Wednesday, 28 November 2012

OECD global growth forecast revised down but US economic data remain positive

The Organisation for Economic Co-operation and Development has cut its global growth forecast for this year. It said on Tuesday that the global economy would grow 2.9 percent this year, down from a forecast of 3.4 percent growth in May.

However, in the US, economic data on Tuesday remained mostly positive.

The Conference Board’s consumer confidence index rose to 73.7 in November, the highest since February 2008, from 73.1 in October.

The US housing market continues to recover, with the S&P/Case-Shiller index of home prices in 20 cities rising 3 percent in September from a year ago after advancing 2 percent in the year to August.

Durable goods orders were flat in October. However, orders for non-defense capital goods excluding aircraft rose 1.7 percent.

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