Economy by the week - 2nd Dec
Here are the key economic developments for the week:
- The Bureau of Economic Analysis reported that the US GDP grew by 2.1% in the third quarter.
- US new home sales fell by 0.7% in October, according to Census Bureau.
- The US trade deficit narrowed in October, according to Census Bureau.
- Durable goods order rose 0.6% in October, according to Census Bureau.
- Initial jobless claims fell by 15,000 to 213,000 in the week ended November 23, 2019, according to the Labor Department.
- Corporate profits increased by 0.2% on a quarterly basis in the third quarter. This figure was 3.8% in the second quarter of 2019.
- The Consumer Confidence Index declined in November.
- The EU zone annual inflation rose to 1.0% in Nov from 0.7% in Oct, according to Labour Department.
- Germany's Federal Statistical Office reported that import prices fell by 3.5% year-on-year in October.
- The yield on the 10-year U.S. Treasury note increased.
- Most US districts reported a moderate growth in rates in November.
- The effect of tariffs coupled with low corporate confidence is likely to increase pressure on global manufacturing.
- Brexit, Italian debt situation, and a weak European banking system risk could tip EU back into recession.
- In China, the pace of deceleration continues to be above and beyond the stimulus being injected into the economy.