outlining details of its new five-year economic plan that elevates self-reliance in technology and innovation, senior party officials said Friday the nation would accelerate development of the kind of technology needed to spur the next stage of economic development. Key to that are bold measures to cut reliance on foreign know-how, although that doesn’t mean China will cut itself off from the world.”
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