Japan – Recommitted to stimulating their economy

+ Bank of Japan announced a $60 billion US quantitative easing program allowing them to purchase commercial paper and more importantly REIT’s.

+ Government approved $61 billion US in new economic stimulus to help small and medium sized businesses. The plan will support regional economies, mining, and is aimed at increasing sales of environmentally friendly products.

Alan Greenspan

+ “We’re going to have to start to cut” from government entitlement programs; reducing the budget is better than raising taxes. He also supports allowing the Bush tax cuts to lapse at the end of 2010.

North American Unemployment

+ Canada added 37,000 full time positions, but lost 43,600 part time positions. Unemployment rate declined to 8% in September from 8.1% August.

+ US added 64,000 private sector jobs in September but lost a net 95,000 jobs. Unemployment rate was unchanged at 9.6%

+ Jobs lost on both sides of the border were largely seasonal or public.

New Brunswick

S&P’s long-term credit outlook has shifted to negative from stable, citing a deteriorating budget, rising debt burden and concern that the plan to balance the budget by 2015 is in jeopardy. The deficit has ballooned through heavy infrastructure spending and deep tax relief measures.