What to Expect This Week

This week, in the United States, we are looking for a considerable downward revision to the third quarter GDP, triggered by updated figures for exports and business inventories. In addition, consumer spending likely rebounded in October boosted by car sales.

In the Euro Area, sentiment indicators for November will also show some insight into the health of the economic recovery. It is likely that flash estimate of Purchasing Managers Index will confirm the ongoing improvement in manufacturing and services. In Japan, real exports probably continued to rise, boosted by inventory rebuilding in the US and the EU and by fresh demand from Asia. We also expect October unemployment rate to pick up to 5.5% from 5.3% in September and core inflation to decline further in November. In the United Kingdom, the main focus will be on the revised Q3 GDP print, which may stay on recessionary territory. In Canada, retail sales is likely to show another monthly gain. Finally, in New Zealand, it is expected that consumer and business confidence recovered from record lows. However, unlike the RBA, the RBNZ is not expected to increase interest rates anytime soon.

Anna Fedec, contact@tradingeconomics.com
11/22/2009 3:37:21 PM