Betterment In U.S. Macro-Economic Indicators, Lesser Unemployment Claims

On Thursday, U.S. markets were aware of contrasting data around world’s several regions on the macro-economic front. At 57.8 in November, China’s Caixin services index was better than anticipated compared to 56 consensus, showing a marked expansion. In Europe, however, PMI services dropped to 41.3 in November against consensus of 41.7, which is still in contraction (below 50). In October, retail sales in the Euro zone increased by 1.5%, considerably more than the 0.7% rise forecast by the sector.

In the United States, from 57.9 consensus, the final composite PMI rose to 58.6 in November. In comparison with a consensus of 57.7, the services indicator rose to 58.4 which highlight a success in reporting a strong expansion despite the outbreak of coronavirus cases. The ISM services index, on the other hand, disappointed, coming in at 55.9, versus a market consensus of 56 and 56.6 in October.

The number of unemployment registrations fell last week from 750,000 to 712,000 in the United States as compared with 780,000 predicted. But the number is still very high compared to the period before the coronavirus outbreak.

Hospitalizations have now hit a record high of more than 100,000 on Wednesday in the United States on the front line of the Covid-19 pandemic, with hospitals coping by raising capacity and suspending other medical services, thus redeploying their workers.

The number of reported cases now exceeds 14 million in the United States, and the number of deaths has exceeded 275,000, according to the latest statistics from Johns Hopkins University, which is a guide on the subject.

Robert R. Redfield, director of the Centers for Disease Control and Prevention (CDC), predicted that by February, unless Americans take more actions, the total number of deaths in the U.S. will exceed approximately 450,000. Redfield claims that it will be particularly difficult in December, January and February.

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