Succinct Summation of the Week's Events

Succinct Summation of the Week's Events:

Positives,

1)The Federal Reserve and BoE sat tight while the BoJ gets them one more step closer from ending their interest rate price controls. 

2)The Q3 Employment Cost Index was up 1.1% q/o/q for total compensation, about in line with the 1% expected gain. The y/o/y rise was 4.3% which also was the private sector read for total comp. Wages and salaries for the private sector were higher by 4.5% y/o/y vs 4.6% in Q2 and vs 5.1% in the two prior quarter. Part of the moderation is lapping tougher comparisons from last year.

3)Q3 productivity and unit labor costs were about as expected when you include the Q2 revisions. As for unit labor costs, they fell .8% q/o/q instead of rising by .3% but Q2 was revised up by 100 bps to 3.2% growth from 2.2%. Productivity grew by 2.2% y/o/y which happens to be the best since Q1 2021 and compares with 3.5% in Q4 2019. Unit labor costs grew by 1.9% y/o/y and comes against the tough comp of 5.7% growth in Q3 2022 and compares with 3.7% in Q2. 

4)Apartment List released its new October report and said new rents fell .7% m/o/m and "This marks the third consecutive month of negative rent growth, and declines are likely to persist in the coming months as we head into the winter." On a y/o/y basis, new rents fell 1.2%.

5)From Live Nation: "As you can see from our results, the structural tailwinds behind our business are accelerating faster than ever. And as the fan demand truly globalizes and artists are able to perform more broadly than ever, this is fueling an unprecedented global desire for concerts. This has happened in all levels with both casual and die-hard fans and from small clubs to massive stadium events."