Economy News
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Orders for U.S. durable goods other than transportation gear rose in September by the most in six months, indicating manufacturing will help sustain an economy hobbled by 9.1 percent unemployment.
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The Bank of Canada cut its forecasts for growth through the middle of 2012 amid a weak U.S. economy and a projected recession in Europe. It said the expansion will accelerate more quickly than estimated starting later next year.
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Chancellor Angela Merkel headed to a summit to solve the euro debt crisis armed with the endorsement of the German parliament as Italy’s Silvio Berlusconi struggled to meet Europe’s demands to cut pension spending.
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Canadian Finance Minister Jim Flaherty said he will cut his growth projections when he updates his fiscal plan in coming weeks, in a move that may leave him with C$12 billion ($11.8 billion) less in revenue than he projected in June.
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