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24

2022-11

European sentiment improves, but recessions unavoidable

United States: Leftovers are for quitters

The closest thing to leftovers in economic data are unfilled orders, which may help sustain factory activity, but they're unlikely to be a saving grace should demand dry up more meaningfully. In addition to a jump in durable goods orders this week, new home sales shot higher in October. The number of people still on unemployment benefits rose to the highest level since March.

Next week: Personal Income & Spending (Wednesday), ISM Manufacturing (Thursday), Employment (Friday).

International: European sentiment improves, but recessions unavoidable

Eurozone and U.K. purchasing manager indices were better than expected in November, but remain in contraction territory. While the upside surprise signals the magnitude of economic contraction may not be as severe as initially expected in Q4-2022, we still believe recessions in the Eurozone and U.K. are imminent.

Next week: China PMIs (Tuesday), Eurozone CPI (Wednesday), Brazil GDP (Thursday).

Credit market insights: China steps in to help struggling property sector

China's property sector has certainly faced challenges this year, as struggles to generate sufficient cash flow and liquidity issues have seen real estate projects across the country stall. Furthermore, over-leveraged developers continue to face elevated probabilities of defaulting on debt as well as an inability to deliver completed properties to homebuyers. Given these problems, the government has taken steps to help alleviate some of the stress on the industry.

Topic of the week: Talking Turkey on thanksgiving

As millions of Americans gather this Thursday, some are noticing all of the food they have brought to the table has left their wallet a little less stuffed this season. Whether it is a meal of traditional Thanksgiving trimmings or an evening gathered around a restaurant table, prices have gone up significantly over the past year.

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