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Business Weekly Economic Report
Relax and de-stress
Monday, 11 May 2009
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The US bank stress tests eventually appeared on Friday morning and, after a week of leaks and rumours, were relatively anti-climactic. Out of 19 main banks the US authorities identified 10 of them will require an extra $US75 billion of capital, $34bn alone for Bank of America.
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Last week’s labour market figures showed employment fell 1.1% over the quarter (24,000 jobs), the largest percentage decline since 1989, and the unemployment rate continued its steady rise to reach 5%.
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In the US there are very tentative signs that the pace of job losses is slowing, with April Non-farm Payrolls registering a fall of ‘only’ 539k.
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Report Prepared by:
Jane Turner
ASB Economist
Phone: +64 9 374 8185
Fax: +64 9 302 0992
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