Economy in Brief: December 2020

• Nonrevolving usage remains firm. • Credit card balances are reduced further. Consumer credit outstanding increased $7.2 billion (0.2% y/y) during October following a $15.0 billion September strengthening, revised from $16.2 billion. [...]

The National Association for Business Economics raised its projection for real GDP growth in 2021 to 3.8% from 3.6%. This follows a record recession this year, with GDP expected to contract 3.5%, versus the prior forecast of a 4.3% [...]

The National Association for Business Economics raised its projection for real GDP growth in 2021 to 3.8% from 3.6%. This follows a record recession this year, with GDP expected to contract 3.5%, versus the prior forecast of a 4.3% [...]

• Job gains held back as coronavirus spreads. • Earnings growth picks up. • Jobless rate declines to eight-month low. The rate of labor market improvement has slowed following an initial bounce-back from recession declines. Nonfarm [...]

• Factory orders rise for a sixth straight month. • Shipments extend uptrend. • Order backlogs continue to decline while inventories turn modestly higher. Manufacturing activity expanded further in October, with new orders increasing [...]

German orders (presented in real terms) have risen month-to-month for six months in a row and now for the first time in that stretch orders also are higher on balance over 12 months. Orders were last higher over 12 months back in [...]

• Job gains held back as coronavirus spreads. • Earnings growth picks up. • Jobless rate declines to eight-month low. The rate of labor market improvement has slowed following an initial bounce-back from recession declines. Nonfarm [...]

• Trade Deficit increases to $63.1 billion in October. • Exports grow 2.2%; Imports rise 2.1%. • Exports remain 13.2% below February level; imports down just 0.6%. The U.S. trade deficit in goods and services widened to $63.1 billion [...]