Key Economic Trends and Figures Impacting USA, UK, and Canada
Retail and Food Services Sales Experience Robust Growth
The U.S. Census Bureau reports a significant surge in retail and food services sales for September 2023, reaching an estimated $704.9 billion. This marks a 0.7 percent increase from the previous month and a notable 3.8 percent rise from September 2022. Notably, nonstore retailers and food services and drinking places experienced substantial year-over-year growth.
UK: Job Market Faces Challenges Despite Growth in Key Sectors
In July to September 2023, the UK job market faced challenges with a substantial drop of 43,000 vacancies, reaching a total of 988,000. This represents the 15th consecutive quarterly decline, reflecting the lowest vacancy numbers since May to July 2021. The decline was observed across various industry sectors, with real estate activities and administrative support services experiencing the most significant decreases.
Economic Insights: Vacancies for July to September 2023
The reduction in vacancies is widespread, affecting 14 out of 18 industry sectors, and resulted in a 4.2 percent decline since April to June 2023. Notably, the mining and quarrying sector showed resilience, boasting an 11.1 percent quarterly growth.
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Job Market Resilience: Key Sectors Show Growth
Despite the overall decline in vacancies, certain sectors demonstrated resilience. Human health and social work activities saw a noteworthy increase, with job numbers rising by 333,000. Additionally, professional, scientific, and technical activities experienced growth, adding 211,000 jobs.
Canada: Consumer Prices See Moderate Growth
The Consumer Price Index (CPI) in Canada showed a year-over-year increase of 3.8 percent in September 2023, down slightly from August’s 4.0 percent. This deceleration was influenced by lower prices in travel-related services, durable goods, and groceries. Notably, gasoline prices saw an uptick, rising at a faster pace in September due to a base-year effect.
Grocery Price Growth Slows but Remains Elevated
While the growth in grocery prices slowed in September, it remained above the headline inflation rate, increasing by 5.8 percent year over year. The deceleration was attributed to slowdowns in meat, dairy products, and coffee and tea.
Consumers Benefit from Lower Airfares
In September, consumers enjoyed a 21.1 percent reduction in air transportation costs year over year. This coincided with a gradual increase in available flights over the preceding 12 months.
Durable Goods Prices Decelerate
Durable goods prices rose at a slower pace, increasing by 0.4 percent year over year in September. The purchase of new passenger vehicles contributed most to this deceleration, with a 1.7 percent rise.
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