10 Things You Need To Know - November 7, 2017

Key data releases this week include: JOLTS job openings (Tue), initial jobless claims (Thu), and consumer sentiment (Fri).
Haver
November 3, 2017
Nonfarm payrolls increased 261,000 (1.4% y/y) during October following an 18,000 September increase and a 208,000 August gain. Together these two figures were revised up by 90,000. A 318,000 increase in payrolls had been expected in the Action Economics Forecast Survey.
Haver
November 1, 2017
At (Wednesday’s) meeting of the Federal Open Market Committee, the target for the federal funds rate was left unchanged at 1.00%-1.25%. This was the third consecutive meeting at which the rate target had been held steady with the last rate change being a 25-bp increase at the June 13-14 meeting. There have been two 25-bp increases so far this year.
Haver
October 31, 2017
The Conference Board Consumer Confidence Index surged 4.4% during October (24.9% y/y) to 125.9 following a 0.2% September rise, revised from -0.5%. The index was at its highest level since December 2000. The Action Economics Forecast Survey looked for stability this month at 121.0.
Reuters
October 31, 2017
Financial Times
Tuesday, October 31, 2017
October 31, 2017
Politico Pro
The economies of the EU and the eurozone continued growing in the third quarter but not as quickly as in Q2, the EU statistics agency said. The overall growth rate was 0.6%, down from 0.7% in Q2.
Nikkei Asian Review
November 2, 2017
The Chinese government's efforts to accelerate economic growth are starting to pay off in the profits of companies traded on the Shanghai and Shenzhen stock exchanges. For the first nine months of this year, the companies' combined profits rose 18% from the comparable period a year earlier, according to data from Shanghai DZH.
Nikkei Asian Review
November 6, 2017
Fueled by a surge in new orders, the growth of Japan's service sector hit a 26-month high in October, according to a widely followed benchmark. The reading of the Nikkei Japan Services Purchasing Managers' Index for October was 53.4, up from 51 in September.
Barron’s
November 6, 2017
Market Strategist Ed Yardeni was blunt in his assessment of the proposed tax proposal: “The legislation is a tax cut for companies, paid for by higher taxes on wealthier individuals because their top rate isn’t going down and some of the deductions they take will go away.”
CNBC
November 5, 2017
Bloomberg
Sunday, November 5, 2017
William Dudley, president of the Federal Reserve Bank of New York, is expected to announce soon he plans to retire in the spring or summer, sources said. Dudley has been key in the government's response to the financial crisis.
Bloomberg
November 6, 2017
It could prove to be a make-or-break week for the GOP’s proposed tax overhaul. The head of the tax-writing panel, Kevin Brady, has signaled that he intends to allow revisions during his committee’s meetings this week -- but not when the bill is on the full House floor. That means other House members will have to settle for a take-it-or-leave-it vote, perhaps as soon as the week of Nov. 13.