Friday, December 7, 2012

20121207 0955 Global Economy Related News.

Australia: Jobless rate unexpectedly falls
Australia’s unemployment rate unexpectedly dropped in November as a labour market driven by mining-industry hiring weathers a weaker global economy. The jobless rate fell to 5.2% from 5.4% in October. That compares with the median estimate for unemployment of 5.5% in a Bloomberg News survey. The number of people employed advanced by 13,900, compared with the consensus forecast for no change. (Bloomberg)

UK: BOE keeps stimulus on hold as Osborne extends fiscal squeeze
BOE officials left their bond-buying programme on hold as they assessed the need for more stimulus a day after Chancellor of the Exchequer George Osborne committed the country to five more years of austerity. Governor Mervyn King and the Monetary Policy Committee kept their quantitative-easing target at GBP375bn, a move predicted by all 36 economists in a Bloomberg News survey. (Bloomberg)

Germany: Manufacturing orders surge in sign of resilience
German factory orders surged almost four times as much as economists forecast in October, driven by foreign demand. Orders, adjusted for seasonal swings and inflation, jumped 3.9% from September’s revised growth of 2.4%. The increase is the biggest since January 2011 and exceeds the median forecast for a 1% gain in a Bloomberg News survey. From a year earlier, orders fell 2.4% when adjusted for work days. (Bloomberg)

EU: Draghi leaves rate-cut door ajar as ECB reduces forecasts
The ECB cut its growth and inflation forecasts and President Draghi said the euro area won’t start to shake off its slump until 2H2013, leaving the door ajar for further interest-rate reductions. “Weak activity is expected to extend into next year,” Draghi said after policy makers left the benchmark rate at 0.75%. (Bloomberg)

US: Households back to slashing debt
Households went back to shedding debt in the third quarter, with Americans repaying mortgages even as student and car loans piled up. The Federal Reserve, in its voluminous flow-of-funds report, reported household debt fell an annualised 2% in the third quarter to USD12.87tn, marking the 16th period out of 18 that has seen a decline. The 2% drop was the largest since the second quarter of 2011. (MarketWatch)

US: Jobless claims drop 25,000 to 370,000
New applications for US unemployment benefits fell for the third straight week, but they still haven’t fallen to quite the same level that prevailed before the superstorm Sandy smashed into the Northeast in late October. Initial jobless claims sank by 25,000 to a seasonally adjusted 370,000 in the week ended 1 Dec. Claims from two weeks ago were revised upward to 395,000 from an initial read of 393,000. (MarketWatch)

US: Consumer comfort holds near highest since April
Consumer confidence held close to a seven-month high last week as the holiday-shopping season put more Americans in the mood to spend, and claims for unemployment benefits declined. The Bloomberg Consumer Comfort Index eased to minus 33.8 in the period ended 2 Dec from minus 33. This marks the 11th straight above minus 40, a point associated with recessions and their aftermath. (Bloomberg)

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