EU Unveils its own Economic Recovery Plan
The European Commission announced a €200 billion economic recovery plan with a goal to boost consumer confidence and encourage spending. More
US Durable Goods Falls 6.2%
The US Commerce Department announced that orders for durable goods fell by 6.2 percent for the month of October – the largest single-month drop in two years. A dramatic reduction in new car and airplane orders accounted for much of the decrease. More
Russia Threatens to Reduce Oil Production
Oil prices appear to be moving up as Russian energy minister Sergei Shmatko suggests that Russia – although not a member of OPEC – may join the oil cartel should OPEC decide at this week’s meeting to scale back production in a bid to boost slumping prices. More
UK Economy Shrinks by 0.5%
The UK economy contracted by 0.5 percent between July and September and household spending slowed by 0.2 percent. This represents the largest fall in household spending since 1995. More
Pound Falls Against the Dollar as UK Spending Slows
The pound fell against the dollar as news of a pullback in UK consumer spending and a weaker British economy have investors selling the pound. More
