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US trade deficit narrows in September, buoyed by gold
The United States’ trade deficit fell in September to its lowest level since 2020, as gold exports surged. The deficit was US$52.8 billion, dropping 10.9%. Exports were up 3% to $289.3 billion, while imports rose 0.6% to $342.1 billion. September’s narrowing deficit “reflected a decrease in the goods deficit of $7.1 billion to $79.0 billion and a decrease in the services surplus of $0.6 billion to $26.2 billion,” wrote the U.S. Bureau of Economic Analysis. Economists had projected the trade deficit would grow to $63.3 billion that month, according to Reuters polls. The data’s release was delayed by the 43-day government shutdown in October and November. Exports of goods were up $8.8 billion to $187.6 billion, supported largely by a $6.1 billion increase in gold exports. U.S. President Donald Trump said in August that gold would not be tariffed, despite the high tariff rate the administration had imposed on Switzerland, the largest gold exporter. While gold imports had surged in July, investors began to move gold holdings back out of the U.S. in September. Switzerland had the largest trade surplus with the U.S. of any country that month. Gold prices are up by roughly 60% over the past year, and reached $4,000 p
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NY Fed: Households gloomier on finances in November
United States households grew increasingly concerned about their financial wellbeing in November, with sentiment deteriorating both for current conditions and the year ahead, according to the latest Survey of Consumer Expectations published by the New York Federal Reserve on Monday. The findings paint a more fragile picture of household finances at a time when the Federal Reserve is preparing to make a closely scrutinised interest rate decision. The report noted: "Perceptions about households’ current financial situations compared to a year ago deteriorated notably, with a larger share of respondents reporting that their households were worse off compared to a year ago, and a smaller share reporting they were better off. "Expectations about year-ahead financial situations also deteriorated slightly with a smaller share of respondents reporting that their households are expecting to be better off a year from now." Despite this gloomier financial view, sentiment towards the labour market improved over the month. Expectations of higher unemployment a year from now eased, and the perceived likelihood of losing a job within the next 12 months fell to its lowest point since December 2024. Households also scaled back th
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US inflation gauge slips; Michigan sentiment ticks up
A key measure of United States inflation slowed in September, coming in just below expectations and offering the Federal Reserve further evidence that underlying price pressures are easing as policymakers prepare to meet next week. The data, released several weeks late due to the government shutdown, was widely interpreted by investors as a signal that central bank policymakers have room to lower interest rates. The personal consumption expenditures price index, which according to the Bureau of Economic Analysis (BEA) is "known for capturing inflation (or deflation) across a wide range of consumer expenses and reflecting changes in consumer behaviour”, is the Fed’s preferred inflation gauge. According to the BEA, the core measure, which strips out volatile food and energy components, rose 0.2% over the month. Its annual rate eased to 2.8%, down from 2.9% in August and slightly below the expected 2.9%. Headline PCE also increased 0.3% in September, leaving the annual inflation rate at 2.8%. While largely in line with forecasts, the annual figure edged 0.1 percentage point higher compared with the previous month. Goods prices climbed 0.5% in the month as President Donald Trump’s tariffs continued to filter through
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Australia surfs AI wave to two year growth high
The explosion in development of data centres has helped to power Australia’s economy to its fastest growth rate in two years. The Australian Bureau of Statistics (ABS) said gross domestic product (GDP) rose 0.4% in the September quarter of 2025 and 2.1% compared to a year ago on a seasonally adjusted basis. The last time the economy grew by 2.1% over 12 months was in the year to September 2023, according to ABS figures. Head of National Accounts Grace Kim said economic growth was steady in the latest three month period with the rise matching the average quarterly growth since the end of the COVID‑19 pandemic “GDP per capita was flat for the quarter as economic growth was in line with population growth but remained 0.4 per cent higher than a year ago,” Kim said in a media release. The ABS said private investment contributed 0.5 percentage points to GDP growth in the September quarter, driven by machinery and equipment investment, which rose 7.6% and aligned with an increase in imports of capital goods. “The rise in machinery and equipment investment reflects the ongoing expansions of data centres. This is likely due to firms looking to support growth in artificial intelligence (AI) and cloud computing capabilities
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ISM: US manufacturing dips; tariff pressures persist
United States manufacturing remained stuck in contraction in November, with fresh data from the Institute for Supply Management (ISM) showing persistent weakness across factories as import tariffs continued to exert pressure on orders, costs and employment. The ISM reported on Monday that its manufacturing PMI fell to 48.2, down from 48.7 in October and below expectations for 48.6. A reading below 50 signals contraction. Manufacturers across multiple industries cited tariffs as a significant drag. Some transportation equipment producers reported layoffs tied directly to President Donald Trump’s tariffs, saying firms were “starting to institute more permanent changes due to the tariff environment”. These included staff reductions, new guidance to shareholders and the development of offshore production facilities that would have otherwise been based in the U.S. Earlier in the year, Trump imposed 25% tariffs on more than US$460 billion worth of imported vehicles and auto parts each year, though subsequent agreements have reduced some of those duties for selected countries. Limited tariff relief has also been granted for parts and engines, but a new 25% levy on imported medium- and heavy-duty trucks and components took

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Women still earn A$28,000 less than men
A new report by the Workplace Gender Equality Agency (WGEA) found that while there has been progress with the gender pay gap, women earn, on average, A$28,356 less than men a year. The report reveals that the gender gap fell from 21.8% last year to 21.8% this year, indicating that for every A$1 a man earns, on average, a woman earns 78.9 cents. WGEA CEO Mary Woodbridge said the gender pay gap means employers are meeting employees' expectations of fair workplaces for everyone. “Reductions to the pay gap and modest improvements towards gender-balance in leadership roles are underpinned by more employers having policies and taking action that can break down gender norms about leadership and caring responsibilities, as well as improving employee safety,” Wooldridge said. Alongside the gender pay gap decreasing, Australia’s Gender Equality Scorecard for 2024-25 shows improvement in women in leadership roles and on boards, in the upper quartile of earners and across the 6 key areas that drive fairer, safer, more equal workplaces. The scoreboard shows that 22% of CEOs are women, 39% of key management personnel are women, up 2 percentage points from last year, and 43% of managers are women, up one percentage point from last
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Central banks cautious about adopting AI: OMFIF
Central banks are cautious of potential risks from artificial intelligence and have yet to widely adopt it, according to a survey by the Official Monetary and Financial Institutions Forum (OMFIF). Around 61% of respondents from 10 central banks said AI was not supporting their operations. Of those who are using AI, most reported that it was being used for data analysis or data collection. “Most institutions are experimenting with AI only in low-risk processes: scanning market news, flagging anomalies and summarising reports,” said OMFIF senior economist Yara Aziz. “Those dipping their toes in describe it as a practical convenience rather than a strategic tool.” According to OMFIF, the institutions with the most advanced adoption of AI are the most concerned about its risks, citing AI models’ ability to misinterpret unusual data and potential cybersecurity issues. Nearly 40% of respondents said they planned to upgrade their use of AI. Around 93% said they did not invest in digital assets like cryptocurrencies, and the vast majority are not seeking to expand into the blockchain realm. The report also found that almost 60% of respondents plan to diversify their reserves away from the U.S. dollar in the next one t
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CB survey shows sharp decrease in consumer confidence
United States consumers have become more pessimistic about the current economy and their prospects for the future, according to a new Conference Board survey. The board’s Consumer Confidence Index fell sharply by 6.8 points to 88.7 from 995.5 in October. “Consumer confidence tumbled in November to its lowest level since April after moving sideways for several months,” The Conference Board chief economist, Dana Peterson, said. The Expectations index saw a particularly steep drop of 8.6 points to 63.2. This index measures consumers' short-term outlook for income, business and labour market conditions. The Expectations Index has tracked below 80 points for ten consecutive months, reaching the threshold that signals an incoming recession. “Consumers were notably more pessimistic about business conditions six months from now,” Peterson said. “Mid-2026 expectations for labour market conditions remained decidedly negative, and expectations for increased household incomes shrank dramatically, after six months of strongly positive readings.”Credit: The Conference BoardWhile confidence for consumers aged 35 or older is on a downward trend, confidence continues to improve among those under 35. However, confidence within
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UK budget jitters drive retailer confidence to 17yr low
Fear that Wednesday's United Kingdom budget, which is likely to include tax increases, will disrupt an expected surge in sales over the Black Friday period and festive season, has seen British retailers report the sharpest drop in confidence in 17 years, according to a survey published on Tuesday. Black Friday and the lead-up to Christmas are considered critical for the sector, offering opportunities for retailers to offset some of the financial pressures experienced during earlier parts of the year. The Confederation of British Industry said its gauge of how retail sales compared with a year earlier worsened to -32 from -27 in October. While CBI's gauge of expected sales for the month ahead improved to -24 from -39, a quarterly measure of firms' business sentiment for the next three months tumbled to -35 from -10 in August, marking the weakest reading since late 2008 when the global financial crisis peaked. "Retailers continue to grapple with a long spell of weak demand, as households remain cautious around day-to-day spending," Alpesh Paleja, the CBI's deputy chief economist, said. "With all eyes on the forthcoming budget, uncertainty in the run-up has meant that businesses are holding back on plans for investme