Shops and warehouses in the U.S. and Europe are overstocked with inventory, causing orders for new goods from China’s factories to plunge by as much as 50 percent last month, according to the Financial Times.
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ARE LUXURY BRANDS PEAKING?
In this year’s third quarter, the Ralph Lauren fashion brand’s U.S. revenue grew 13 percent. Capri Holdings, which owns Michael Kors and Versace, saw revenue jump 17.5 percent. Both grew more than the rate of inflation.
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ECB: INTEREST RATES TO GO UP AS ECONOMY GOES DOWN
Officials of the European Central Bank (ECB) denied claims of a pending “dovish pivot” that would lead the bank to slow its pace of interest rate hikes or stop them entirely.
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POLAND’S ECONOMY TANKS AS INFLATION ROCKETS UP
Inflation in Poland is galloping at almost 18 percent, with core inflation—which leaves out food and fuel price increases—above 10 percent.
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U.K. HIT BY DRAGFLATION
Britain’s economy contracted 0.2 percent in this year’s third quarter and considering the socioeconomic and geopolitical trends it will continue to shrink through the winter.
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TOP TREND 2022, DRAGFLATON: GERMANY LEADS THE CHARGE
Led by slumping factory output in Germany, the Eurozone will enter a recession this quarter that will endure at least through the first three months of 2023, the European Commission (EC) has predicted.
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WHEN THE ECONOMY FALLS JOBS GO WITH IT
Inflation and interest rate hikes are causing companies in many sectors to lay off employees. To illustrate the employment trends and the socioeconomic implications, each week we will list job losses.
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DESPITE INFLATION, AMERICANS STILL PAYING PREMIUM PRICES TO TRAVEL
In July through September, cruise line Royal Caribbean booked twice as many 2023 reservations than in the previous quarter this year. Corporate travelers are booking car rentals at a brisk pace. Hotels are seeing more guests, even as room rates rise with inflation.
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HOME PRICES SHARPLY SLOW THEIR RATE OF INCREASE
In October, the median selling price of a U.S. single-family home was $398,500, up 8.6 percent from a year earlier. That rate of increase is almost half that of this year’s second quarter, when prices were rising at a 14.2-percent annual rate.
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CORPORATE BONDS TAKE A BEATING AS INTEREST RATES RISE
From 1 October 2021 through 9 November this year, an index following investment-grade corporate bond prices lost about 20 percent of its value, The Wall Street Journal reported.