EM Holding Up

November 2006 | Market Strategy

Another week, another set of conflicting data regarding the US economy. Just when it looked like the much-discussed slowdown was taking shape, the non-farm payrolls figure points to resilience on the part of the US economy. Only last week, analysts were still bemoaning the weaker-than-expected 1.6% y-o-y real GDP growth rate for Q306, whilst digesting too the fall in the October ISM to 51.2, its lowest level since June 2003. However, the 92,000 gain in October non-farm payrolls, combined with the net upward revision of 139,000 for the prior two months, and an unemployment rate of 4.4% suggests that the

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