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Oct. layoff plans still on the rise
Challenger, Gray & Christmas' monthly survey showed planned layoffs rose 13% vs. Sept. to 81,301 jobs. They remain 20% below a year ago. Year-to-date layoffs are 4.7% above the same period in '04. Weak sectors include autos and retail. The report noted worries over slower consumer spending in the wake of soaring gasoline prices.
Hedge fund demand cooler in Q3
Tremont Capital Management said hedge funds drew $12.7 bil in new money during Q3, up a bit from $11.6 bil in Q2 but only half of Q1's huge $24.6 bil draw. Bad press for the asset class plus market uncertainty in the wake of rising interest rates seem to have stemmed some demand. Q3 hedge fund assets grew 1.6%, with the average fund returning 5.9% since Jan.
** Chicago Fed President Michael Moskow warned that the belief that education is a public good deserving of government support "has eroded over time," noting rising financial pressures on universities.
German unemployment improves
Unemployment fell by 36,000 to 4.8 mil. The unemployment rate fell to 11.6% from 11.7%. ...