Macro Briefing: 21 November 2022

* Will GOP control of House shield industries from new taxes and regulations?
* China locks down major transportation hub amid new Covid outbreak
* Goldman Sachs predicts bear market for US stocks will continue in 2023
* Finding workers still tough for small firms despite higher layoffs
* Analyst predicts US economy can absorb tech industry layoffs
* Will Saudi Arabia succeed with plan to keep global oil demand strong?
* Existing home sales in US fall for ninth straight month in October
* Foreign Treasury holdings in September drop to lowest level since May 2021
* US Leading Economic Index suggests US economy is contracting:

US Consumer savings accumulated during the pandemic will fuel spending for another 12 months, economists estimate. “Economists estimate that headed into the third quarter of this year, households still had about $1.2 trillion to $1.8 trillion in “excess savings”—the amount above what they would have saved had there been no pandemic,” reports The Wall Street Journal. “With the labor market still strong, economists don’t expect consumers to dramatically rein in their outlays until they see unemployment rising and become concerned about losing their jobs. Economists surveyed by The Wall Street Journal last month expected employers will start cutting jobs in the second and third quarters of next year.”