United States:
Renewed U.S. Jobs Strength Confronts Fresh Challenge in Omicron
“U.S. employment growth is projected to exceed a half million for a second month in November, though such momentum may be tested by a new Covid-19 strain that could keep potential workers sidelined for longer. The median projection in a Bloomberg survey of economists are for a 546,000 increase in payrolls — which would be the most since a 1 million-plus surge in July — and for the unemployment rate to fall slightly to 4.5%. While the job market is starting to make greater strides, labor supply remains well short of demand.”
Europe:
BOE’s Saunders Sees Benefit to Waiting for Omicron Data
“The Bank of England’s leading inflation hawk said there could be advantages from waiting for more data on how the omicron variant of the coronavirus will impact the economy before raising interest rates, prompting investors to slash bets on a December hike. Michael Saunders, who voted to lift borrowing costs last month, said the new strain will be the key issue at the BOE’s next decision, adding to speculation the central bank may delay a move this month. It’s possible the variant could impact both demand and supply even if the U.K. avoids deeper restrictions, he said.”
Asia:
China Looks to Ease Monetary Policy to Help Smaller Firms
China will cut the amount of cash banks have to keep in reserve to aid smaller firms, the Premier Li Keqiang said Friday, although he didn’t say when the reduction would happen. China will continue to implement a prudent monetary policy, keep liquidity reasonably ample, make policies based on the needs of market entities, and will cut the reserve requirement ratio at an appropriate time, Li said in a Friday meeting with International Monetary Fund head Kristalina Georgieva.”
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