Wednesday, 11 July 2012

Amid mixed global economic data, US may already be in recession

Economic data on Tuesday were mixed.

Worries of a slowdown in China were maintained after its latest trade numbers. The trade surplus expanded 42.9 percent year-on-year in June after exports rose 11.3 percent but imports grew just 6.3 percent.

In Japan, the household consumer confidence index fell to 40.4 in June from 40.7 in May.

In Europe, French industrial production fell 1.9 percent in May but Italian industrial production rose 0.8 percent while UK industrial production rose 1.0 percent.

Meanwhile, Lakshman Achuthan of Economic Cycle Research Institute is sticking to his recession call for the US. In fact, he told Bloomberg on Tuesday that the US economy may already be in recession.

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