Economy

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Harvey and Irma saw the U.S. lose more jobs in September than expected. The U.S. jobs report lost 33,000 non-farm jobs, much less than the 80,000 job gains expected the Bureau of Labor Statistics said on Friday. 

Canada's merchandise trade deficit totalled $3.4B in August, widening from a $3B deficit in July. Exports decreased 1% on lower volumes, while imports were unchanged.

New car registrations have collapsed in the U.K in September SMMT report. Seasonally this is particulary concernings as it's the first time UK September car registrations have fallen in 6 years. Diesel vehicle demand has crashed on emission confusion. 

The World Bank warn the steep growth of shadow banking could trigger a debt crisis in China in it's October report on the East Asian and Pacific economies. They see Chinese debt levels and it's "shadow banking" as one of the greatest threats to regional prosperity.

Apparently Russian President Vladimir Putin has not decided he will run for re-election in March 2018. For a guy who hasn't relinguished any power since he headed the KGB this seems doubtful.  Also today Senate Intelligence Committee head Burr said "Can certifiably say no vote totals were affected as a result of Russia" 

Home sales in the Greater Toronto Area fell 35% in September year on year, however the average price rose 5.9 % from CAD $732,039 in August for the first month-over-month increase since the April  record high of  CAD $918,285 the Toronto Real Estate Board said Wednesday.

Eurozone August retail sales saw the worst decline almost two years, however the Euro shrugged off the bad news to move higher as it showed it's teflon qualities after ignoring the Catalonia referendum crisis in Spain.

At all time highs U.S. stock markets have put it all on red on Tax reform with the Trump Adminstration. U.S. Treasury Secretary Mnuchin is out with the spin on the plan and his outlook. Highlights on states, growth and debt follow. The big one, he wants the tax cuts to be retrospective.

We saw the third estimate of U.S. second quarter GDP Thursday which was higher at 3.1% up from the second estimate of +3.0% and the first estimate of +2.6%. However corporate profits after tax were revised to +0.1% from +0.8% is worrisome particuarly with stock markets at all time highs.

The British Prime Minister speaking at the Bank of England conference reminded of the nature of unintended consequences when actions to solve one problem can create others. She is talking about Brexit but could well be allusing to the Boeing-Bombardier fallout.

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