Almost six million workers are paid less than the living wage, according to a study by professional services firm KPMG.
Succinct Summations for the week ending October 2nd, 2015
The S&P 500 just completed its best month since October 2010.
ECI rose 0.6%, in line with estimates.
Chicago PMI rose 50 56.2, up from 48.7 previously.
Initial jobless claims came in at 260k; the 4-week average is down to 259.25k.
U.S. GDP grew at a 1.5% annualized pace in Q3.
Consumer confidence fell to 97.6, below expectations and down from 103 previously.
Mortgage applications fell 3.5% w/o/w.
UofM consumer sentiment fell to 90, below consensus and down from 92 previously.
Personal income rose just 0.1% m/o/m
Good for companies but do they hurt the consumer?
Training India’s millions of unskilled workers
BoJ governor Kuroda says he ‘won’t hesitate to do more’, after pushing back the Bank’s inflation target again
Here’s some instant reaction to BoJ governor Haruhiko Kuroda’s comments:
Kuroda leaving the easing door open, obviously.
The Bank of Japan lowers projections of growth, inflation https://t.co/yeiHwXl64d pic.twitter.com/uUav5IjbNW
BoJ’s Kuroda pushes 2% inflation target to H2 16. Sees lower oil prices as main reason. Says overall inflation trend is improving in #Japan.
BoJ’s Kuroda: Don’t think confidence in BoJ is falling apart. BoJ’s bal sheet expansion smaller than Fed’s or PBoC’s pic.twitter.com/fiA9RUPi5X
The Bank of Japan has fuelled speculation that it could soon announce fresh stimulus measures, after cutting the Bank’s inflation and growth forecasts.
“We won’t hesitate to make necessary policy adjustments if we judge that there is a change in the broad price trend.”
“I’m not thinking of raising or lowering the current 2% inflation target.”
“I don’t think there are limits to our policy options.”
*KURODA: DON’T SEE THERE ARE LIMITS TO ANY FURTHER ACTION
Related: Bank of Japan keeps QE programme on hold as it hopes for economic recovery
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
It looks like another busy day for economic news, as policymakers, analysts and the public all ponder the state of the global economy as the year grinds towards its close (just 55 sleeps till Christmas, folks!)
Oil price slump still hitting profits…@BGGroup profit -63%…but better than expected
JUST IN: RBS profit falls by more than half in third quarter, missing estimates https://t.co/10Ittj6HsL pic.twitter.com/WPIazisys0
RBS smashes forecasts despite litigation costs https://t.co/F3etbhLuQo
The central bank keeps its monetary powder dry as it gambles that the government’s other policy initiatives will kickstart the struggling economy
The Bank of Japan has held off expanding its massive monetary stimulus programme, preferring to keep its powder dry in the hope that the economy can overcome the drag from China’s slowdown without extra support.
Related: The golden age of central banks is at an end – is it time for tax and spend?
Related: Why China’s interest rate cut may be bad news for the world economy
Separate surveys find October sales undershot expectations, while shoppers are more uncertain on whether it is a good time for major purchases
Worries about a global downturn have knocked consumer confidence with retail sales losing momentum over recent weeks, according to the latest reports signalling a slowdown in the UK economy.
October marked a five-month low on a barometer of consumer mood from the market research group GfK, while a separate survey of retailers by the business group CBI showed sales had undershot expectations following a strong September.
Related: GDP growth in the UK slows more than expected to 0.5%
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