US: White House considering new tax cut plan, Washington Post says
The Obama administration is considering a plan that would preserve tax breaks for both the wealthy and the middle class as it faces likely Democratic losses in the 2 Nov mid-term elections, the Washington Post reported. Administration officials are discussing “decoupling” the Bush-era tax cuts to allow permanent extension for families making less than USD250,000 a year and temporary extension of cuts for those making more, the newspaper said, citing people familiar with talks at the White House and among senior congressional Democrats. (Bloomberg)
US: Unemployment probably hovered near 10%
Unemployment in the US probably kept hovering near 10% in October, one reason the recovery that began more than a year ago has disappointed Federal Reserve policy makers, economists said before a report this week. The jobless rate held at 9.6% for a third month, according to the median of 61 estimates in a survey heading into a 5 Nov report from the Labor Department. (Bloomberg)
U.S: GDP grew at an annual rate of 2% QoQ in 3Q10 underscoring the views of Federal Reserve policy makers who say more stimulus will be needed to spur growth. (Source: Bloomberg)
U.S: Michigan consumer sentiment index declines in October. The Thomson Reuters/University of Michigan final index of consumer sentiment decreased to 67.7 from 68.2 in September. (Source: Bloomberg)
U.K: Consumer confidence unexpectedly rose in October as sentiment held up before Prime Minister David Cameron's government unveiled the scope of its budget squeeze, GfK NOP Ltd. said. The index of sentiment increased 1 point to minus 19. (Source: Bloomberg)
E.U: Inflation unexpectedly accelerated in October to 1.9% YoY after increasing 1.8% YoY in September. The jobless rate was 10.1% in September, the highest since July 1998, a separate report showed. (Source: Bloomberg)
Germany: Retail sales unexpectedly dropped for a second straight month in September. Sales, adjusted for inflation and seasonal swings, fell 2.3% MoM from August, when they declined 0.4% MoM. (Source: Bloomberg)
Spain: Jobless rate unexpectedly fell for the first time in more than three years. The unemployment rate fell to 19.8% in the third quarter, from 20.1% in the previous three months, the National Statistics Institute said.
S. Korea: Inflation rate in October climbs to 20-month high. The consumer price index rose 4.1% YoY in October accelerating from a 3.6% YoY advance in September. Prices rose 0.2% MoM from September. (Source: Bloomberg)
Singapore: Employers expanded payrolls for a fifth consecutive quarter, pushing the jobless rate to the lowest in 2 ½ years. The city state added an estimated 24,100 jobs in the three months ended September, after the creation of 24,900 positions in the second quarter of 2010, the Ministry of Manpower said in a statement. The seasonally adjusted unemployment rate fell to 2.1% from 2.2% the previous quarter. (Source: Bloomberg)
Japan: Output slide, deepening deflation point to economic slump
Japanese factory production slumped by more than double the pace economists forecast and deflation deepened in September, adding to signs that a stronger yen is causing the economy’s expansion to lose momentum. Industrial output fell 1.9% in September from August and core consumer prices declined 1.1% from a year earlier after a 1% drop in August, government reports showed. The median forecast of 27 economists surveyed was for output to drop 0.6%. (Bloomberg)
Indonesia: Prepares options for capital controls as rupiah rises. Indonesia's central bank is assembling options including a longer withholding period for foreign purchases of central bank bills if needed to address any capital inflows that risk destabilizing the nation's economy. Scenarios being studied include extending the holding period for central bank notes, or SBI to three months from one, Perry Warjiyo, director for monetary policy at Bank Indonesia, said in Jakarta. Warjiyo reiterated the central bank's view that no further limits on capital flows are currently needed. (Source: Bloomberg)
Australia: Manufacturing contracted for second month in October as the nation's surging currency eroded demand for exports. The performance of manufacturing index increased to 49.4 from 47.3 a month earlier. A number below 50 indicates contraction. (Source: Bloomberg)
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