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For many years I thought that Mexico had lost a unique opportunity. In response to the global financial crisis, the central banks of developed countries implemented an unprecedented monetary expansion. Not only did they lower interest rates to zero, they also injected liquidity by buying bonds.
Nonfarm payrolls rose by 245K in November, down from 610K in October and lower than market expectations (432K). Meanwhile, the unemployment rate edged down to 6.7% from 6.9% in October. November’s employment figures suggest that the labor market is losing momentum as the pandemic worsens, and fiscal support wanes down.
In this publication you will find, on a weekly basis, our selection of the most relevant news regarding financial regulation.
The sale of homes and the signing of permits suffered a notable correction during the months of confinement. This resulted in a drop in residential prices in 2Q20 and 3Q20, the first time since 2015. The correction could continue in 2021, although a recovery is possible towards the second half of the year.
December 4, 2020
Spain | Impact of COVID-19 on consumption in real time and high frequency in nov-20
Spending with BBVA credit and debit cards or BBVA POS terminals fell by -6% year-on-year in November due to the deterioration in face-to-face purchases (-12%), both with Spanish (-8%) and foreign (-70%) cards. The rise in online transactions (13%), driven by Black Friday, limited the reduction in consumption last month.