Global economy loses momentum

<p>Kia ora,</p><p>Welcome to Thursday’s Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.</p><p>I'm David Chaston and this is the International edition from Interest.co.nz.</p><p>Today we lead with news the global economy is losing momentum, just as regulators seem to want.</p><p>First, there has been a lot of economic data news out overnight, especially in the US. This starts with a raising of their Q3 economic growth rate in the <a href="https://www.bea.gov/news/2022/gross-domestic-product-second-estimate-and-corporate-profits-preliminary-third-quarter" target="_blank"><strong>second revision</strong></a>. It was expected to be raised by analysts, but the rise exceeded their estimates. Better consumption levels were the item diving the upside revision.</p><p>US <a href="https://www.mba.org/news-and-research/newsroom/news/2022/11/30/mortgage-applications-decrease-in-latest-mba-weekly-survey" target="_blank"><strong>mortgage applications resumed their downward slide</strong></a> last week even though mortgage interest rates eased off a bit.</p><p>Their housing markets remain in the doldrums, with October <a href="https://www.nar.realtor/newsroom/pending-home-sales-declined-4-6-in-october" target="_blank"><strong>pending home sales</strong></a> falling another -4.6% from September to be down -37% from the same month a year ago.</p><p><a href="https://www.bls.gov/news.release/jolts.nr0.htm" target="_blank"><strong>The number of job openings eased</strong></a> by 353,000 to 10.3 million in October of 2022, roughly in line with market expectations, and suggesting demand for workers has started moderating, although the shift is very minor.</p><p>The private sector <a href="https://adp-ri-nrip-static.adp.com/artifacts/us_ner/20221130/ADP_NATIONAL_EMPLOYMENT_REPORT_Press_Release_2022_11%20FINAL.pdf?_ga=2.63758383.1822693965.1669829034-1076201138.1667409539" target="_blank"><strong>ADP employment report</strong></a> which is a pre-cursor to this weekend's non-farm payrolls rep