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China may need a growth rate of 7.2 percent in order to create enough jobs in the economy, Premier Li Keqiang said in a speech to the All-China Federation of Trade Unions on October 21. Li's remarks, however, were published only on late Monday. China needs 7.2 percent growth a year to generate 10 million new jobs annually and to maintain the urban registered jobless rate at around 4 percent.
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Activity in the U.S. service sector unexpectedly expanded at a faster rate in the month of October, according to a report released by the Institute for Supply Management on Tuesday.
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Euro area economic recovery is continuing, but remains very weak, warranting careful nurturing, European Central Bank Executive Board Member Jorg Asmussen said on Tuesday.
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Australia posted a merchandise trade deficit of A$284 million in September, the Australian Bureau of Statistics said on Wednesday.
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The unemployment rate in Australia was a seasonally adjusted 5.7 percent in October, the Australian Bureau of Statistics said on Thursday.
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Eurozone interest rates were reduced on Thursday as the economy is likely to face a prolonged period of low inflation, but no deflation, the European Central Bank President Mario Draghi said on Thursday. Earlier today, the ECB sprung a surprise by cutting the key interest rate to a record low 0.25 percent, amid intense market speculation for such a move.
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Economic activity in the U.S. grew by more than anticipated in the third quarter, according to a report released by the Commerce Department on Thursday. The report said U.S. gross domestic product rose by 2.8 percent in the third quarter compared to economist estimates for an increase of 2.0 percent.
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China will on Friday release October numbers for imports, exports and trade balance, highlighting a modest day in Asia-Pacific economic activity.
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With an increase in non-revolving credit once again offsetting a drop in revolving credit, the Federal Reserve released a report on Thursday showing that U.S. consumer credit rose by more than expected in the month of September.
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China's trade surplus more than doubled in October, boosted by a stronger-than-expected rebound in exports, data from the General Administration of Customs showed Friday, suggesting that the economic recovery is gaining traction. The positive data will encourage Chinese leaders to accelerate efforts to unlock another wave of economic reforms.
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