China’s Industrial output rose 7% in November from a year earlier, in line with the median estimate in a Bloomberg survey of economists. Retail sales expanded 5% in the period, as projected. Fixed-asset investment grew 2.6% in the first 11 months of the year from the same period in 2019, also as expected
The unemployment rate inched lower to 5.2% from 5.3%
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The data shows the breadth of the recovery since a contraction in output in the first quarter triggered by the coronavirus pandemic. An industrial-led rebound has been followed by a pickup in consumer spending. Exports have rocketed in recent months as a return to virus restrictions in many of China’s biggest markets fueled demand for medical equipment and work-from-home electronic devices
China heads for strong growth in 2021 as recovery gathers pace
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China pulled further ahead of other major economies in November as industrial output and retail sales strengthened, reinforcing expectations of healthy growth in 2021.
Industrial production rose seven per cent in November from a year earlier, while retail sales expanded five per cent in the period. Fixed-asset investment grew 2.6 per cent in the first 11 months of the year from the same period in 2019. The data matched the median estimates in a Bloomberg survey of economists.
Chinaâs control over the pandemic is widening its divergence with other major nations, many of which are now re-imposing virus restrictions amid new waves of cases. After an early reliance on state-led investment to spur the economy, the latest figures show Chinaâs recovery has broadened out to consumers, with spending on goods like cosmetics and jewelry picking up strongly.
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US jobless claims jump to 3-month high amid new shutdowns
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The increase in new claims implies that the labor market recovery will be held back in the coming weeks by new restrictions on restaurants and other in-person businesses
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. Updated: 10 Dec 2020, 09:11 PM IST Bloomberg
Initial jobless claims in regular state programs rose by 137,000 to 853,000 in the week ended Dec. 5, Labor Department data showed today. On an unadjusted basis, the figure increased by almost 229,000.
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Applications for US unemployment benefits surged last week, topping estimates with the highest level since September, suggesting that widening business shutdowns to curb the pandemic are spurring fresh job losses.
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