In this week's issue: Hélène Baudchon's editorial, Christine Peltier's analysis and an update of our markets review and economic scenario.
US household consumption was 10% above its pre-Covid-19 level in the third quarter of 2023 when French one was only slightly above (1%). This dynamism across the Atlantic is based on a somewhat more favourable trend in purchasing power but, above all, on a fall in the personal savings rate. American households have apparently showed a greater sensitivity to improving labour market conditions. As the latter are becoming less favourable and US households now have fewer extra savings to cushion the impact of monetary tightening, US growth could lose significant support.
According to the latest economic data out of China, the post-Covid recovery remains on track, although its momentum remains weak. In October 2023, growth in the services sector accelerated further (to +7.7% year-on-year compared with +6.9% in September), buoyed by the improvement in the performance of retail sales (+7.8% year-on-year in October compared with +5.5% in September).
Latest data on GDP growth, inflation, interest and exchange rates.
