US Service Sector Declines Less Than Expected
The Institute for Supply Management released its index measuring growth in the service sector which includes retail sales, travel, and health care. The index for January came in at 42.9 compared to December’s 40.1 and well above the expected 39 – any figure less than 50 indicates a contraction in the sector. More
U.S. Stocks Fall in late-Day Trading
After opening slightly below yesterday’s close and then rallying for nearly fifty points by mid-day, a series of poor earnings reports – most notably by Kraft Foods Inc. and Disney Co. – pushed the Dow Jones down by more than 100 points at 3:00 PM New York time. More
Pound Rises Against the Euro
The pound gained against the euro today as the U.K. service industry fared better than forecast. More
British PM Brown Refers to World Economy as Being in Recession
Claiming it a simple slip of the tongue, a spokesperson for British PM Gordon Brown said that Brown meant to describe the current economic situation as a “global recession” rather than a “global depression”. More
