U.S. Review: What Government Shutdown?
· Nonfarm payrolls surprised to the upside as the federal government shutdown did little to deter private-sector employers from hiring more workers. However, furloughed workers pushed the unemployment rate higher in the household survey.
· Despite a strong headline number, the details of the third quarter GDP numbers were more disappointing. Consumers continue to exhibit weakness, while business investment growth slowed some.
Global Review: Rate Cut From the European Central Bank
· The big international economics story this week was a rate cut from the ECB. In this week’s Global review on page 3, we discuss that somewhat unexpected decision in the context of a different approach from the Bank of England, which also met this week.
· Canadian employers added 13.2K workers to their payrolls in October, dropping the unemployment rate to a nearly fiveyear low.
· The Reserve Bank of Australia left its cash rate unchanged at 2.50 percent.
Read the full report: Economic Research
Wells Fargo