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November 22, 2024
Consumer sentiment in the U.S. improved less than previously estimated in November, according to revised data released by the University of Michigan. Consumer sentiment index for November was downwardly revised to 71.8 from the preliminary reading of 73.0. Despite the unexpected downward revision, the consumer sentiment index is still at its highest since hitting 77.2 in April. The report said the index of consumer expectations climbed to 76.9 in November compared to 74.1 in October, while the current economic conditions index dipped to 63.9 in November from 64.9 in October. About inflation expectations, the University of Michigan said year-ahead inflation expectations edged down to 2.6% in November from 2.7% in October, hitting the lowest level since December 2020. However, long-run inflation expectations climb to 3.2% in November from 3.0% in October with uncertainty increasing. 11/22/2024 - 10:21:00 (RTTNews)
Mexican Peso traded at 20.4884 against USD at 9:00 am PST.
The Mexican economic growth moderated less than initially estimated in the third quarter, preliminary data from the National Institute of Statistics and Geography, or INEGI, showed. GDP advanced an unadjusted 1.6% YoY in the September quarter versus 2.2% growth in June. In the flash estimate, the rate of growth was 1.5%. Regarding large economic activities, the primary sector expanded the most, by 4.1% annually in the third quarter, recovering from the 3.4% fall in the previous quarter. Meanwhile, the annual growth in the tertiary sector eased to 2.2% from 2.8%. Similarly, the secondary sector growth moderated from 1.8% to 0.5%. On a seasonally adjusted basis, GDP advanced 1.1% in the third quarter, up from 1.0%. 11/22/2024 - 08:32:00 (RTTNews)
British Pound traded at 1.2526 against USD at 9:00 am PST.
U.K. retail sales declined more than expected in October as consumers reduced their spending on food and clothing, data released by the Office for National Statistics showed. Retail sales dropped 0.7% monthly in October compared to the revised 0.1% rise in September with expectations that Sales would fall by 0.3%. Excluding auto fuel, retail sales posted a decline of 0.9% after a 0.1% gain. Economists forecast sales to drop by 0.3%. Non-food stores sales volumes decreased by 1.4% as retailers reported that Budget uncertainty affected sales. Thus, food store sales were down 0.6%, while auto fuel sales rebounded 0.6%.
YoY, retail sales growth eased to 2.4% in October from 3.2% in September. Excluding auto fuel, retail sales growth slowed to 2.0% from 3.2% in the previous month. Capital Economics' economist Ashley Webb said the bigger-than-expected fall in retail sales indicates that households' concerns about tax rises in the Autumn Budget contributed to weaker retail spending at the start of the fourth quarter. The survey results from the market research group GfK showed that consumer confidence ticked up in November ahead of the shopping season. Moreover, concerns about the impact of the U.K. budget and the U.S. presidential election eased. The consumer confidence index rose to -18 in November from -21 in October as all five sub-indices of the index were up from the previous month. 11/22/2024 - 04:22:00 (RTTNews)
The German economy grew marginally in the third quarter after a contraction, preventing a technical recession, official data revealed. However, GDP posted a sequential growth of 0.1% in the third quarter, revised data from Destatis showed. The rate was downgraded from 0.2% estimated on October 30 while in the second quarter, GDP shrank 0.3%. Although the economy avoided a technical recession with the third quarter growth, the pace of expansion was only marginal. Yearly, calendar-adjusted GDP contracted 0.3% in the third quarter, which was worse than the initial estimate of a 0.2% fall. GDP declined 0.3% in the second quarter and 0.1% in the first quarter. The price-adjusted GDP grew 0.1% annually in the third quarter compared to the previous estimate of 0.2%.
The expenditure end of GDP showed that the quarterly GDP growth was underpinned by consumption, while net foreign trade and investments were a drag. As consumers spent more on non-durable consumer goods, household spending grew 0.3% and government final consumption expenditure rose 0.4%. As a result, final consumption expenditure climbed 0.3%. By contrast, gross fixed capital formation was down 0.1%. Additionally, gross fixed capital formation in machinery and equipment slid 0.2%, and construction dropped 0.3%. Foreign trade data reported that exports of goods and services decreased by 1.9% while the imports of goods and services rose slightly by 0.2%. 11/22/2024 - 03:04:00 (RTTNews)
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