The US faces the risk of long-term damage to the productive capacity of the economy and the lives of those affected by the spread of the coronavirus pandemic.
The US dollar fell 0.39 percent last week against a pack of its major rivals, giving up last week’s gains to end the week at 92.32.
The U.S. Census Bureau also reported last week that retail sales rose 0.3 percent (month-over-month) in October, missing analysts’ expectations of 0.5 percent and after rising 1. 6 percent. The control group retail sales rose 0.1 percent in October, missing analysts’ expectations of 0.5 percent and after rising 0.9 percent in the previous month. Excluding the auto sector, retail sales rose 0.2 percent in October, missing analysts’ expectations of 0.6 percent and after rising 1.2 percent the previous month.
In monthly terms, industrial production rose 1.1 percent in October, more than the 1 percent expected and after a 0.4 percent decline in the previous month. The import price index fell 0.1 percent in October after rising 0.2 percent in the previous month, missing expectations for a 0.2 percent gain. The export price index rose less than expected, gaining 0.2 percent, after rising 0.6 percent in September.
Federal Reserve Chairman Jerome Powell noted that the economy as we knew it is probably a thing of the past, even as it begins the path to economic recovery.
“We are recovering, but into a different economy,” he said. “It’s going to be one that uses technology more and I’m afraid it’s going to be even more difficult than it has been for many workers.”
Powell emphasized the fact that the US faces the risk of long-term damage to the productive capacity of the economy as well as the lives of those affected by the spread of the coronavirus pandemic. To date, 12,589,088 cases of COVID-19 and 262,701 total deaths have been reported in the United States. Around 3 million new cases have been reported since the beginning of the month.
Building permits rose by 1.545 million on Wednesday, unchanged from the previous month and missing expectations of 1.56 million. In monthly terms, the number of housing starts was 1.53 million, up from 1.459 million in the previous month and above expectations of 1.46 million.
On Thursday, the U.S. Labor Department reported that there were 742,000 initial job applications in the week ending Nov. 13, after 711,000 in the previous monitoring period. The number was higher than analysts’ expectations of 707,000.
Joe Biden has been declared the winner of the presidential election by the media networks, although President Donald Trump’s legal team claims that this is widespread election fraud. Georgia, one of the disputed states, has already certified its election results, although Trump’s team has requested a second recount, while Pennsylvania and Michigan are expected to certify their results this week.
