US jobless claims jump; UK growth fizzles out – as it happened
Growth in the UK economy has all but fizzled out. GDP expanded by just 0.4% in October, the weakest in six months, with Covid-19 restrictions hitting the services sector hard.
Economists said growth had dropped to a “snail’s pace”, and that the UK faced a fraught few months after coming to a ‘juddering halt’ this quarter.
Economics thinktank NIESR estimates the UK will probably shrink by 1.5% in the last three months of 2020, with a November slump followed by a recovery in December.
US jobless claims surge as pandemic worsens
Over in America, the number of people filing new claims for unemployment benefits has jumped, as the Covid-19 pandemic continues to hurt the US economy.
Around 853,000 new ‘initial claims’ were filed last week, sharply up on the 716,000 claims received the previous week (when Thanksgiving disrupted things).