• Sunday, February 7, 2016 - 16:53 France-Germany CBanks Say Reforms Must Support MonPol 0

    By Jack Duffy

    PARIS (MNI) - Monetary policy cannot by itself generate durable economic growth and requires structural measures both at the national and European level to succeed, Bank of France Governor Francois Villeroy de Galhau and Bundesbank President Jens Weidmann said on Sunday.

    In a joint opinion piece published in Le Monde and in the Suddeutsche Zeitung, the two central bankers said while monetary policy "had brought great support to the economy of the euro area, it cannot generate sustainable economic growth.

  • Friday, February 5, 2016 - 17:31 CMHC Text:Canada Jan Housing Starts Fall to 165,861 Units SAAR 0

    OTTAWA (MNI) - Following is the text of a press release published by Canada Mortgage and Housing Corporation (CMHC), which released the January Housing Starts initially scheduled for Monday:

    Canadian Housing Starts Trend Lower in January

    The trend measure of housing starts in Canada was 199,169 units in January compared to 203,304 in December, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

    "Housing starts trended down across the country with the exception of Ontario," said Bob Dugan, CMHC Chief Economist. "The overall decline is mostly attributable to a slowdown in the Prairies where the...

  • Friday, February 5, 2016 - 15:35 Obama: $10/Barrel Oil Tax Good Idea Now When Prices Low 0

    WASHINGTON (MNI) - President Barack Obama Friday said his $10-a-barrel oil tax proposal that House Republicans have already said is dead on arrival is a good idea now, when gasoline prices are low, and would be a good idea for the future, when oil prices go back up.

    In a TV appearance mainly intended to hail the new 4.9% unemployment rate as another sign the U.S. economy is doing a lot better than Republican candidates say it is, Obama was asked about his oil tax.

    "Right now, gas is $1.80," he said, "and gas prices are expected to be low for a while, for the foreseeable future."

    He continued, "That overall can be a good thing for the economy.

  • Friday, February 5, 2016 - 15:10 Text: ECB Explains the Agreement on Net Financial Assests 0

    FRANKFURT (MNI) - The following is the text of the decision by the ECB and the national central banks (NCBs) of the Eurosystem to publish data on aggregate net financial assets (ANFA), released late Friday:

    The European Central Bank (ECB) publishes the Eurosystem's aggregate net financial assets and explains the Agreement on Net Financial Assets (ANFA).

    ANFA is an agreement between the national central banks (NCBs) of the euro area and the ECB. It sets rules and limits for non-monetary policy holdings that are related to national tasks of the NCBs.

    The ECB publishes the Eurosystem's aggregate net financial assets, and the NCBs will publish their respective net financial assets on an annual basis (at the time of...

  • Friday, February 5, 2016 - 12:15 Analysis: US 4Q Productivity Miss Not Quite as Bad as Appears 0

    --Retransmitting 14:57 ET Thursday Sty; Cuts Reference to March Multifactor Rpt
    --Inflation Adjusted Compensation Up Most Since 2000

    WASHINGTON (MNI) - The low level of U.S. productivity growth for the past five years is a threat to future prosperity, experts agree, and Thursday's report on last year's performance seemed to be more of the same - yet not without some silver linings.

    "It's hard to make a negative 3 sound good," John Glaser, chief of the BLS major sector labor productivity growth branch, told MNI. But, he added, "The underlying theme here for the last five years is that hours keep increasing. You just need more...

  • Friday, February 5, 2016 - 12:08 UPDATE: Jan Payrolls Weakness Centered in Priv Edu, Deliverers 0

    --Updating 9:31 ET Story; Reaction
    --Jan Payrolls +151,000; Unemp 4.920%, Lowest Since Nov 2007
    --Manufacturing Shows a Rare Pop on Non-Durables

    WASHINGTON (MNI) - The January jobs report delivered all the weakishness that Fedwatchers expected and then some, but under the surface the month's losses were unusually concentrated in two peripheral categories.

    January payrolls came in at 151,000, the Bureau of Labor Statistics reported Friday, the least since September.

    Yet the unemployment rate came down to 4.9%, the lowest since November 2007's 4.7% before the financial crisis and...