Gold Prices Edge Higher as Markets Await Key U.S. PCE Inflation Data 
U.S. Black Friday Online Spending Surges to $8.6 Billion, Boosted by Mobile Shoppers 
Dollar Weakens Ahead of Expected Federal Reserve Rate Cut 
Asian Markets Mixed as RBI Cuts Rates and BOJ Signals Possible Hike 
European Luxury Market Set for a Strong Rebound in 2026, UBS Says 
Asia’s IPO Market Set for Strong Growth as China and India Drive Investor Diversification 
RBI Cuts Repo Rate to 5.25% as Inflation Cools and Growth Outlook Strengthens 
China’s Services Sector Posts Slowest Growth in Five Months as Demand Softens 
Japan’s Nikkei Drops as Markets Await Key U.S. Inflation Data 
Oil Prices Rise as Ukraine Targets Russian Energy Infrastructure 
While all the focus is on payroll numbers or weak inflation pushing rate hike expectation from FED further into the future. However one measure is showing that US economy may not be roaring but more than humming and recovery is solid.
- Government budget deficit, which is the difference between government expenditure and tax revenue collected dropped to lowest level since 2007,
- It has narrowed to $439 billion, or 2.5% of GDP, for 12 months to end September, compared to $483 billion a year ago.
According to treasury department, lesser gap was achieved thanks to 8% rise in tax revenue to $3.25 trillion from a year ago.
- According to the treasury, stronger economy led to higher income for individuals and higher profits for corporates, which led to rise in payroll taxes as well as revenue from business.
However, US economy is still running large deficit, which needs to be financed by large issuance of treasury debt and if the congress fails to increase the debt limit by November 3rd, US economy is heading for is first default.
