U.K.’s flash PMI indices indicate decline in business activity in November, composite index falls to 47.4
U.S. retail sales likely to have grown in September
U.S. retail sales data for the month of September is set to release tomorrow. According to a TD Economics research report, retail sales are expected to have seen a widespread acceleration in the month, even with employment growth decelerating and fiscal stimulus fading.
Retail sales are expected to have grown 1.5 percent sequentially. Auto sales are already reported to have strengthened.
“We suspect the seasonal factors are exaggerating gains, with consumer spending patterns changing in the COVID-19 crisis, but the report should add to already strong Q3 GDP growth calculations. Not seasonally adjusted retail sales will likely show a sizable decline in September”, added TD Economics.