Italy's Premier Unveils Economic Plan

WSJ's Simon Constable on today's business headlines.
6:42 | 11/17/11

Coming up in the next {{countdown}} {{countdownlbl}}

Coming up next:

{{nextVideo.title}}

{{nextVideo.description}}

Skip to this video now

Now Playing:

{{currentVideo.title}}

More information on this video
Enhanced full screen
Explore related content
Comments
Related Extras
Related Videos
Video Transcript
Transcript for Italy's Premier Unveils Economic Plan
Stock market futures were slightly higher as we approach the -- this morning. Joining me now to discuss all the business headlines and there are many this morning as Simon constable from the Wall Street Journal Simon. Happy Thursday to you as you know Thursday Begin new numbers on jobless claims and we just got those over the past hour weekly jobless claims. Down to their lowest level in several months of what's your take on that's. This is good news this is good news 398000. New clamps on employment insurance -- that below the critical. 400000 level which is a level consistent with sustained jobs growth -- its -- a couple of weeks. And last week's which was on -- 400000 was revised up this week. Still below that but it's not that tendency of these things to get revised -- week -- that is -- -- there -- some. This level -- needs to be sustained for a long time. Com and that we -- some jobs growth but it's a good it's a good friends and I can't tonight so very very very good news unless you're one of those 398000. -- Yet -- -- still a lot of people that you and I always talk about that below 400000 and learn as you say even know that. Numbers have been revised higher week after week it still went under 400000. For a several weeks -- it was hope that's a positive trend. Aren't we also received at the stats on housing starts for October any surprises there. -- this was better than expected -- The -- is sort of good news okay it's sort of good news I want to overplay this. The movement investors were expecting an -- respect him as 604000. New housing starts with annualized -- What they got was I'm 628000. -- considerably more than what was expected and that and that is good news. One of the things that allow people forget is that we have -- have a sense. 1945. When the end of the Second World War and we've never had an economic recovery without a recovery -- -- -- I think -- can't happen is just never happens. And so you know this is something that -- Cuba -- keying on album. Good because not only went -- we have housing starts stick to the house get built and yet people employed eight by woods and couple -- things like that but people when -- -- in they pile on new stuff citizen it tends to have made a cascading and I'm very good effect on the economy these latest still very long historically. OK let's -- the Euro -- crisis a lot happening Daryn an auction of Spanish bonds is making headlines right now. How -- that auction turnout and what does that mean for Europe. I can't believe the -- and send out. OK so the good news is it where it went off they raised they raise some money and and that's great that's Spanish government managed to her a raise about four point eight billion dollars which -- it's finally did the did so last. But they have to pay an interest rate of almost 7% at six point 975%. But. See you and I got 7% to common and meanwhile Italy is paying about 7% so. You know this is not good these these interest rates rates that could come -- whole -- The attempts of these European governments to -- again that fiscal house in order but it just shows how nervous investors are about their ability -- -- now. -- a lot of that does have to do with what's happening Greece and what we're seeing now have him in Italy they're trying to stave off a debt crisis there and the new premiere Mario Monti. Is prepared to unveil his crisis plan amid a new protests in Italy so what can we expect to see. Out of mr. Monty and Italy. What was what we can expect them as what we can hope Obama let's go let's go with a hope that he managed to get things sorted out Saddam he says it's gonna have basically three pillars to his sound -- it is trying to get out of this tough fiscal -- economic growth and social fan a sound. They sound like motherhood and apple pie who wouldn't want who wouldn't want all of us thanks shark you know and you know and and a big juicy steak for dinner to. Bomb outside the house and that's the hope -- and we helping -- says gradual but lasting reduction in Italy's public that wants -- EU members may wanna see a strong Italy he. You know they may be other countries against me is ms. Connolly -- -- any signals labor and pension reform in the Indian of these needed -- -- -- offend us. So you know here is the thing is that. They all sound -- rights. Unless you were impacted by you by those things if you've got you know if you're part of the labor movement if you happen if you have one of the pensions he's talking about in his room. Quote reforming amendment can be of have a problem for you and now we would you know -- things -- going to be very very hard for him. Are they talking about the type of austerity measures that were put in place and -- led to such discontent among a population there. Mom what will say we'll see what happens on this by having read any specifics sang last but somewhere we should we shall see what happens I. I would imagine it will be -- -- I don't think proportionately in Italy isn't sergeant that has bad shape as. Greece. He is. So it's it's one of those things his way you know that the -- might be talking more money him but some little -- -- will help I -- you know I wish -- my hat's off to the architect of the job. I would have changed my name -- move to different companies and contrary. If anything -- fox who is asked to take this job I think that we would call enemy of those Super Mario if he gets it done all three cup quantity if he doesn't love. -- I now are great let's talk about oil real quick slightly lower today but still over a hundred dollars a barrel low prices continue to search using. Com -- all depends on the economy. Really if the economy is strong you can expect you know a lot more use of oil and oil oil distillate slightly on gasoline and diesel fuel. Com and you know and then you know it will continue by speculators -- -- -- the price thank as a sign that the economy is is is doing -- and it is indeed it's. Being indicated that it is doing that I don't know how long last. But that that's the general thrust of it -- could go higher doesn't mean higher gas prices for a holiday season. Problem there at the -- -- Stephanie Amman and I we both live in New York -- authority higher. There of the nineteen point 9% higher than a year ago that's 20% suit took some most of us live in the real world. Aren't the you know that's a big that's a big chunk and it doesn't just -- fact you know when you go to the pomp and -- you know you did -- gasoline tank top with. -- -- With fuel it also affects things like Brett because I -- it's a strange Brett has to be trucked to -- a in a truck using it into gasoline or diesel so you know it and I picked it could go up with low prices -- it could go up like Christmas and that will be will be very good for anyone it's it's it's rough. I suggest getting a bicycle. Walking if you live -- -- -- that option here not every one that's all right another signing constant all thanks a lot Wall Street Journal gives you Simon did -- have.

This transcript has been automatically generated and may not be 100% accurate.

{"id":14976138,"title":"Italy's Premier Unveils Economic Plan","duration":"6:42","description":"WSJ's Simon Constable on today's business headlines.","section":"Business","mediaType":"Default"}