We are entering the year-end festive season but there is little to cheer about in the economic data. Reuters reports:
Existing U.S. home sales and prices both fell at a record pace last month, according to a report released on Tuesday, further evidence that the financial turmoil which intensified in September was driving consumers deeper into retreat...
Sales of newly built U.S. homes slowed to the weakest level since 1991, according to separate figures from the Commerce Department...
The U.S. economy shrank at an unrevised 0.5 percent rate in the third quarter, official data showed. Consumer spending plunged 3.8 percent, the biggest drop since 1980...
An economist at the San Francisco Federal Reserve Bank said the U.S. recession would likely last 18 months, making it the longest since World War Two, with unemployment peaking at a 25-year high of 8.4 percent...
The British economy shrank 0.6 percent in the third quarter, the worst quarterly decline since 1990 and a deeper drop than the earlier 0.5 percent estimate.
New Zealand's economy declined a seasonally adjusted 0.4 percent in the third quarter, the biggest drop in eight years, following a 0.2 percent fall in the previous quarter.
Spain succumbed to recession for the first time in 15 years. Spain's ISA activity indicator, which tracks gross domestic product, contracted 1.5 percent year-on-year between October and December, according to Economy Ministry data.
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