US unemployment rate slows in Oct
US employers probably cut the fewest jobs in October in more than a year as the economic recovery eased the worst labour-market slump since the 1930s, economists said. Payrolls fell by 1,75,000 workers, the smallest drop since August 2008, according to the median estimate of 84 economists surveyed by Bloomberg News. The jobless rate may have climbed to a 26-year high of 9.9%, the survey also showed.

Central banks signal end to policy 'largesse'
The world's biggest central banks are starting to unwind emergency measures introduced earlier this year to stave off a second Great Depression. The euro rose after European Central Bank President Jean-Claude Trichet on Thursday said his bank will withdraw some liquidity operations, and the pound climbed after the Bank of England slowed the pace of bond purchases. A day earlier, the Federal Reserve outlined the circumstances in which it would be prepared to raise interest rates.
Junk default rate up at 12.4% in Oct
The global speculative-grade default rate rose to 12.4% in October, the highest proportion of defaults since the Great Depression, according to Moody's Investors Service. The annual rate at which companies worldwide fail to meet their commitments may peak at 12.5% next month, Moody's said in a report. The New York-based firm revised its September figure to 12.3%, also higher than the 12.2% rate reached in 1991. The total number of defaults declined to eight in October, the lowest monthly count this year and down from 19 in September, Moody's said.

Berkshire's NetJets fires 495 pilots
NetJets Inc, the unprofitable plane-leasing unit owned by Warren Buffett's Berkshire Hathaway Inc, is firing 495 pilots as the slowdown in corporate flights persists. "This difficult decision resulted from a comprehensive analysis of current and projected flight demand," David Sokol, NetJets chief executive officer, said in a statement. "As we move forward, we will continue to adjust our operations to meet customers' needs and act in a fiscally responsible manner.

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