Wells Fargo said in newly released economic forecast for 2022 that it expects inflation to cool somewhat next year, while warning there’s a risk that COVID-19 interruptions and supply-chain disruptions could trigger “self-sustaining” wage and rent gains and lead to persistent inflation. Consumer spending is expected to be the main driver of U.S. economic strength…
Wells Fargo Expects Inflation to Cool in 2022 But Warns of Risk of ‘Self-Sustaining’ Rent and Wage Increases
Statistics Canada Says GDP Grew at 5.4% Annual Rate in Q3
OTTAWA—The economy grew at an annual rate of 5.4 percent in the third quarter of this year as COVID-19 restrictions eased and household spending rose, Statistics Canada said Tuesday. The result is a turnaround for an economy that shrank in the second quarter, and outpaced economists’ expectations for growth in real gross domestic product between…
Chinese Regime’s Local Debts Reach Record High, Equivalent to 52 percent of GDP
The Chinese communist regime’s Ministry of Finance released the local governments’ bonds and debt balances for this year on its website on Nov. 23. As of the end of October, the local government debts balance was $4.64 trillion. Mainland Chinese media Securities Times and Tencent Finance jointly released the “China Cities Debt Ratio Ranking,” showing…
3rd-Quarter GDP Misses Expectations With Tepid Print of 2.1 Percent
America’s economy expanded at an annualized pace of 2.1 percent in the third quarter, updated Commerce Department figures showed on Nov. 24, and while that’s faster than the earlier “advance” estimate of 2.0 percent, it missed analyst forecasts for a 2.2 percent pace of growth. While Wednesday’s print came in below expectations and sharply lower…
Detroit’s Auto Production Slump Biggest Soft Spot in Weak GDP Number
The chip shortage-driven auto production slump was the single biggest factor depressing U.S. economic output in the third quarter, shaving over 2 percentage points off the gross domestic production (GDP) number, which disappointed with its below-expectations print. The U.S. economy expanded at an annualized pace of 2.0 percent in the third quarter, the Commerce Department’s…
US GDP up 2 Percent in Q3: ‘Very Disappointing’
Investors got some disappointing news about the economic rebound Thursday when the U.S. Commerce Department reported third-quarter GDP growth that fell short of economist expectations. What Happened? U.S. GDP grew just 2% in the third quarter, short of economist estimates of 2.8 percent. Third-quarter growth represented the slowest rate since the pandemic recovery began. Why…
Economic Growth Slows to 2 Percent on Slowdown in Consumer Spending and COVID-19 Impacts
The U.S. economy expanded at an annualized pace of 2.0 percent in the third quarter, a figure that is well below forecasts, driven down by a slowdown in consumer spending and a resurgence in COVID-19 cases that led to renewed restrictions and delays of reopening of businesses. Data released on Oct. 28 by the Commerce…
Futures Rise on Positive Earnings; GDP Data Awaited
October 28, 2021
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U.S. stock index futures edged higher on Thursday, led by gains in Caterpillar, Merck, and Ford after upbeat quarterly earnings, while investors awaited data that will likely throw light on the pace of the economic recovery. The Commerce Department’s advance gross domestic product report, due at 08:30 a.m. ET, will likely show the U.S. economy…
US Economy Seen Slowing As Atlanta Fed Cuts 3Q GDP Estimate
News Analysis The Federal Reserve Bank of Atlanta cut its forecast for real GDP growth in the third quarter of 2021, suggesting that the United States is barely expanding and could be on the cusp of contraction. According to the Atlanta Fed’s GDPNow model, the U.S. economy is projected to grow at a seasonally adjusted…
Italy’s Business Lobby Sees Stronger Economic Growth, GDP up 6.1 Percent in 2021
ROME—Italy’s business lobby Confindustria said on Saturday the country’s growth this year would be more robust than expected, mainly due to a more contained impact of the COVID-19 Delta variant and stronger-than-expected economic indicators. In a report, the association’s research unit CSC forecast gross domestic product (GDP) would rise 6.1 percent this year and 4.1…
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