Bloomberg
Home-Purchase Index in U.S. Plunges to Lowest Level Since 2000

Nov. 12 (Bloomberg) -- Mortgage applications to purchase homes in the U.S. plunged last week to the lowest level in almost nine years as Americans waited for the outcome of deliberations to extend a government tax credit.

The Mortgage Bankers Association’s index of ( Read more... )

Financial Times: "GDP Shock Flop"


( Read more... )

NIE: Anemic UK growth seen over next two years after 2009 wipeout...(RTTNews) - Wednesday, the National Institute of Economic and Social Research said the British economy would possibly recover in the fourth quarter of 2009. The think tank forecasts a contraction of 4.4% this year and predicts 1.3% growth next year ( Read more... )

First - Thanks everyone for stepping up the posting and participating this past week! We don't always agree, but we can agree to disagree while continuing to discuss and debate, and that keeps the community lively, interesting, informative, thought-provoking and enlightening ( Read more... )

Annual UK GDP Falls By Most In Modern Record

CNBC
UK Economy Shrinks Much More than ExpectedBritain's economy shrank more than twice as fast as expected in the second quarter of 2009 to register its biggest annual decline on record, dashing hopes of a speedy recovery from the worst recession in nearly 30 years ( Read more... )

(The modern record starting in 1948)

Financial Times

The UK economy shrank by the most in more than half a century in the first three months of the year, according to revised figures which were much weaker than originally estimated.

The 2.4 per cent decline in gross domestic product was sharper than the 1.9 per cent initially calculated, the Office ( Read more... )

BBC News
UK retail sales fall back in May
Retail sales volumes in May were 0.6% lower than in April and 1.6% lower than in the same month a year ago, said the Office for National Statistics (ONS).

Sales in March to May were 0.3% up on the previous three months.

Retail sales have held up well so far this year, but wage freezes and the growth in ( Read more... )

( Read more... )

This raises concern for another leg down and/or a "double-dip" recession.

Bloomberg:
Europe March Retail Sales Drop by Record as Consumers Cut BackEuropean retail sales dropped by the most on record in March as the worst recession since World War II battered the region and households curbed spending ( Read more... )

Telegraph:
UK wages collapse at fastest rate in 60 yearsThe Office for National Statistics said average weekly earnings fell 5.8pc compared with the same month last year, to £459.10. The private sector took the full force of the fall in weekly earnings, down sharply by 7.7pc at £463.50, while average weekly earnings in the public sector actually ( Read more... )