Ditching America First, Home Renovations, U.S. Stimulus: Eco Day

Welcome to Friday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

  • Treasury Secretary Janet Yellen defended the need for $1.9 trillion in pandemic-relief spending -- the second-largest emergency aid bill on record -- even with recent strength in retail sales and U.S. stock values
  • President Joe Biden will re-introduce himself and the U.S. to world leaders at a pair of international conferences on Friday, calling on industrialized democracies to partner in confronting the pandemic and climate change in a sharp departure from his predecessor’s foreign policy
  • In the last year, U.S. consumers have accumulated around $1.5 trillion in excess savings, that number represents one of the biggest upside risks to the country’s growth outlook
  • The relentless rise in lumber prices shows no signs of abating as the pandemic keeps people at home, spurring a home-renovation boom
  • Today’s PMI survey data shows a mixed picture for the global recovery:
    • In Japan factory activity expanded while measures to combat the pandemic continued to weigh on services
    • It was a similar story in France and Germany where manufacturing grew again while the slump in services means the private sector remains under pressure. Overall, business activity in the euro-area economy shrank for a fourth month
    • In the U.K., supply-chain problems due to Brexit helped push factory activity to the weakest level in nine months
    • U.S. data are due later today

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