U.S. Review
Modesty Is Quite Unbecoming in the Recovery
* September’s employment numbers were once again underwhelming, with more than two years of modest payroll growth continuing into the autumn months.
* Residential construction bounced back in August, reflecting better weather conditions. Construction spending improved in August, and a surge in existing home sales over the summer more than made up for the small drop in September.
* Aircraft and defense orders fueled the rebound in durable goods orders, but otherwise, the report was relatively weak. In addition, a dearth of global demand kept the trade deficit relatively stable in August.
Global Review
Faster Global Growth; Bank of Canada Turns Dovish
* There were some encouraging signs this week of improving growth in some of the advanced economies of the world. Third quarter GDP figures bested expectations in the United Kingdom and South Korea. For detailed analysis of those GDP reports.
* In this week’s Global Review on page 4, we dig into the latest developments in Canadian monetary policy. Although the Bank of Canada kept its policy rate steady, the official
statement points to a change in the bank’s bias for the future.
Read full report: Economic Research
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