The idea that the global economy can be organized around another currency seems out of place given the dollar’s ascendancy over the past 10 years during a period of uncertainty. … READ MORE >
Economics
Resilient U.S. economy grows 4.9% in third quarter
A resilient American economy continued to defy expectations by growing at a 4.9% pace in the third quarter because of one-time factors inside the consumption channel and because of sustained gains in U.S. labor dynamics and modest real income gains. … READ MORE >
Bank of Canada holds at 5% as growth outlook softens
The Bank of Canada held its overnight rate at 5% on Wednesday and will continue its policy of quantitative tightening. … READ MORE >
Existing home sales fall to the lowest level since 2010
Demand for existing homes has plunged in six out of seven months since February, falling to 3.96 million in September. … READ MORE >
Housing starts and permits remain a drag on third-quarter growth
Housing starts rose 7.0% in September due to a rebound in multifamily homes, partly offsetting the sharp drop in August. Still, new residential starts remained a drag on growth in the third quarter amid higher mortgage rates, falling 4.2% on a quarterly basis. … READ MORE >
Canada’s inflation had broad-based deceleration in September
Canada’s headline inflation rate declined to 3.8% in September from 4.0% in August, reversing the upward trend of the past three months and offering good news to households and the Bank of Canada. … READ MORE >
Retail sales top forecasts as American consumers stay resilient
Total sales rose by 0.7% on the month, following an upward revision to 0.8% for August, the Commerce Department reported on Tuesday. … READ MORE >
Consumer sentiment hits 5-month low amid elevated inflation expectations
Consumer sentiment this month dropped to the lowest since May. The decline stems from the rebound in inflation and weakened expectations due to a looming government shutdown. … READ MORE >
Consumer price index: Volatility in energy and gas makes price stability elusive
Gains toward price stability remain elusive as the 1.5% increase in overall energy costs and stubborn housing inflation were the major drivers of inflation over the past month. … READ MORE >
Producer inflation rose more than forecast in September
Overall prices for final demand rose by 0.5% on the month while energy prices increased by 3.3%, the Bureau of Labor Statistics reported on Wednesday. … READ MORE >