Global News and Fundamentals

EU & UK Economies Slow, US Consumers Take On More Debt

Thu, May 8 2008, 19:40 GMT
by Andrei Pehar

fxKnight.com


The European Union and United Kingdom both saw figures pointing to a slowing in their economies this week.  In the UK we saw a decline in the services purchasing manager’s index, consumer confidence, industrial production, and manufacturing production.  On the EU mainland, the declines were felt primarily in investor confidence, as well as a slight drop both in German factory orders and industrial production, and a widening negative trade balance in France.  Both the Bank of England and the European Central Bank have left their key interest rates unchanged.

Meanwhile, across the Atlantic in the United States, we saw a large increase in crude oil inventories and even sharper increase in the total amount of outstanding consumer credit ($15.3 billion compared with 6.5 billion the prior month).  Last week’s figures also showed a decline in personal income and at the same time an increase in personal spending. Retailers benefiting the most seem to be ones carrying basic necessities of life.  Pending home sales also declined slightly for another month, but only half as much as the prior month.



Published on  Thu, May 8 2008, 19:55 GMT

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