"Not good enough" Australia tells the EU

<p>Kia ora,</p><p>Welcome to Monday’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>And today we lead with economic news away from the global geopolitical struggles was only 'average' over the weekend.</p><p>In the week ahead, the key local data is our September labour market situation which is due Wednesday. <a href="https://www.interest.co.nz/business/124924/reserve-bank-expects-labour-market-figures-out-coming-week-show-further-rise" target="_blank"><strong>More here</strong></a>.</p><p>Then on Thursday (NZT), the US Fed will review its monetary policy position, quickly followed on Saturday (NZT) by their non-farm payrolls report for October.</p><p>There will be a raft of PMI updates this week too all for October. And a big set of CPI updates are due this week, the most interesting will be from the EU, Korea, and Turkey. Japan is also due to review its monetary policy decision this week, as well as some second-tier countries like the UK and Brazil.</p><p>And we must not overlook we will be into the meat of the global earnings reporting season this week, which could also be influential.</p><p>But first, following Friday's surprise surge in US economic growth, details <a href="https://www.bea.gov/sites/default/files/2023-10/pi0923.pdf" target="_blank"><strong>released</strong></a> over the weekend confirmed the sharper than expected rise in consumer spending, up +0.7% in September from the prior month. Their core PCE is up +3.7% for the year. The appetite for both goods and services rose at about the same rate. Personal income rose at a consistent +0.3% from the prior month. Their savings rate eased back marginally.</p><p>But behind the consumption rise, there are signs that <a href="https://www.bloomberg.com/news/articles/2023-10-27/slump-in-big-purchases-clashes-with-macro-data-s-strong-consumer" target="_blank"><strong>Americans are avoiding big-ticket items</strong></a>. F