• Canada's annual inflation rate decreased more than anticipated to 3.1% in October, down New claims for unemployment benefits in the U.S. decreased more than expected, but this does not alter the perception of a gradually slowing labour market due to higher interest rates impacting economic demand.
• While weekly jobless claims dropped, the unemployment rolls, though declining for the first time since mid-September, remained near yearly highs, indicating persistent challenges in handling seasonal fluctuations in the data.
• Economists believe the Federal Reserve is unlikely to raise interest rates further, considering the slowdown in labour demand and easing inflation. However, the job market remains robust enough to preclude immediate considerations for rate cuts.
• Concerns about rising inflation expectations, reflected in a University of Michigan survey, could influence policymakers, reminding them that the recent surge in inflation may take time to fully reverse, even as the labour market moderates.

(Source: Reuters)

• The Jamaica Bankers Association (JBA) stated that its member banks are working towards improving access to Automated Banking Machines across the island, despite the continued threats of theft, vandalism and attacks on cash couriers. In a release last week, the JBA noted that there are roughly 884 ABMs islandwide which are owned and operated by its members.
• It went on to state that it has taken firm action to mitigate the threats faced and has forged closer collaborations with service providers, law enforcement, and other authorities to guide operational decisions and implement protocols.
• In addition to improving access, the JBA mentioned that its members are seeking to restore the availability of cash to improved levels. This will be accomplished with new security measures and the re-deployment of some decommissioned ABMs from remote areas to more secure sites (such as police stations).
• Additionally, the JBA highlighted that members also have plans to increase ABM deployments in key districts to fill existing demand gaps and employ the use of revised operating plans to improve cash access and fault resolutions.

(Source: RJR News)

• With an estimated value of US$4.3 trillion globally, the health and wellness industry offers significant economic opportunities to Jamaica, says Tourism Minister, Hon. Edmund Bartlett. Speaking to JIS News after the Fifth staging of the Jamaica Health and Wellness Tourism Conference on November 16, Mr Bartlett said that to make an inroad into the lucrative market, Jamaica intends to promote existing medical tourism products and services as well as to develop and market spa facilities throughout the island.
• He emphasised that developing the health and wellness subsector is among the Ministry’s growth strategy goals, “offering visitors an unmatched value proposition based on innovation, diversification and differentiation of our tourism product” Mr. Bartlett said, adding that the Milk River Bath in Clarendon and Bath, St. Thomas, spa facilities will undergo restoration to meet international standards and demands.
• Jamaica’s unique combination of natural beauty, cultural heritage and proximity to the United States gives it a competitive advantage over many of its global competitors. As the demand for holistic experiences and well-being continues to rise, Jamaica can establish itself as a leading choice for travellers seeking restorative retreats.
• “As Jamaica continues to invest in its health and wellness tourism sector, significant value-added earnings can be expected. The influx of international visitors seeking wellness experiences will lead to increased revenue from accommodation, dining, leisure activities, and transportation services,” the Minister argued.
• Partnerships have been established with wellness industry leaders, global travel agencies, and influential wellness bloggers to enhance Jamaica’s visibility as a premier destination, adding that the Government is actively supporting the construction of wellness resorts and investing in sustainable infrastructure, ensuring that Jamaica remains competitive in the global health and wellness tourism market.

 (Source: JIS)

• The Central Statistical Office (CSO) reported that Trinidad and Tobago’s (T&T’s) inflation rate fell to 1.3% last month compared to October 2022. Consumer prices rose by 0.3% in the month between September 2023 and October 2023.
• The Consumer Price Index (CPI) rose by 5.1% between October 2022 and October 2023, down from an annual increase of 6.4% in the 12 months to September 2023. The annual growth in the CPI has been over 5.0% since October 2021.
• Notably, the All-Items Index recorded for October 2023 was 124.1 points, which was 1.3% higher than the 122.5 that the index recorded one year earlier.
• Prices of food and non-alcoholic beverages increased by 1.86%, moving from 144.5 in October 2022 to 147.2 in October 2023. Food and non-alcoholic beverages constitute 17.3% of the All-Items Index, which is only surpassed by costs associated with home owning, which account for 27.5% of the All-Items Index.
• For the year between October 2022 and October 2023, alcoholic beverages and tobacco increased by 7.4%. However, clothing and footwear declined by 4.8%, housing, water, electricity, gas and other fuels fell by 1.3%, and home ownership was down by 1.8%.
• According to the CSO, the Index for Food and Non-Alcoholic Beverages decreased from 148.2 in September 2023 to 147.2 in October 2023, reflecting a decrease of 0.7%. Contributing significantly to this decrease was the general downward movement in the prices of Irish potatoes, fresh whole chicken, onions, eddoes, pumpkin, plantains, chive, dasheen, sweet potatoes, and ochroes.
• Nonetheless, the full impact of these price decreases was offset by the general increases in the prices of table margarine, carrots, melon, green sweet peppers, parboiled rice, fresh carite and grapes, melongene, bodi and brown sugar.

(Source: Trinidad and Tobago Guardian)

• President Luis Abinader presided over the inauguration of a new luxury hotel on Cayo Levantado, a development representing a €50 million investment in the Samaná province. The hotel is set to create over 500 direct job opportunities in the region.
• During the inauguration event, President Abinader highlighted the positive trends in foreign investments in the Dominican Republic. He noted that foreign investments are anticipated to reach $4.4Bn this year, up from $4.1Bn in the previous year. This upward trajectory in foreign investments signifies economic growth and increased investor confidence in the country.
• Abinader expressed his gratitude to investors for their commitment to promoting tourism and providing employment opportunities to Dominicans. He also mentioned that the tourism sector is expected to receive over $30Bn in investment next year.
• David Collado, the Minister of Tourism, revealed that investments totalling 1.7Bn pesos are currently underway in Samaná, with completion expected in January and February 2024. He also predicted that 2023 would be a record-breaking year for tourism, with over 10 million tourists expected to visit the country.
• Collado commended the government’s responsible approach to reopening the country to tourism during the pandemic, which played a pivotal role in the sector’s recovery. He highlighted the international recognition that the Dominican Republic has received for its remarkable rebound in the tourism industry.
• The newly inaugurated Cayo Levantado Resort boasts 218 rooms and represents a significant investment of over €50Mn. This resort has also become a source of employment for the province and surrounding areas, creating approximately 500 direct jobs, with a majority being Dominican citizens, contributing to the region’s economic and social growth.

(Source: Dominican Today)

• Federal Reserve officials, as per the minutes of their October-November meeting, agreed on a cautious approach to raising U.S. interest rates. They emphasized that further tightening of monetary policy would only be considered if incoming information indicated insufficient progress in lowering inflation.
• The minutes revealed that policymakers were grappling with conflicting economic signals. Despite robust U.S. economic growth, financial markets had driven interest rates higher, posing a potential threat to economic and job growth. The central theme was balancing the need to address inflation, which remained above the 2% target, with the potential negative impact of tightening credit conditions.
• The overall tone of the Federal Open Market Committee (FOMC) minutes was cautiously hawkish, indicating a commitment to a restrictive stance for "some time." This marked a shift in the Fed's policy dialogue, with a focus on the duration of maintaining the current policy rate rather than signalling immediate further rate hikes. Fed Chair Jerome Powell emphasized the importance of a careful approach and acknowledged the uncertainty in the path forward, keeping the door open for potential adjustments based on inflation trends.

 (Source: Reuters)

• Canada's annual inflation rate decreased more than anticipated to 3.1% in October, down from 3.8% in September, with core inflation measures also dropping to their lowest levels in about two years.
• The lower-than-expected inflation figures are likely to reduce the likelihood of further interest rate hikes by the Bank of Canada (BoC). Analysts suggest that the central bank may consider lowering its key policy rate from the current 22-year high of 5.00%, possibly in the first half of 2024.
• However, the Canadian economy faces challenges such as a potential shallow recession, slack in the labour market, and elevated inflation. Furthermore, the government, led by Prime Minister Justin Trudeau, is under pressure to address affordability issues without exacerbating inflation, as reflected in the Finance Minister's planned fiscal update, which is expected to show widening deficits and weak economic growth.

(Source: Reuters)

• Hundreds of farmers have suffered financial losses in the aftermath of last week's flood rains, which will further negatively affect the availability of some produce for the Christmas season. Agriculture Minister Floyd Green says farmers in St. Thomas, Portland, St. Elizabeth, St. Catherine, Clarendon and St. Andrew have been directly or indirectly affected by the severe weather.
• Mr Green mentioned that teams from the Rural Agricultural Development Authority (RADA) have been conducting damage assessments since Saturday, with St. Thomas identified as the hardest-hit parish. "Almost all the farming communities in St. Thomas have suffered tremendous loss. We see a lot of impact across East Rural St. Andrew, largely from land slippage in those areas, and about 400 farmers impacted through land slippage in the East Rural St. Andrew area - some of our banana and plantain farmers, our vegetable farmers. We've also seen significant damage in St. Catherine, parts of Bernard Lodge, Lakes Pen, Hartlands, and damage in Clarendon and St. Elizabeth," he outlined.
• The minister said the loss of crops is significant as many were ready for reaping. The affected crops include hot pepper, sweet pepper, onion, cassava, sorrel, pak choi and lettuce.
• "The RADA team is still out looking to see how we can help farmers first. If there is any possibility of salvaging their crops, that's our first priority and then trying to put dollar values to the impact. So we do expect that before the end of this week, we will have a dollar amount, but I've already said to the team to start intervention as quickly as possible to see how we can get our farmers back planted again,” he said.
• The Agriculture Minister noted that chicken farmers were also affected by the heavy rains and that the report from RADA will determine whether the government will turn to imports to boost the availability of certain produce.

(Source: RJR News)

• The JMMB Group, through its wholly-owned subsidiary, JMMB International Limited (JMMB International), officially began operations in the Caribbean island nation of Barbados. This entry to Barbados marks the fourth Caribbean nation in which the Group has a physical presence, the others being Trinidad and Tobago, Jamaica and the Dominican Republic.
• This announcement of JMMB Group’s expansion to Barbados was made during the company’s quarterly investor briefing. The JMMB Group had already been serving Barbadian business clients remotely, primarily via its representatives based in Jamaica and Trinidad and Tobago. Now, the launch of JMMB International marks its entry at a direct operational level.
• The JMMB International team of financial advisors is being led by its Trinidad & Tobago-based CEO, Tricia Kissoon; who is supported by the Barbados-based head of business development and executive director, Michael Jordan.
• In speaking to the strategic role that this entry to Barbados will play in the further growth and expansion of the JMMB Group across the Caribbean region, JMMB Group CEO, Keith Duncan, first praised the team for their hard work and commitment to achieving the goal of opening JMMB’s first office in Barbados.
• “We saw this as another opportunity to further build on our goal of providing integrated financial solutions across the region, while seeking to uniquely address client needs, especially as they try to attain their financial objectives, all while navigating challenging national, regional and global economies. I am confident that our team will work to partner with our clients in a way that provides win-win outcomes for all” he added.

(Sources: RJR News & JMMB)

• Remittances received by Latin American and Caribbean countries are projected to reach a record $155Bn in 2023 if the trends observed to date continue, according to a new report by the Inter-American Development Bank.
• This is an increase of 9.5% compared to the $142Bn received in 2022, completing fifteen consecutive years of growth.
• The sustained growth of remittances reflects new intraregional migratory flows and the contribution that migrants make to their countries of origin.
• Despite a moderate increase between 2017 and 2019 and the extraordinary growth in 2021 (26.7%), during the COVID-19 pandemic, remittances to Latin American and Caribbean countries have shown sustained growth of around 10% annually for the past 10 years.
• This increase in 2023 is mainly explained by the growth in remittances received by Central American countries (13.2%), the growth in remittances received by Mexico (9.8%), and the growth in remittances that South America received (7.9%). In the case of the Caribbean countries, growth in 2023 is more moderate (2.6%).
• This new report by the Inter-American Development Bank also offers a detailed analysis of the origins and destination of remittances to the countries of the region based on data published by the Central Banks.

 (Source: IADB)