Charting Global Economy: U.S. Employment, Manufacturing Power Up
A job seeker fills out an application form during a United States Postal Service (USPS) recruitment event in Boston, Massachusetts, U.S. (Photographer: Shiho Fukada/Bloomberg)

Charting Global Economy: U.S. Employment, Manufacturing Power Up

Job growth and manufacturing in the U.S. powered ahead at end of the first quarter as a robust pace of coronavirus vaccinations, fewer restrictions on business and fiscal support generate a stronger tailwind for the economy.

Sweden, Norway and Russia are among countries on pace to return to pre-pandemic levels of growth by year-end, while Covid-19 infections continue to haunt emerging economies such as Brazil.

The pandemic may have expedited China’s bid to overcome the U.S. as the world’s largest economy later this decade.

Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy:

U.S.

Charting Global Economy: U.S. Employment, Manufacturing Power Up

Employers added the most jobs in seven months with improvement across most industries in March, as more vaccinations and fewer business restrictions supercharged the labor market recovery in the world’s largest economy.

Charting Global Economy: U.S. Employment, Manufacturing Power Up

Manufacturing expanded in March at the fastest pace since 1983, catapulted by the firmest orders and production readings in 17 years, adding to evidence of an economy poised to accelerate.

Charting Global Economy: U.S. Employment, Manufacturing Power Up

The average time it takes for production materials to reach U.S. factory floors is now the longest on record, the ISM report showed. The purchasing managers group said lead times stretched to 75 days in March from 67 days a month earlier. Shortages of basic materials, higher input prices and difficulties in transporting products are creating headaches for an otherwise robust factory sector.

Europe

Charting Global Economy: U.S. Employment, Manufacturing Power Up

Russia’s economy continued to rebound from its pandemic-induced recession in the fourth quarter of 2020, easing its contraction as President Vladimir Putin opted against imposing a second national lockdown.

Charting Global Economy: U.S. Employment, Manufacturing Power Up

By the end of 2021, Bloomberg Economics forecast output will exceed its pre-pandemic level in Sweden and Norway. That’s set to bring interest rate increases into view.

Charting Global Economy: U.S. Employment, Manufacturing Power Up

Home working is likely to remain after the pandemic finishes, according to a survey of 2,000 companies the U.K., most of which are planning to allow employees greater flexibility on where and when they do their jobs.

Asia

Charting Global Economy: U.S. Employment, Manufacturing Power Up

Since the 1970s, China has been racing to become the world’s largest economy. Its recovery from the pandemic means it could eclipse the U.S. this decade.

Charting Global Economy: U.S. Employment, Manufacturing Power Up

Returning to a high growth path will be the easy part for South Asian economies led by India, which confront much harder challenges in the form of increased inequalities and reduced access to education in the wake of the pandemic, according to the World Bank.

Emerging Markets

Charting Global Economy: U.S. Employment, Manufacturing Power Up

Brazil’s unemployment rate rose as another, more contagious wave of the coronavirus began spreading across the nation.

Charting Global Economy: U.S. Employment, Manufacturing Power Up

Countries across Asia are trying everything from fertility tours to baby bonuses to spur population growth in an aging world. Not so in Indonesia, where officials are trying to convince people to have fewer children.

World

Charting Global Economy: U.S. Employment, Manufacturing Power Up

Bloomberg Economics’ nowcasts of GDP growth across major economies show output for a significant chunk of the world economy poised to move above the pre-crisis peak, but with a widening divide as China and the U.S accelerate out of the slump, and European countries sink lower.

Charting Global Economy: U.S. Employment, Manufacturing Power Up

The International Monetary Fund is preparing to give its member countries the biggest resource injection in its history, $650 billion, to boost global liquidity and help emerging and low-income nations deal with mounting debt and Covid-19.

©2021 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.