Quick Overview

• Federal Reserve Chairman Alan Greenspan told Congress Thursday that economic fallout from the recent spate of devastating hurricanes should prove fleeting and the economy remains sturdy.
  
  

• Nonfarm business productivity grew at a seasonally adjusted annual rate of 4.1% from July through September, the Labor Department said Thursday. It grew 2.1% in the second quarter and 3.2% during the first three months of the year.
  
  

• Unit labor costs, which the Federal Reserve watches as an indicator of inflation risks, fell 0.5%, after swelling 1.8% in the second quarter and 2.2%.
  
  

• The National Association of Realtors said its pending home sales index fell by 0.3% to 128.8 from August's 129.2. The level was 3.3% higher than September 2004.
  
  
  

• The number of U.S. workers filing initial unemployment benefits fell to a two-month low, because of fewer hurricane-related filings, the Labor Department said. Initial jobless claims unexpectedly fell by 8,000 to 323,000 in the week that ended Oct. 29. The four-week moving average fell by 17,000 to 350,500.
  
  
  

• The Institute for Supply Management said its nonmanufacturing index, made up mostly of service-related companies, rose to 60.0 in October from a reading of 53.3 in September. Readings above 50 suggest expansion.
  
  

• The European Central Bank kept its interest rate unchanged at 2.00%.
  

• Retail sales in Australia were down 0.3% in August, weaker than expected.
  
  
  

• South Africa's gross domestic product was under-estimated between 10 and 20% as the economy had already been growing at more than 6 percent YoY for several quarters, T- Sec economist Mike Schussler said.
  
  

• Brazil's 2005-2006 soybean output is likely to reach 56.7 to-58.6 million tons, the Agriculture Ministry forecasting agency said in the first official estimates for next year's crop. Farmers may cut the area planted with soy by as much as 8 percent to 21.5 million hectares. Brazil harvested 51.1 million metric tons this year.
  
  

• The U.S. DoE said that natural gas supplies were up 29 billion cubic feet to 3.168 trillion cubic feet. Supplies are down 4% YoY.