U.S. Review
Almost Everything Is Improving Except Hiring
• Nonfarm employment fell by 190,000 jobs in October, with declines as broad based as in recent months. The unemployment rate rose to 10.2 percent.
• The ISM manufacturing index rose 3.1 points to 55.7 in October, led by a 7.6 jump in the production component. The employment index rose above 50 for the first time in 14 months.
• Productivity surged during the third quarter, with rebounding manufacturing output and broad based cutbacks in the service sector accounting for most of the increase.
Global Review
European Central Banks Remain Accommodative
• The Bank of England’s Monetary Policy Committee (MPC) announced this week that it will continue its program of bond purchases, but the pace of those purchases will be dialed back somewhat. The MPC decided to keep its main policy rate at 50 basis points, as was widely expected.
• Across the English Channel, the European Central Bank (ECB) also opted to keep its key policy rate at 1 percent. ECB President Trichet said that the recovery is taking shape in-line with the bank’s expectations, and the current rate level is “appropriate.”…Click HERE to view the full report.
Source: Wells Fargo
Tags: economic, financial, jobs, purchase, rate, recovery, rent, Report, research, time, unemployment
