The economy appears healthier than many had feared a few weeks ago, raising hopes that it can end the year on an upward slope.

A raft of data Thursday show layoffs are trending down to a six-month low and factories in the Mid-Atlantic are growing again.

Meanwhile, in the UK, British retail sales grew more than expected in September after a surprise increase in sales of laptops and video games, the Office for National Statistics said on Thursday.

Retail sales went up 0.7pc on the month and were 0.4pc higher on the year, above analysts' expectations for the monthly rise.

(READ the US story in Business Week – READ the UK news in the Telegraph)