Headlines discussed at LNWM’s Monday morning briefing:
— The U.S. economy grew 33% in 3rd quarter 2020 (unrevised) after shrinking 31% in the 2nd quarter. GDP growth estimates for 4th quarter range from -1% to just under 5%.
— The U.S. global trade deficit in goods rose to $80.3 billion in October (from around $68 billion pre-Covid), as homebound Americans spent more on imported goods vs. services (travel, eating out, etc.).
— The 1.3% jump in October U.S. durable goods orders (computers, autos, etc.) was due to Pentagon spending; without military purchases, orders rose just 0.2%.
— U.S. personal income fell 0.7% in October, mostly due to a drop in government benefits; personal spending rose by 0.5%.
— China slapped stiff, 200% import tariffs on Australian wines (nearly 40% of Australia’s wine exports go to China), in escalating trade dispute.
Disclaimer: Clicking on any of the above links will take you away from the Laird Norton Wealth Management web page and to the source page. While we believe the information in these articles is relevant, we cannot guarantee its accuracy or completeness.