Rebound continues, but initial claims and cases rise
|Weekly Economic & Financial Commentary
U.S. Review
- Data continue to reflect an economy digging itself out of the lockdown-induced slump.
- Consumer prices and retail sales rose in September as activity continued to pick up, but a rise in initial claims for state unemployment benefits last week points to continued churn in the labor market.
- Stimulus talks regarding an additional fiscal relief package continued this week, but an agreement remained elusive.
- COVID-19 case counts are on the rise in the Midwest, presenting renewed concern of localized setbacks.
Global Review
Data Underwhelming This Week
- Swedish inflation slid more than expected in September, with headline and core CPIF remaining well-below the Riksbank’s 2% target inflation rate.
- Australia’s employment declined by 29,500 in September, the first decline since May, while the unemployment rate edged higher to 6.9%. The slump in the labor market in part reflects the Stage 4 restrictions in Victoria put in place to contain the spread of COVID-19.
- Chile’s central bank held its policy interest rate at 0.50% at this week’s meeting, and did not announce any new quantitative easing measures.
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