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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
Euro-zone unemployment rate dropped in October
In the Euro-zone, the unemployment rate fell to 8.40% in October, at par with market expectations and compared to a revised rate of 8.50% in the prior month.
German retail sales advanced more than expected in October
In Germany, retail sales registered a rise of 2.60% on a MoM basis in October, compared to a drop of 2.20% in the previous month. Markets were expecting retail sales to record an advance of 1.20%.
Fed’s Beige Book: US economy growing at a modest to moderate pace
According to the US Federal Reserve’s (Fed) latest Beige Book report, most districts in the US grew at a modest to moderate pace in November, while four districts saw “little or no growth”. The report indicated that new coronavirus cases have increased rapidly since the end of October and the rise is leading some cities and states to again implement restrictions. Further, report showed that most districts saw a slowdown in jobs market, with some districts holding back hiring.
US private sector employment advanced less than expected in November
In the US, private sector employment rose by 307.00 K in November, compared to a revised increase of 404.00 K jobs in the previous month. Markets were expecting private sector employment to record an advance of 400.00 K jobs.
US number of mortgage applications dropped in the week ended 27 November 2020
In the US, the number of mortgage applications dropped 0.60% on a weekly basis in the week ended 27 November 2020, compared to an advance of 3.90% in the prior week.
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