Top-of-mind economic news as we start the week and the New Year:
— Without the oil and gas sector, S&P 500 earnings growth was just 1.8% for 2022, per S&P FactSet estimates.
— US wholesale inventories rose 1% in Nov. vs. Oct. (0.4% expected), a sign goods are sitting on the shelves longer.
— US construction spending was down 0.3% in Oct. vs. Sept.; outlays for single-family homes fell 2.6% but rose 0.6% for multi-family.
— For the first time in 40 years, China’s economic growth in 2022 was likely at or below global growth, per the IMF.
— The UK gov’t will fund the first ever “net zero transatlantic flight” in 2023, with fuel made from waste oils and agricultural residues.
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