- US economy grew 4% in Q4; 2020 was its worst year since 1946
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- Prudential to spin off US arm and mulls $3bn equity raise
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- Apple and Facebook beat forecasts and Tesla misses profit estimates
2.26pm GMT
Other data released today showed the number of Americans filling for first-time jobless benefits fell slightly to 847,000 but remained high.
BREAKING: U.S. weekly jobless claims drop to a still-high 847,000 as coronavirus virus continues to strain economy, labor market. https://t.co/5zl2fSD6S2
JUST IN: Number of Americans filing for first-time unemployment claims fell slightly to 847,000 last week.
The weekly figure is still 5 times higher than its pre-pandemic average. https://t.co/AhjuQnc9qo
2.23pm GMT
James Knightley, chief international economist at ING, has looked at the US fourth-quarter GDP data in more detail. The economy grew by 4% in the October to December quarter, down sharply from the 33.4% surge in the third quarter, which came after big declines in the first half of the year when the economy ground to a halt because of the Covid-19 pandemic.
There was undoubtedly a loss of momentum as Covid restrictions tightened, but early signs suggest 2021 is starting well with the latest $600 fiscal stimulus payment boosting spending, California starting to re-open and the vaccination program gaining momentum. 5%+ growth looks achievable this year.
The details show consumer spending grew 2.5% with reintroduced Covid containment measures in several areas clearly having an impact on consumers’ willingness and ability to spend.
Continue reading…US economy grew 4% in Q4; 2020 was its worst year since 1946GameStop jumps 40% in pre-market trading; US regulator ‘monitoring’Prudential to spin off US arm and mulls $3bn equity raiseDiageo and Fever-tree thrive in tequila and cocktails boomApple and Facebook beat forecasts and Tesla misses profit estimates 2.26pm GMTOther data released today showed the number of Americans filling for first-time jobless benefits fell slightly to 847,000 but remained high.BREAKING: U.S. weekly jobless claims drop to a still-high 847,000 as coronavirus virus continues to strain economy, labor market. https://t.co/5zl2fSD6S2JUST IN: Number of Americans filing for first-time unemployment claims fell slightly to 847,000 last week.The weekly figure is still 5 times higher than its pre-pandemic average. https://t.co/AhjuQnc9qo 2.23pm GMTJames Knightley, chief international economist at ING, has looked at the US fourth-quarter GDP data in more detail. The economy grew by 4% in the October to December quarter, down sharply from the 33.4% surge in the third quarter, which came after big declines in the first half of the year when the economy ground to a halt because of the Covid-19 pandemic.There was undoubtedly a loss of momentum as Covid restrictions tightened, but early signs suggest 2021 is starting well with the latest $600 fiscal stimulus payment boosting spending, California starting to re-open and the vaccination program gaining momentum. 5%+ growth looks achievable this year.The details show consumer spending grew 2.5% with reintroduced Covid containment measures in several areas clearly having an impact on consumers’ willingness and ability to spend. Continue reading…