this-week-s-state-of-the-economy---what-is-ahead---02-october-2020

This Week's State Of The Economy - What Is Ahead? - 02 October 2020

Date: 10 October, 2020 | By : 

U.S. - Recovery Keeps Trudging Along

  • In what was a jam-packed week of economic data, the jobs report, prospects of additional fiscal stimulus and the president’s positive COVID-19 test result commanded markets’ attention.
  • Nonfarm employers added 661K jobs in September. But with layoff announcements coming from household-name companies this week, attention has already shifted to the tenuous labor market recovery ahead.
  • Personal incomes faltered in August, due almost entirely to the expiration of supplemental unemployment benefits at the end of July. Personal spending, however, eked out another gain.

 

Global - China Continues to Lead the Global Recovery

China’s economy continues to rebound from the COVID-19 shock and lead the global economic recovery. This week, the manufacturing and non-manufacturing PMIs outperformed relative to expectations, providing additional evidence of a more robust economic recovery in China.

 

Economic and Sentiment Data in India Show Life

This week, India’s manufacturing PMI recorded one of the steepest rises on record, jumping to 56.8 in September, a noteworthy rise from August. In addition, India’s current account as a percentage of GDP flipped to a surplus in Q2, the first quarterly surplus since 2005.

 

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