Bitcoin and Turkish lira both sink

<p>Kia ora,</p><p>Welcome to Friday’s Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.</p><p>I'm David Chaston and this is the International edition from Interest.co.nz.</p><p>Today we lead with news both Turkey and bitcoin have taken a sharp re-rating lower today.</p><p>But first in the US, <a href="https://www.dol.gov/sites/dolgov/files/OPA/newsreleases/ui-claims/20212033.pdf" target="_blank"><strong>new jobless claims</strong></a> fell to 239,000 and the number of people on these claims is now 1,754,000 and back to pre-pandemic levels. These new levels are about what was expected.</p><p>The<a href="https://www.philadelphiafed.org/surveys-and-data/regional-economic-analysis/mbos-2021-11" target="_blank"><strong> Philly Fed manufacturing survey</strong></a> reported buoyant conditions and continuing fast-rising cost and price rises. New order levels were strong.</p><p>The <a href="https://www.kansascityfed.org/surveys/manufacturing-survey/tenth-district-manufacturing-growth-eased-slightly/" target="_blank"><strong>Kansas City Fed factory survey</strong></a> wasn't so upbeat, still growing but at a slower pace. However they too reported strong new orders, high cost and price increases and a very tight labour market.</p><p>All this American data is consistent with the <a href="https://www.conference-board.org/data/bcicountry.cfm?cid=1" target="_blank"><strong>Conference Board's leading index</strong></a> which rose sharply in October suggesting the current economic expansion will continue into 2022 and may even gain some momentum in the final months of this year.</p><p>The <a href="https://www.adp.ca/en/resources/adp-canada-ner.aspx" target="_blank"><strong>Canadian ADP payrolls report</strong></a> for October was stronger, and an improvement from September. But not every sector shared in the bounce-back.</p><p>In Vancouver, <a href="https://www.cbc.ca/news/canada/british-columbia/panic-buy-flooding-1.6253190" target="_blank"><strong>panic buying</strong></a> has empti