Morning Economic News - November 4, 2008

Things are shaping up for another fairly lackluster day on Wall Street as the nation and the world waits to see the outcome of the US Presidential and Congressional elections. In Asian trading, the Nikkei is up more than 6% after no trading Monday, the Hang Seng is up 0.28% and the S&P/ASX200 is down 0.15%. US stock market futures are up less than a percent and the dollar is mixed, up against the pound and the Canadian dollar, down against the yen and euro. Oil prices are down more than 2%. [4:38 AM Eastern]

Construction Spending - September 2008

• Total Construction Spending: $1,060.1 billion billion


• Monthly Change: Down 0.3%


• Year-to-year Change: Down 6.6%

Manufacturing Report on Business - October 2008

• Purchasing Managers Index (PMI): 38.9


• 50+ represents growing economic conditions


• Monthly Change: down 4.6

Bank Clampdown Dogs Economy

Banks continue to tighten lending terms for the nation's consumers and
businesses, hamstringing the economy and raising the risk of a
protracted recession.

EU: Euro-Zone Economy Is in Recession

Financial turmoil tipped the euro-zone economy into recession, according to new
forecasts that prompted calls for a coordinated fiscal boost across the
bloc.

Treasury Projects Record Borrowing

The Treasury estimated it will borrow a record $550 billion in marketable
debt in the fourth quarter to pay for emergency programs aimed at
easing the credit crunch.

Australia Central Bank Lowers Interest Rate Larger-Than-Expected 75 Points Australia's central bank cut its
benchmark interest rate by a larger-than-expected three quarters
of a percentage point, the third reduction in as many months,
amid evidence global financial turmoil is buffeting the economy.

Worst Stock, Bond Markets in Three Decades Hang Over Presidential Election U.S. voters are heading to the polls
with stock and bond markets mired in the worst slump in three
decades.

EU Finance Ministers Rule Out Joint Stimulus, Back `Coordinated' Policies European finance ministers ruled out
a joint stimulus package to revive the region's economy and
vowed instead to coordinate national policies as they try to
limit the fallout from a recession on consumers and companies.

Banks Tighten Lending Standards by a Record as U.S. Economic Outlook Dims A record share of U.S. banks made it
harder for companies to get loans in the past three months,
concerned about mounting losses from the economic slump and
financial crisis, a Federal Reserve report showed today.

Japan's Wages Grow 0.1%, Signaling Consumer Spending Won't Support Economy Japan's wages grew 0.1 percent for a
second month, signaling that consumer spending is unlikely to
provide impetus for the slowing economy.