U.S. real gross domestic product (GDP) rose at an annual rate of 33.4% in the third quarter of 2020, according to the Bureau of Economic Analysis press release. The rise was an improvement from the second quarter, where real GDP fell by 31.4%. Current dollar GDP rose by 38.3% annual rate, or $1.65 trillion, in the third quarter to $21.17 trillion, up from a decline of … [Read more...] about U.S. Records Increases in GDP in Third Quarter 2020
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More Americans Unable to Work Due to Surge in Coronavirus Cases
The number of employed Americans shrank by 4.3 million in the two weeks ended December 7, according to the Census Bureau press release. The fall comes even as the number of employed Americans rose by 2.4 million in the previous tally. Almost 5 million Americans now say they can’t work because they are sick of coronavirus. Another 5.2 million can’t work because they fear … [Read more...] about More Americans Unable to Work Due to Surge in Coronavirus Cases
PMI: U.S. Private Sector Recovery Loses Momentum, Hits a 3-Month Low
Flash U.S Composite Output Index for December was 55.7, a 3-month low, down from 58.6 in November, according to IHS Markit press release. The loss of private sector momentum was caused by COVID-19 related restrictions and input prices, which rose at the sharpest rate since April 2018. Flash U.S. Services Business Activity Index recorded a 3-month low of 55.3, down from … [Read more...] about PMI: U.S. Private Sector Recovery Loses Momentum, Hits a 3-Month Low
Eurozone Economic Rebound Beats Estimates in December, Remains in Contraction
Eurozone’s IHS Markit’s flash composite PMI was 49.8 in December, up from November’s 45.3, and above expected 45.8, reports Reuters. The economic rebound reflects the partial lifting of restrictions in countries like France, although it remained below the 50 mark that separates growth from contraction. The service industry rose to 47.3, up from 41.7 to remain above … [Read more...] about Eurozone Economic Rebound Beats Estimates in December, Remains in Contraction
Industrial Production in Euro Area and EU Rises, Remains Below October 2019 Level
October 2020 industrial production rose by 2.1% in the euro area and 1.9% in the EU, according to Eurostat press release. The industrial production increase was higher than the September 2020 growth of 0.1% in the euro area and 0.3% in the EU. In October 2020, compared with October 2019, industrial production fell by 3.8% in the euro area and by 3.1% in the EU. In … [Read more...] about Industrial Production in Euro Area and EU Rises, Remains Below October 2019 Level
