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Summary
- The US Senate’s approval of USD 1.9 trillion relief bill has fuelled optimism in the global economy.
- The latest results of various economic indicators worldwide turned out to be a mixed bag.
- The ongoing week is expected to remain busy, with several economic updates lined up in the next three days.
The global economy has begun to exhibit promising signs of recovery from the COVID-19 storm after the US Senate passed Joe Biden’s massive USD 1.9 trillion coronavirus relief bill.
Indications of economic recovery in the world’s largest economy (US), where people can now socialise unmasked, further points to the globe’s wealthier countries looking forward to a mid-year revival from the pandemic. Additionally, the ongoing vaccine rollouts worldwide and rebounding household demand are providing optimism for a sustainable recovery from the devastating pandemic blow.
Also Read: Strong Demand Lifts Factory Activity Across the Globe in February
Despite a hopeful economic landscape, the latest results of different economic indicators across the globe turned out to be a mixed bag, as highlighted below:
Australian Business Confidence Strengthens in February
National Australia Bank’s (NAB) monthly business survey revealed that Australia’s business confidence marked an uptick of 4 points to 16 index points in February. The business confidence rose to its highest level observed since early 2010 amid an uptrend in business hiring plus investment activity.
Must Read: Will Australian economy take off in 2021?
Employment, profits, and sales all rebounded sharply in February, reflecting a continued economic revival from the 2020 COVID-driven recession. NAB’s measure of business conditions recovered to a multi-year high of 15 index points last month after tumbling in January.
New Zealand Business Confidence Slips in March
The preliminary March reading of the ANZ Business Outlook demonstrated a fall of 7 points in business confidence to zero, from the prior reading of 7.0. The more closely followed activity outlook also plummeted by 4 points to 17 per cent during the first week of March.
The business confidence softened as costs and inflation indicators continue to rise, and tougher employment and supply outlooks weighed on companies’ optimism.
UK Retail Sales Revives in February
As per the latest industry data, the UK retail sales returned to growth in February in spite of the nationwide lockdown. The BRC-KPMG retail sales monitor revealed that the total retail sales in the UK increased by 1 per cent in February against the same month last year. The data reflects a sharp reversal from the 1.3 per cent Y-o-Y contraction experienced in January.
Do Not Miss: Is the UK economy poised for a sharp turnaround?
The optimism surrounding the gradual reopening of the nation’s economy drove the revival in retail spending. On 22 February 2021, the UK Prime Minister Boris Johnson set out a roadmap to exit from COVID-19 lockdown, prompting shoppers to increase spending on non-food items like clothes and school uniforms.
Japan’s Household Spending Drops in January
With increasing coronavirus cases keeping people close to home, Japan’s consumers held back on spending in January. The country’s household spending dropped by a real 6.1 per cent from the prior corresponding period for the second straight month. The fall in household spending was worse than the 2.1 per cent decline anticipated by market experts.
The latest survey by the Ministry of Internal Affairs and Communications revealed that households with two or more than two people spent an average of about USD 2,400 or 267,760 yen in January.
Economic Calendar for This Week
