(Bloomberg) — The American consumer got back in the spending groove last month and factory output rose more than forecast, setting the stage for what could be the best year of economic growth in nearly four decades.
Employment in the euro area improved in final quarter of 2020, though the workforce in Europe and the rest of the world faces structural changes from the pandemic.
Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy:
U.S.
The U.S. economy started 2021 with a bang as retail sales accelerated and expectations continued to build for another jolt of government stimulus.
Production at manufacturers rose in January for a fourth-straight month, showing factories continue to recover from pandemic-related disruptions last year.
Europe
About 2.6 million people in the U.K., or 8% of workers, expect to lose their jobs in the next three months, according to a survey that suggests long-lasting damage to the economy from the coronavirus.
The euro area added jobs at the end of last year, suggesting businesses are looking beyond the latest economic woes caused by coronavirus lockdowns.
Asia
Prime Minister Narendra Modi’s plan to boost capital expenditures to help India regain the fastest-growing major economy title risks being derailed by the nation’s cash-strapped states, which are cutting back on such spending.
One important aspect of Asia’s rebound from the virus shock is how fast consumers spring back after declines last year that were deeper than overall gross domestic product contractions in many economies across the region. Analysis by Bloomberg Economics suggests it won’t be an easy recovery.
Emerging Markets
The central banks of Zambia and Zimbabwe increased their benchmark interest rates this week. Together with neighboring Mozambique, which hiked last month, they are the only monetary policy authorities globally to raise borrowing costs in 2021.
Other emerging-market central banks may follow Africa’s example: Turkey already switched from substantial easing to aggressive tightening midway through 2020 — Argentina, Brazil and Nigeria are also set to take hawkish turns this year, according to Bloomberg Economics.
World
Over 100 million workers in eight of the world’s largest economies may need to switch occupation by 2030 as the Covid-19 pandemic accelerates changes to the labor force, according to research by McKinsey.
Mounting concern about a global chip shortage flags the possibility that industry faces a supply-chain crunch. With automakers particularly at risk, countries like Germany and Mexico stand out as most exposed among major economies, according to calculations by Bloomberg Economics.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
