🇺🇸 #Macro Update (1) | Latest data confirmed that growth will accelerate in 4Q as the latest wave of Covid-19 reached a peak in mid-Sep.
*Oct. figures suggest that households started using accumulated excess savings (since Feb. 2020).
*Oct. figures suggest that households started using accumulated excess savings (since Feb. 2020).
🇺🇸 #Macro Update (2) | Hurricane Ida hit the U.S. in late Aug./beginning of Sep. and affected activity in 3Q.
*Therefore, a positive normalization is expected in 4Q as suggested by the rebound in Industrial Production (especially the Mining component).
*Chart from Bloomberg ⬇
*Therefore, a positive normalization is expected in 4Q as suggested by the rebound in Industrial Production (especially the Mining component).
*Chart from Bloomberg ⬇
🇺🇸 #Macro Update (3) | Supply chain disruptions have eased a bit since the beginning of 4Q.
*On Tuesday, President Joe Biden said that bottlenecks in the U.S. supply chain are seeing relief.
*It was coherent with the recent retracement of Bloomberg "Supply Constraint Indicator".
*On Tuesday, President Joe Biden said that bottlenecks in the U.S. supply chain are seeing relief.
*It was coherent with the recent retracement of Bloomberg "Supply Constraint Indicator".
🇺🇸 #Macro Update (4) | Comments and data from the auto industry (sales, production) also improved as chip shortage eased slightly.
https://twitter.com/jc_econ/status/1460613734552981504?s=20
🇺🇸 #Macro Update (5) | Yesterday, trade balance (goods) and wholesale inventories came largely above expectations forcing economists to revise upward their 4Q GDP estimates.
https://twitter.com/calculatedrisk/status/1463656380519227395?s=20
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