U.S. Review
Despite Falling Energy Prices, Inflation Hangs in There
- Headline inflation continues to be held down by falling energy prices. Core prices, however, are inching up and look to be stable on a year-ago basis.
- Industrial production disappointed in October as it slipped 0.1 percent. Weakness was concentrated in the utilities and mining industries. Manufacturing output, which accounts for about three-fourths of industrial activity, rose 0.2 percent.
- The housing recovery continued to progress in October. Although starts fell slightly, permitting activity rose to a six- year high.
Global Review
Has Latin America Hit the Bottom of this Cycle?
- The numbers coming out of Latin America are not great, and economic policy in the region could continue to prevent those economies from improving any time soon. However, there are some signs that the worst of this economic cycle affecting the region seems to be over, at least for now.
- The Latin American region is not booming and we are expecting growth to be limited. Furthermore, Argentina and Venezuela are expected to remain in recession into next year. However, we believe that the rest of the region may start to experience stronger growth, although the extent of that pick- up may be limited.
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