dpa-AFX overview: ECONOMY from December 22nd, 2021 – 5:00 p.m.

OVERALL ROUNDUP / Omikron Wave: Warnings and Confidence Before Christmas

BERLIN – Federal Health Minister Karl Lauterbach (SPD) and the head of the Robert Koch Institute, Lothar Wieler, once again called for family celebrations only in small groups shortly before Christmas. Lauterbach confirmed on Wednesday that the feared Omikron wave could no longer be prevented. However, he was also optimistic that a drastic development in corona infections can be averted. Wieler warned of an overload of the health system and an impairment of critical supply structures if the wave was not slowed down. Everyone is asked, for example when reducing contact.

USA: Consumer confidence surprisingly brightens

WASHINGTON – U.S. consumer sentiment surprisingly brightened in December. Consumer confidence rose by 3.9 points to 115.8 points compared to the previous month, as the market research institute Conference Board announced in Washington on Wednesday. Analysts, however, had only expected 111.0 points.

USA: Existing home sales up less than expected

PRAGUE – The Czech National Bank has once again raised its key interest rate more sharply than expected due to high inflation. The interest rate increases by 1.0 percentage points to 3.75 percent, as the central bank announced in Prague on Wednesday. Economists had only expected an increase to 3.5 percent on average. It is the fifth rate hike in a row.

USA: Economy grows a little faster than expected in summer

WASHINGTON – The US economy grew a little faster in the summer than previously known. Compared to the strong spring quarter, however, it has clearly lost pace. The gross domestic product (GDP) rose from the second to the third quarter by an annualized 2.3 percent, as the Department of Commerce announced in Washington on Wednesday. A previous estimate had shown growth of 2.1 percent. Analysts had expected a confirmation of the preliminary figures on average.

DIW: Real estate bubbles in large cities could burst

BERLIN – After more than a decade of rising real estate prices, the German Institute for Economic Research (DIW) believes that major “price corrections” are possible in the coming years. This affects Berlin, Munich, Hamburg and other large cities, according to the economists’ weekly report published on Wednesday. Accordingly, the speculative exaggerations on the real estate market are increasing. Condominiums and building plots in large cities are particularly affected.

ECB director Schnabel: upside risk for inflation

FRANKFURT – According to the European Central Bank (ECB), consumers in the euro area will have to live with higher inflation rates for a while. “We know that inflation will be high for some time, but also that it will decline over the course of next year. We are less certain about how fast and how strong the decline will be,” said ECB board member Isabel Schnabel in an interview published on Wednesday by the French daily “Le Monde”.

Ifo: Delivery problems in retail even worse

MUNICH – The delivery problems in the German retail sector worsened again before Christmas. In the monthly company survey by the Munich-based Ifo Institute, 81.6 percent now complain that the goods ordered were not delivered. That’s more than four out of five retailers. In November it was less than eighty percent. In December, ninety percent and more of six of the nine specialist retail branches surveyed complained about missing deliveries, as the economic research institute announced on Wednesday.

British economy grows weaker than expected in summer

LONDON – The UK economy grew a little weaker than previously known in the summer. The economic output (GDP) increased by 1.1 percent from the second to the third quarter, said the ONS statistics office in London on Wednesday. A previous estimate had shown an increase of 1.3 percent. Compared to the same quarter in the previous year, the economy grew significantly from July to September by 6.8 percent. This is a little more than previously estimated.

Customer note:

ROUNDUP: You are reading a summary in the economic overview. There are several reports on this topic on the dpa-AFX news service.

/ jsl


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