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US: Q4 GDP growth confirmed at 0.6% Q/Q
Fri, Mar 28 2008, 08:37 GMT
by KBC Market Research Desk
Q4 GDP growth was left unrevised at an annualised 0.6% Q/Q. There were no substantial revisions among the different components that altered the outlook for the US economy. Today’s personal income and spending data will probably indicate that the economy has entered recessionary territory at the beginning of the year.
In the week of March 22, initial claims for unemployment insurance rose by 366K compared to 375K in the previous week, which was the recent cycle high. The continuing claims fell slightly from 2850K to 2845K in the week of March 15. Despite the slight fall in both numbers, the trend is still firmly up, which points to weakening labour market conditions.
Other: Subdued retail sales growth in the UK
In the UK, the CBI distributive trades survey indicated that retail activity remained subdued in March with high street stores reporting flat year-on-year sales. The less volatile three month average continued its gradual fall from 36 last May to 1 this month. In the coming months, no improvement is expected. Regarding the various sectors, food and clothing did relatively well, while durable household goods sales contracted in the wake of the housing downturn.
Published on Fri, Mar 28 2008, 08:54 GMT
Archive
- US: manufacturing ISM shows deepening recession
Published On Tue, Dec 2 2008, 08:30 GMT - EMU: CPI inflation falls sharply in November
Published On Mon, Dec 1 2008, 08:15 GMT - EMU: Economic sentiment falls to 16-year low
Published On Fri, Nov 28 2008, 08:39 GMT - US: durables show that firms are slashing sales
Published On Thu, Nov 27 2008, 08:30 GMT - US: Third quarter GDP contracts by 0.5%
Published On Wed, Nov 26 2008, 08:48 GMT
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