Charting the Global Economy: The Playgrounds of the U.S. Wealthy
Incomes are rising in the boltholes of the rich, and rising food prices are hitting the poorest households.
(Bloomberg) -- Inequality has been one of the topics of the decade, and there’s no sign that its prominence in debates is going to go away. Figures this week highlight one reason, showing rising income in the boltholes of the rich, and rising food prices that hit the poorest households.
Here’s some of the charts that appeared on Bloomberg this week, offering a pictorial insight into the latest developments in the global economy. Fair warning for bacon lovers, the last chart may alarm you.
U.S.
Orders and sales of business equipment unexpectedly increased in October by the most since the start of the year, a respite from a capital-spending downturn that weighed on third-quarter economic growth.
Sales of new homes in September and October were the strongest in more than 12 years as borrowing costs declined, indicating residential construction will provide a boost to economic growth.
The billionaire playgrounds of Jackson Hole and Aspen are getting richer, according to new government data, which shows residents of these pricey ski resorts -- along with Manhattan -- commanding the highest personal income in the U.S.
Europe
Swedish 15-year-olds face the longest time in the workforce in the European Union, an average of 41.9 years, followed closely by the Dutch. Italians get by with a working life that’s about 10 years shorter.
Boris Johnson’s Conservative Party is proposing to spend an extra one pound for every six pledged by Jeremy Corbyn‘s Labour opposition, opening up big divisions over fiscal policy ahead of the Dec. 12 general election.
Asia
Japan looks set to re-embrace the power of public spending with one of its biggest ever stimulus packages.
The earliest-available indicators of China’s economic performance point to a continued slowdown in November.
Emerging Markets
Food prices are climbing fast in the world’s biggest emerging markets, posing a possible inflation threat after months of dormant pressures.
World
Governments across Asia are pushing back against unwanted rubbish from overseas that has accumulated within their borders and led to illegal recycling, open burning, as well as illnesses tied to water and air pollution.
The deadly pig virus that spread from Africa across Europe and Asia will mean there isn’t enough pork in the whole world to make up for the millions of animals China is slaughtering to try to halt the contagion. But stopping African swine fever isn’t so easy.
--With assistance from Michael S. Arnold, Andrew Atkinson, Sophie Caronello, Hannah Dormido, Toru Fujioka, Jason Gale, Adrian Leung, Wei Lu, James Mayger, Anirban Nag, Anuradha Raghu, Sheldon Reback, Michael Sasso, Alex Tanzi and Emi Urabe.
To contact the reporters on this story: Vince Golle in Washington at vgolle@bloomberg.net;Zoe Schneeweiss in London at zschneeweiss@bloomberg.net
To contact the editors responsible for this story: Simon Kennedy at skennedy4@bloomberg.net, Fergal O'Brien
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