United States Challenger Job Cuts

Canada Labor Productivity QoQ

United States Continuing Jobless Claims

The unemployment rate in the Euro Area fell to a new record low of 6.5% in October of 2022 from 6.6% in the prior month, slightly below market estimates of 6.6%. It compares with a much higher jobless rate of 7.3% in the corresponding period of 2021, as economic stimulus and growth-oriented policy supported the labor market's recovery from the pandemic. There were 10.872 million unemployed persons in October, 142 thousand less than in the previous month.

Euro Area Jobless Rate Falls to Fresh Record-Low

Malaysian palm oil futures were trading below the MYR 4,100 per tonne mark as weaker rival vegetable oil prices and a stronger ringgit prompted some profit-taking. At the same time, Indonesia's exports remain more competitive than Malaysia's, following the former's extended palm oil levy waivers. Still, fundamentals in the palm oil complex continued to be supported by somewhat sluggish production and strong export demand. Malaysian palm oil output will likely drop by 5% to 8% in November from the previous month, as heavy rains and floods prevented the harvesting and transport of palm fruit in several producing regions, according to United Plantations Bhd. On top of that, data showed that shipments from Malaysia jumped 2.9% in November from the prior month, primarily due to higher sales to China and India.

Palm Oil Rally Run Out of Steam

The current account surplus in Iceland narrowed to ISK 23.1 billion in the third quarter of 2022 from ISK 29.0 billion in the same period a year earlier. Year-on-year, the primary income shifted to a deficit of ISK 6.5 billion from a surplus of ISK 18.9 billion, while the shortfall on goods account and secondary income widened to ISK 70.7 billion and ISK 9.9 billion from ISK 45.7 billion and ISK 7.9 billion, respectively. Meanwhile, the services account surplus rose to ISK 110.1 billion, compared to ISK 63.7 billion in the third quarter of 2021.

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