Economy – Monday
SOURCE:
Investor’s Business Daily
2008-07-14 17:37:01
U.S. retail sales jumped in June
Retail sales ex autos rose 1.1% from May, the biggest gain in 7 months, as consumers spent gov’t tax rebates, according to SpendingPulse, a unit of MasterCard Advisors. Most of the increase went for food, energy and other necessities. The Commerce Dept. releases official retail sales figures on Tue.
U.K. factory prices spike in June
Manufacturers boosted prices by 0.9% from May, as input prices rose 2.1% on soaring food and fuel costs, the gov’t said. On an annual basis, factory prices rose 10% while input prices soared 30%, a 22-year high for both. Soaring inflation amid weaker economic growth poses a dilemma for the Bank of England.
The BofE hasn’t tried to curb inflation with big rate hikes because they would have a “severe impact” on output and employment, BoE Gov. Mervyn King said. Policymakers expect slower growth to cool inflation. Europe’s factory output slumps
Output in the 15-member euro zone fell 1.9% in May, the biggest monthly drop since ’92, EU statistics office Eurostat said, amid fears that the region’s economy may have contracted in Q2. Durable goods production fell 3.3%, a sign that consumers are cutting back on discretionary items. Output in Germany and France, the euro zone’s largest economies, each fell 2.6%. Italy’s output slid 1.4%.
German retail sales, including cars and gasoline, rose 1.5% in May, the Bundesbank said. But sales were down 0.3% from last year. Japan FM: markets near crisis
Global financial markets are “on the verge of a crisis,” a Japanese Cabinet official quoted Financial Services Minister Yoshimi Watanabe as saying at a meeting of economic ministers. He said investors may exit global markets, including those in Japan, if top Western financial firms report poor earnings.
COMING UP TUESDAY
N.Y. Fed Empire State factory index for July, 8:30 a.m. EDT (forecast: -8). Retail sales for June, 8:30 a.m. EDT (forecast: up 0.4%; ex-autos: up 0.9%). Producer price index for July, 8:30 a.m. EDT (forecast: up 1.3%; core: up 0.3%).
Major Newsire & Press Release Distribution with Basic Starting at only $19 and Complete OTCBB / Financial Distribution only $89
Get Unlimited Organic Website Traffic to your Website
TheNFG.com now offers Organic Lead Generation & Traffic Solutions