Monday, June 02, 2003

The Financial Times reports today that "The Reuters/NTC purchasing managers index, compiled from a survey of 3,000 companies, fell to 46.8 in May from 47.8 in April, its lowest level for 16 months and well short of the 50 mark that separates growth from contraction." So the EU economy is at a near standstill, a rate cut from the ECB is all but assured, and the dollar's precipitous decline has halted (surely to be reversed in the near future). And the US is going to be selling lots more cars and legal services and grain to Europe? US$700 billion current account deficit, here we come!!

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