Resurgent coronavirus infections are putting a chill on U.S. job creation, manufacturing in China is gaining pace and the final stages of Brexit negotiations are complicating the U.K.’s recovery prospects. Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy:
Surging payroll growth in the transportation and warehousing sector — the most since 1997 — accounted for more than half of total U.S. job gains in November, according to the government’s monthly employment report that proved disappointing. Total payrolls rose by 245,000 during the month, well short of estimates, and hiring was concentrated in fewer industries as the pandemic continued to disrupt.
President-elect Joe Biden announced his economic team that will be charged with keeping the recovery on track, while balancing the need for more fiscal stimulus and a rapidly expanding budget shortfall.
With the U.K. economy suffering more from the coronavirus than most advanced nations, the stakes couldn’t be higher as Brexit trade negotiations enter their endgame.
Falling consumer prices can be found across the euro area, but in some quarters it’s the fear of steep and entrenched declines — a deflationary trap that drags wages and ultimately brings the whole economy down — that has people worried most.
An official gauge of activity in China’s manufacturing sector rose faster that expected, suggesting the economy’s recovery is gathering pace.